Home Sharing Insurance

Renting out your home for additional income is something that’s existed long before the days of AirBnB, but home-sharing services have made the practice easier and more popular than ever. Naturally, there are questions that come with playing host. Here’s the big one: Are you protected by home insurance in this situation?

As a host, what your home insurance covers is limited. Your coverage assumes you'll be staying in your home, so having unsupervised people staying in your residence is considered an unexpected risk. You'll be expected as the host to take financial responsibility for damages caused by your guests and potentially accept liability for injuries or damages that happen under your roof.

A number of home-sharing apps provide insurance coverage to hosts and renters that gives some protection. Every company has their own specific policy, so it’s best to know what they will and won’t cover ahead of time. Some companies (like AirBnB) offer their own supplementary insurance to offset the areas their standard coverage might not include.

Before listing your residence, we recommend contacting Steers Insurance to let us know that you are renting out your home. We can answer questions about your policy and this also alerts us to the rental situation so we have documentation ahead of time if there is a guest-related insurance issue.

What Else Can I Do To Protect Myself?
Insurance is just one of the tools you can use to feel secure when renting out your home. There’s a lot you can do as a responsible host to reduce the amount of risk you’re taking on.
Here are some steps to consider when playing home-share host:

  • Establish rules for your home so your guests know what your expectations are with the space. If you want to keep your home pet-free or smoke-free, informing your guests up front can help you avoid future frustration.
  • Do your research. If you’re renting independently, there’s a lot you can do directly to make sure you and your guests are on the same page. If you’re using an app or a home-share service, make sure you’re comfortable with the company and their policies.
  • Take care of home hazards. Maintaining your home can help reduce the chance of injury on your property. Some home features, like pools and trampolines, are riskier than others so proper maintenance and pre-established rules can help in making sure everybody stays safe.

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Why Use an Insurance Broker?

Insurance brokers do not work for an insurance company, they work for you.  That’s the key thing that separates them from all other purchase options.  It means you have more advice, more choice, better pricing and a representative that’s on your side in the event of a claim.


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