Short term renting on platforms like Airbnb and Booking.com has grown significantly in Australia, so it makes sense that more insurance companies are expanding their product offering.
Let’s take a look at some major players,
Sharecover
https://sharecover.com/products/short-stay-hosts
Product 1: Pay per night
Details: Cover for 1-90 days. Public liability of up to $10mill, Building up to $2mill, Contents up to $500k, Accidental or malicious damage, Theft, Loss of rent.
*Does not replace home and contents insurance (it is an add-on product).
Product 2: 6 or 12 month
Details: Cover for 6 or 12 months. Public liability of up to $10mill, Building up to $2mill, Contents up to $500k, Accidental or malicious damage, Theft, Loss of rent.
*Does not replace home and contents insurance (excludes home owners use and natural disaster). Underwritten by NRMA.
Eligibility: Property must be habitable, written consent obtained for sub-letting, council approval for short-term use, platform must have guest verification checks, property must be maintained in a good state of repair.
Ceneta
https://www.hostriteinsurance.com.au/
Product: Hostrite Airbnb and Short Stay Insurance
Details: Contents $30k-60k, Guest damage $50k, Loss of rent $50k, Public liability $20mill. Underwritten by Lloyd’s of London.
Eligibility: Building must be covered under strata insurance, not your PPR, deadlocks on external doors, secure building entrance, lockable windows, landlord’s permission for sublet.
RentCover
www.rentcover.com.au/Insurance/Short-term
Product: RentCover Short-Term. Option to cover building and contents
Details: Guest damage (accidental or malicious) $70k, Loss of rent $50k, Pet damage $70k, Legal liability $20mill, Tax audit $1k, Death of guest $50k, Water damage $70k, Fire damage $70k, Natural disasters $70k.
Eligibility: Under 10 acres of land, no pre-existing damage to the building.
Terri Scheer
https://www.terrischeer.com.au/holiday-rental-insurance/
Product: Holiday Rental Insurance
Details: Loss of rent up to $50k, contents and building up to $60k, legal liability $20 million.
Eligibility: Land must be less than 8,000 m2. Home owners can get either a short stay policy (managed by a property manager) or a self-managed policy.
Disclaimer: AirTrip are independent short term rental property managers and are not affiliated with any insurance providers. Please do your own research before deciding which insurance policy best suits your individual requirements.
AirTrip offer assistance for home owners when choosing the right insurance cover. As there are many different providers who offer a variety of cover, we help our clients choose the best insurance according to their circumstances and property type.
As part of our management service, we follow up claims with online platforms in a timely manner. We complete incident reports for any liability claims and provide photographic and/or video evidence to assist with a successful insurance claim.
Contact us today for a free property appraisal and learn more about the short term rental market
