From Airbnb to Wimdu, there has been an explosion in the number of home stay websites in recent years – and with it a steady increase in the number of homeowners complaining about their property being damaged by guests.
Now, one insurer is attempting to address that concern.
Admiral has announced that it will be the first major insurer in the UK to offer specific cover for home sharing. Known as host insurance, the cover will be available as an option with all of its home insurance policies.
The cover, which can be added to policies over the phone, allows customers to rent out their home for up to 90 days a year with Admiral able to deal with claims in the same way it would with ordinary home insurance claims.
In a statement, the company outlines that it is the first major insurer to offer specific coverage for anyone looking to rent out their home through the likes of Airbnb, Homestay, onefinestay and Wimdu.
Jean-Baptiste Limare, head of sharing economy at Admiral said: “It’s estimated that 50,000 UK homes are rented out on Airbnb alone, we believe many more homeowners want to do it, but are concerned about how it could affect their insurance.
“Our research found that currently only four per cent of homeowners rent out their homes via these sites, but as many as half of homeowners would consider it. We want to offer peace of mind for anyone who wants to join a home sharing site, but is concerned about damage or theft to their property.”
