Protect your Property with Short Term Rental Insurance

Short-term rental insurance has been developed for owners and operators of homes rented on platforms such as Airbnb, Stayz , and Booking.com, which many traditional Home Insurance policies do not cover.  

It provides cover for the usual risks a residential home faces either on a defined events or accidental damage basis however importantly cover extends to guest related risks such as malicious or deliberate damage by those guests subject to the excesses, limits, and exclusions apply, and claims must meet the definitions set out in the Product disclosure statement (PDS).

Loss of rent may be covered if the property becomes uninhabitable due to an insured event as defined in the PDS. The amount and duration of cover are subject to policy limits and any applicable waiting periods. An example, say the property is unable to occupy guests due to your rental property becoming uninhabitable due to an insurable loss you may be able to claim for your loss of income you would have received had it not been for that damage. 

Our range of policies typically offer legal liability cover for claims arising from injury or property damage to third parties in connection with your Insured property. Where it is deemed that you have neglected to provide safe conditions and a guest has been injured and or had their property damaged you could be liable for costs that can stretch into the millions for medical costs, loss of income and non-economic losses such as pain and suffering.  

 

Common examples of negligence or unsafe conditions include: 

• Uneven or Slippery surfaces causing slips, trips, and falls 

• Faulty or poorly maintained furniture 

• Non-compliant or Structural hazards such as broken stairs, balconies, or railings 

• Unsafe electrical wiring or appliances causing electrical shock claims 
• Failure to adequately secure swimming pools or other hazardous areas like play equipment in line with the legislated requirements. 

Yes there are options on the market available to you that operate in this way IE which cover the gaps that your traditional home insurance don’t cover such as tenant risks, however it is important to review your existing home and/or contents cover to ensure that your policy wont be voided due to you putting a short term rental contract into place, if in doubt speak with your insurer or give us a call at Duo Insurance.   

Yes, this is a common occurrence , and we may have a number of options available to you, so please reach out so we can discuss what’s available for your one-off, short-term rental situation.