With more and more homeowners letting their properties – either the whole of it or just a room – through the likes of Airbnb, it’s no surprise another host insurance product has hit the market. This time specialist insurer CoverBuilder.co.uk is getting a piece of the action.
According to CoverBuilder, about a year ago there were more than 81,000 UK properties listed on Airbnb for let, with 80% being the host’s own permanent residence. Other platforms include Wimdu and Spareroom.co.uk.
“Research conducted by CoverBuilder found that almost 75% of respondents would expect damage or theft of their valuables by guests to be covered under standard home insurance policies,” said the online home insurance specialist. “In reality, this cover is generally excluded, exposing a lack of assumed cover they believed that they had.”
The new home hosting insurance, which costs less than £50 a year, works in conjunction with a standard home insurance policy and covers the policyholder’s property and possessions against guest-related risks including vandalism. There is no limit on the number of guest lettings, and the coverage may be used with any homesharing platform.
“The insurance industry has found it difficult to understand which type of policy homesharing insurance and its liabilities fall into,” commented Rob Rushton, head of CoverBuilder. “The result has been neither standard home insurance nor landlord insurance policies have adequately addressed the requirements.”
He said this meant that homeowners have had to compromise on the cover they are able to purchase, and that the fact that so many aren’t protected to their level of expectation shows how important the new offering is.
“We are thrilled to now be able to offer this cover to our clients, providing one of the most comprehensive products on the market,” added Rushton.
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