Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Business Finance

There’s now special business insurance for Airbnb hosts

When renting out your space on Airbnb or Homeaway, they offer insurance, but you should consider this new option to supplement what the built in option doesn’t cover. You might be surprised what’s at risk.

airbnb accessibility features unveiled

Your current policy probably won’t cover short term renters

If you’re renting out your home through AirBnB or HomeAway, you probably worry about whether your homeowner’s insurance will cover damages or losses from renters. Each insurance company may look at renters differently.

You should always check with your insurance agent to know the limits of your policy. For a one-time, special occasion, such as graduation or a sporting event, you may be perfectly fine, but once you start renting out your home multiple times on an ongoing basis, you may even need business insurance.

Allstate covers the gap

Allstate Insurance has announced that it will be offering a new insurance product called HostAdvantage, which would offer their policyholders more protection when renting out their home.

Currently, this product is only available in six states, Arizona, Colorado, Illinois, Michigan, Tennessee, and Utah. Allstate anticipates that the insurance will be available for even more states in 2017.

The policy can be added to an existing policy for a minimal yearly fee of about $50, and it helps cover gaps in coverage from the homeowner’s policy, like when furniture is damaged or when items in the home are stolen.

Advertisement. Scroll to continue reading.

Although Airbnb does offer insurance to cover certain acts, there may still be gaps in coverage for a host’s personal property. Airbnb’s insurance does not cover intentional acts, for example, reiterating the importance completely understanding your liabilities as a home-sharing host.

Talk to your insurance agent

I called three Allstate agents and the National Office in Nevada to get more information about the program, but none of the agents returned my call. The representative at the national office referred me to an agent, because the program was new and she was unfamiliar with the ins and outs of it. Not a great start.

Do your due diligence and make sure you have insurance to cover the risks you face when sharing your home.


Advertisement. Scroll to continue reading.

Dawn Brotherton is a Sr. Staff Writer at The American Genius with an MFA in Creative Writing from the University of Central Oklahoma. She is an experienced business writer with over 10 years of experience in SEO and content creation. Since 2017, she has earned $60K+ in grant writing for a local community center, which assists disadvantaged adults in the area.

1 Comment

1 Comment

  1. Pingback: Does your company need active shooter insurance? - The American Genius

Leave a Reply

Your email address will not be published. Required fields are marked *


American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.



Business News

(BUSINESS) Wondering how to help support Ukrainians fleeing the conflict? Airbnb has offered a unique opportunity to do so at the click of a...

Tech News

(TECHNOLOGY) Finding accessibility-friendly Airbnbs lodging has not been the easiest process, but the company just unveiled new features to help.

Business Finance

(FINANCE) Entrepreneurs - you know you're supposed to have six months of income saved up in case of emergency, but another cushion is private...

Business Entrepreneur

(ENTREPRENEUR NEWS) To all of our small business owners: you should know what kind of insurance you need and how to get it.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.