Starting today, Canadian Airbnb hosts will have access to up to $1-million in liability coverage in case something happens to their property while renting it out through the popular service.
Dubbed ‘Host Protection Insurance’, Airbnb piloted this initiative in its home market earlier this year. Should something happen, the program will provide compensation if a guest is injured at a property listed on Airbnb and brings a claim against the host. Moreover, the program will provide coverage in the case of accidental damage to the host’s room or home.
Coverage is being provided in partnership with Lloyd’s of London, an insurance market located in London, England.
The program is available to hosts in 14 other countries, including Australia, China, France, Germany, India, Ireland, Italy, Japan, The Netherlands, New Zealand, Portugal, Singapore, Spain and the United Kingdom.
In Canada, the need for this type of coverage was underscored this past May when a couple in Calgary discovered their home had been trashed by a group they had rented it out to on Airbnb. In a so-called “drug-induced orgy,” the group had done more than $75,000 worth in damages. Thankfully for the Calgary-based couple, Airbnb agreed to cover the charges.
According to the company, there are more than 33,000 host listing in Canada. More information about the insurance program can be found on Airbnb’s website.
[source]Airbnb[/source]
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