So, you’ve decided to enter the exciting world of being a short-term rental property host. That’s great! In all likelihood you’ve chosen to list your property on one of the excellent platforms available in Canada like Airbnb.
But whether you’re just starting out or you’re already a seasoned host, you probably have some concerns about handing strangers the keys to your home. That’s why it’s so important to have the right short-term rental property insurance for your Airbnb.
So why get insurance from Duuo?
If you think about it, awesome platforms like Airbnb just didn’t exist when home insurance policies were designed. Unfortunately, this created gaps in coverage that are now leaving many Airbnb hosts vulnerable. That’s why Duuo was developed by The Co-operators.
Here are a few reasons why getting Airbnb insurance is so important:
- Many home insurance policies do not cover short-term rental property activity
- To protect yourself and your home, it’s important to have an insurance policy that is under your name specifically
- Proper coverage will protect you from the unique challenges hosts face like damage to appliances and rental income interruption
- Coverage will include up to $2 million dollars in liability protection
- Replacement cost for the value of your home up to $1.5 million
But doesn’t Airbnb already provide insurance?
Great question! Airbnb provides hosts with two protection programs: The Host Guarantee, which is meant to protect the Host’s property; and the Host Protection Insurance program, which is designed to protect the Host’s liability.
These are a nice starting point, but they are not meant to replace an insurance policy. Airbnb is actually quite clear about this distinction:
“The Airbnb Host Guarantee is not an insurance policy. To the extent you desire protection beyond the Airbnb Host Guarantee, Airbnb strongly encourages you to purchase insurance that will cover you and your property for losses caused by Guests or Guests’ invitees in the event your loss is not within the terms of the Airbnb Host Guarantee.” – Host Guarantee Terms and Conditions
That seems like pretty good advice. So, let us tell you a bit more about Duuo!
What does Duuo offer?
You can think of Duuo like the hot fudge on top of your insurance sundae. You keep your existing home insurance policy, but then Duuo provides coverage for both you and your home for risks related to your short-term rental. So easy!
Duuo is 100% digital and “on-demand”. That means you only pay for the nights you host guests.
Want to learn more about our coverage for Airbnb hosts?
Looking for more detail on the coverage you get with Duuo? No problem, here is a summary of our coverage:
Duuo covers your home, contents, and any additional buildings on your property for replacement cost. Additional expenses for other living arrangements during repairs of an insured loss are also covered. The standard property deductible is $1,000, but many coverages are deductible-free.
Extensions of Property
Customized coverage designed to protect the particular risks you face as a short-term rental host including vandalism, malicious damage, and water damage at full policy limits.
Plus, the following additional coverages at no deductible:
- Accidental breakage of valuable articles – $2,500
- Excessive use of internet – $1,000
- Infestation coverage – $5,000
- Legal expense coverage – $5,000
- Property of guests – $5,000
- Accidental damage to electronics and appliances – $2,500
- Identity fraud expense – $10,000
- Citations, fines, and penalties – $1,000
- Rental interruption coverage – Actual Loss
Should a claim be made against you for bodily injury or property damage occurring during a rental, we’ve got you covered. We pay for any damages awarded against you, up to $2,000,000.
Extensions of Liability
We offer customized coverage to protect your additional liability as a short-term rental host. There is no deductible for these coverages:
- Guest’s vandalism to neighbours – $2,000,000
- Infestation liability – $10,000
- Guest’s water damage to neighbours – $2,000,000
For some reason not everybody seems to enjoy reading insurance policies as much as we do. But we always suggest reading our complete policy. It makes for great bedtime reading!