Airbnb Insurance in Massachusetts

What is Airbnb Insurance?

The Airbnb platform has revolutionized the lodging industry, and many homeowners and landlords are effectively utilizing the platform to earn income. With the opportunity that Airbnb offers, however, there also comes risk. Airbnb insurance helps Massachusetts property owners who offer short-term rentals via Airbnb protect themselves from some of the risks they assume.

Airbnb insurance is a special form of landlord insurance that’s specifically designed for hosts who rent out places on the Airbnb platform. In order to provide hosts with robust protections, most Airbnb policies are underwritten as package policies that offer multiple coverages.

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Who in Massachusetts Needs Airbnb Host Insurance?

Most people and businesses in Massachusetts who offer short-term property rentals on the Airbnb platform ought to consider purchasing Airbnb host insurance. Without protection, a single incident or claim could turn an otherwise profitable rental into a major liability and cost.

Landlords who offer short-term rentals on other platforms or traditional long-term leases may have some insurance needs that are similar to those of Airbnb hosts. These landlords, however, are frequently better protected by a slightly different landlord insurance policy. An insurance agent who’s familiar Airbnb host insurance likely can also assist with other types of landlord insurance and help landlords determine which kind of policy is most appropriate for their situation.

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Airbnb Insurance Massachusetts

Does Airbnb Offer Hosts Insurance?

Airbnb generally offers hosts two distinct forms of protection that hosts receive directly from the platform. Both are typically included at no additional cost to the host.

The first protection isn’t technically an insurance but rather a “guarantee.” The Host Guarantee Program normally provides protection for a host’s property, including their building, rooms, possessions, etc. Should a guest damage covered property, this guarantee may pay for up to $1 million in damages. 

Importantly, there are a number of exceptions to what the Host Guarantee Program covers. In most cases, the guarantee doesn’t apply to:

  • Certain valuable items, such as antiques, collectibles, securities, jewelry and artwork
  • Certain types of damage, such as normal wear and damage caused by pets
  • Certain areas, such as common areas not mentioned in the Airbnb listing

Thus, the guarantee is a beneficial program but generally shouldn’t be viewed as affording comprehensive protection for a host’s property and possessions.

The second protection is the Host Protection Insurance, and this is an actual form of insurance. This insurance normally provides protection against some third-party injury and property damage claims that guests may file against a should a guest be seriously hurt or sustain significant property loss during a stay, this coverage might pay expenses related to any claim or lawsuit the guest files. Naturally, the coverage is subject to terms, conditions and exclusions.

While the Host Protection Insurance offers valuable insurance protection against third parties, it too isn’t necessarily a comprehensive insurance plan. For example, the insurance typically excludes damage due to pollution, mold or similar causes, and it usually doesn’t cover earnings that hosts might lose. Additionally, coverage is limited to only $1 million -- which may not be enough if there’s a truly tragic accident during a guest’s stay.

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Can Hosts Purchase Their Own Airbnb Host Insurance?

A number of insurance companies now offer Airbnb host insurance policies that hosts are free to purchase on their own. The protections afforded by these policies can vary, but they’re frequently more robust and more flexible than the coverages afforded by Airbnb’s standard policy. 

Additionally, purchasing a separate Airbnb host policy usually doesn’t impact the guarantee and insurance that Airbnb offers directly. Hosts who get their own policy normally still can file a claim with the Host Guarantee Program or Host Protection Insurance should they need to.

Airbnb Insurance Massachusetts

How Can Airbnb Hosts in Massachusetts Get Airbnb Insurance?

If you offer short-term rentals on Airbnb, let the independent insurance agents at Scotti Insurance Agency help you find the protection you need. As independent agents, our team has the freedom necessary to show you policy options from multiple insurers in Massachusetts. As experienced agents, they have the expertise necessary to help you select the best available Airbnb insurance policy.

 

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