Whilst the Airbnb Host Guarantee may have its limitations, you are not limited in the ways you are still able to add additional independent protections for your property yourself. There are a number of options you have for doing so. These include:
It may seem obvious, but the easiest way to prevent property damage is by using your common sense and removing valuable possessions that are likely to get damaged from your place.
Whilst you don’t want to sterilize your place in a way that rids it of personality or prestige, small steps can go a long way in minimizing the risk of needing to rely on things like the Host Guarantee or security deposits.
A few simple things you may want to consider doing include:
Removing or locking-up any valuables from your home and the places that guests have access to
Replacing expensive or valuable items with cheaper alternatives of lesser concern if damaged or broken (e.g. silverware, dinnerware sets and furniture)
Being selective when screening guests to identify 'high-risk' booking requests more likely to cause damage (e.g. bachelor party groups)
Security Deposits
Whilst the Airbnb Host Guarantee is designed to protect against rare instances of damage, a security deposit can be useful for smaller, simpler accidents that occur during a reservation – like a broken glass. Security deposits are often the quickest and easiest way of avoiding the headache of filing claims with your insurer or trying to meet the strict procedural requirements of the Airbnb Host Guarantee.
Amounts must be between $100 and $5,000 (USD)
Claims must be made within 14 days of the checkout date
Ensure that your security deposit is not so large that it acts as a disincentive for guests deciding where they wish to book. Research comparable listings in your local area to see how much they are charging.
Security deposits only apply to reservations made after you’ve added it to your listing. They also cannot be handled off-site in cash (a breach of Airbnb’s Terms of Service).
Enter your security deposit amount in the Security deposit input box
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Insurance Policies
For true peace of mind, prudent Airbnb hosts should take out additional insurance policies. Typically, these include...
Home and contents insurance policies
Rental insurance policies
Landlord insurance policies
Some of the more comprehensive policies combine these into a single, standalone policy.
Many insurance policies have exclusion or limitation clauses that restrict protections or limit your ability to make claims.
Because of the unique (and still largely ambiguous) legal status of short-term rental arrangements like Airbnb, many ‘standard’ protections are frequently not covered under traditional policies. Hosts often discover this only after the fact when seeking to make a claim.
You should therefore check to make sure that…
Any additional insurance policies you take out do not include a business activity exclusion clause
Your Airbnb activity does not legally constitute business activity if this will void any of its protections
Existing landlord insurance policies will cover Airbnb rentals too
To address many of these exclusions and limitations, newer ‘short term rental’ policies often include protections for and against…
Identity theft
Liability to others
Valuable items
Damage to property
Losses exceeding $1M
Loss of rental income
Damages from indirect causes
Temporary accommodation
Damages from delays
Some short-term rental policies allow you to get cover for only the nights that you have confirmed reservations. This flexibility is useful for hosts that accept sporadic or ad-hoc reservations. Many of these companies also offer longer-term cover with 6 or 12 month policies (often with a discount).
In addition to gaining a heightened level of safety and security, you also gain the benefit of listing these items as ‘home safety’ amenities on your Airbnb listing for guests to see. Some guests search for properties that specifically have these safety amenities. Listings that don’t have them won’t show up in search results for those guests.
Adding safety equipment therefore provides a simple, yet useful way of differentiating yourself from other listings on Airbnb.
Security Equipment
As well as protecting your home and guests from accidents and emergencies, you may also wish to install security equipment to prevent malicious guest activity (and inform you when it takes place).
There are a range of ‘smart home’ monitoring services that will centrally monitor your home and alert you with instant notifications via text or email in the event that a potential safety or security issue requires your attention. For example, you may wish to be notified if a door is opened excessively over a short period of time or find out if your valuable items are being touched or compromised.
Here are examples of some security equipment you may wish to install at your place:
It’s important to remember that good hosts respect their guests’ privacy. You must notify your guests about any security cameras or other surveillance devices that you’ve installed in or around your home and get consent where required. The use of surveillance equipment may also be against the law in some places, so make sure you understand any applicable laws first.
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