Do You Need Insurance for a Short-Term Rental Property?

There is now specialist insurance cover for houses or apartments listed on Airbnb, Stayz and other short-term rental platforms. These insurance packages can cover fire, accidental damage, theft by the guest or rent default, which a standard insurance policy may not cover.

What’s Different About Short-Term Rentals?

Short-term stays mean higher guest turnover, less vetting, and more wear and tear. News articles regularly report on unauthorised parties causing damage, theft of items like TV’s and guest’s being injured, which a standard landlord or home insurance policy usually won’t provide cover for the loss or damage.

Short term Insurance Packages

Specialist short-term rental accommodation insurance cover has basic and optional cover, including:

Basic covers

1. Fire, storm and impact damage & Loss of rental income;
2. Damage to glass and ceramics fittings;
3. Public liability if a guest or a visitor is injured;
4. Property damage (accidental or malicious) by guests or their visitors;
5. Theft by guests or visitors;
6. Loss of rental income due to accidental or malicious damage;

Optional covers- at an additional cost

1. Property damage (accidental or malicious) by guests or their visitors;
2. Theft by guests or visitors;
3. Loss of rental income due to accidental or malicious damage;

Some policies even extend to cleaning costs or denial-of-access claims.

Check your insurance cover

It’s important to make sure your insurance cover is for a short-term rentals and to know the amount and type of cover you need to fully protect yourself.

To ensure you have the right type and amount of cover, talk with your insurance adviser about landlord insurance packages tailored for short-term stays.

General Advice Warning
This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.