Airbnb Insurance in Maine
Allen/Freeman/McDonnell Agency
Airbnb Insurance
- What Is It?
- Who Needs It?
- Coverages Offered
Airbnb insurance is a type of policy designed specifically for hosts listing on platforms like Airbnb. Policies may apply to a variety of short-term rentals that are booked online.
- Off-grid cabin near Katahdin or elsewhere in the Maine woods
- Lakefront cottage that’s used seasonally
- Oceanfront property near Acadia or the Bold Coast
- Dwelling Coverage
- Personal Property Coverage
- Liability Coverage:
What is Airbnb insurance?
Listing properties on Airbnb or a similar platform can provide a substantial side income, or even primary income with some properties. Listing properties like this also brings risk of liability lawsuit, property damage, and other problems, however. To help protect against such risks, hosts with properties in Maine can get Airbnb insurance.
Airbnb insurance is a type of policy designed specifically for hosts listing on platforms like Airbnb. Policies may apply to a variety of short-term rentals that are booked online.
Who in Maine should carry Airbnb host insurance?
Most hosts listing Maine properties on Airbnb should have Airbnb host insurance. Policies are available if renting out a room, apartment, townhouse, house, or other space. For example, this insurance might be helpful when listing properties such as:
- Off-grid cabin near Katahdin or elsewhere in the Maine woods
- Lakefront cottage that’s used seasonally
- Oceanfront property near Acadia or the Bold Coast
- Primary residence in Portland during major events
- In-law apartment attached to a house in Portland or Freeport
- Spare room that’s occasionally rented
- Airbnb investment properties anywhere in the state
What insurance protections should Airbnb hosts include in their insurance policy?
Airbnb hosts are often exposed to multiple risks, and thus might want several coverages included within their policy. Some coverages that often provide helpful protections include:
- Dwelling Coverage: Might safeguard against property damage that’s caused by renters, renters’ guests, other persons, or natural disasters.
- Personal Property Coverage: Might safeguard against theft and damage of items in a rental, caused by renters, guests, or others.
- Liability Coverage: Might safeguard against accidents that significantly injure a tenant, guest, or other person.
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Does Airbnb offer any insurance protections to hosts?
Airbnb normally provides certain property and liability coverages through the platform’s AirCover for Hosts. These protections are generally offered at no additional cost, and automatically unless a host opts out.
AirCover for Hosts may give up to $1 million in liability coverage and $3 million in property coverage. The events that are covered by these don’t necessarily include all of the risks that hosts face, and even $1 million in liability protection could be too low if something major happens. A child drowning, or several deaths during a fire, might exceed $1 million in liability costs, for example.
An Airbnb host insurance policy from an insurance company typically will give more protection than the AirCover program does. A more robust policy can fill in gaps, expanding what events are included in coverage. A proper insurance policy also lets hosts choose the limits that are right for them, and doesn’t assign the same limits to everyone.
An insurance agent who specializes in insuring Airbnb rentals can help find a policy that’ll complement Airbnb’s provided protections well.
Do hosts need insurance for occasional Airbnb listings?
Even when just occasionally renting a spare room, primary residence, or other place, insurance is still generally recommended. It takes just one incident to cause major damage, or result in expensive legal fees.
If renting only occasionally, a knowledgeable insurance agent can check for inexpensive coverage options.
Does homeowners insurance cover Airbnb rentals?
Homeowners insurance might cover Airbnb rentals in certain situations. Some policies offer protection for a limited number of rentals annually, or for renting a specific space within a home. Not all policies offer this protection, though.
When offered, Airbnb coverage could be a standaard or option feature. A knoweldgeabel insurance agent will be able to check a homeowners policy’s protections. If adequate protection isn’t available through a homeowners policy, a different home policy or an Airbnb policy is probably in order.
Do Airbnb policies also cover Vrbo rentals?
Airbnb policies are usually able to cover Vrbo rentals. They often can also be used for rentals on Hipcamp and other platforms, too. Coverage frequently extends to most short-term rentals.
How much does Airbnb host insurance typically cost?
The cost of Airbnb host insurance varies but is generally affordable. Independent insurance agents can look at quotes from various insurers, to find the option with the right coverages and affordable premiums.
Where can Airbnb hosts get Airbnb insurance?
If you list on Airbnb, reach out to the independent insurance agents at Allen Freeman McDonnell Agency. Our Maine agents will make sure you find Airbnb insurance that provides robust protection.
