People who consider the idea of using their property for short term rentals are always concerned about insurance. This is a perfectly valid concern and a home could end up with serious damage caused by a guest. The value of appropriate insurance coverage is something that everyone should look into before they get started.
We are going to be talking about some of the most important things to keep in mind when you decide to start renting the place at Airbnb.
Traditional home & contents policies do not work
If your property is listed for commercial purposes, this policy is not going to cover any theft or damage that the property could sustain. The issues is that anything that happens while someone is paying to stay in your property is not going to count for this particular policy. A TV with a cracked screen, a piece of decoration that is missing, etc. These are not going to be covered by the traditional home & contents policy.
The best thing about this particular insurance policy is that it does cover any damages taken while tenants are paying rent. The only drawback is that many of these policies have a minimum of time that the tenant must reside in the property for the insurance to be activated. This is better than having no insurance at all, but it will prove to be almost useless for short term rentals in most cases. If you plan to rent for short term, this is definitely not the insurance you want to choose.
Shorty term insurance is your best bet
If you want to go for the best possible option, you can be sure that short term insurance is perfect for your needs. The name says it all, and this is the kind of insurance that is really going to make a world of a difference. A good number of these insurance options have very substantial coverage, so make sure to find out what you can expect from your short term insurance provider of choice.
The Airbnb insurance
Airbnb does provide insurance to all of their listed properties, but the problem is that it seems to be hard to claim that insurance when needed. Apparently, too many loopholes can end up with you being unable to collect your insurance money. It’s important to be able to understand every aspect of their insurance policy before you make the decision to stick to it without using a more reliable option.
Hiring professionals to handle your Airbnb rental
There is also the option of hiring an Airbnb property management Sydney service. This is going to allow you to relax and forget about the hassles and the many protocols that come with running an Airbnb business. There are several providers that have full packages offering to deal with anything related to your short-term property rental.
More and more Airbnb property owners are seeing this option as optimal for their needs. Just take a good look at the best services available and you fill find rates that are ideal. Final thoughts
The fear of damaged property is always present, but being able to find the right kind of insurance is something you should engage with patience. Once you are able to determine the best option for your Airbnb property, you can finally invest in it without fear that it will turn out to be a bad choice.
If you would like to learn more about Airbnb property management, or about Airbnb property management companies like HomeHost, click here to schedule a free phone call with us. We’ll chat about how much your property may be worth, how other similar properties in your area have been performing, and why HomeHost has so many great reviews on Google and Facebook.