The Commonwell Mutual Insurance Group launches policy protecting home-sharing hosts

Coverage of up to $10,000 per claim can be obtained

Homeowners who list their property on popular vacation rental sites like Airbnb can now protect themselves from short-stay rental liabilities.

The Commonwell Mutual Insurance Group is launching a new policy called Host Shield Insurance that covers risks occasional home renters could incur, like theft, vandalism and innkeepers’ liability of up to $10,000 per claim. The policy aims to cover gaps in hosting insurance policies offered by companies like Airbnb, Flipkey and HomeAway.

Related: Popularity of sharing economy businesses requires movement on specialized coverage: IIC

“Home sharing sites like Airbnb are realities of the new economy and many of our clients in small and rural communities are leveraging them for additional income. We needed to step up and offer them an affordable way to protect their properties against potential damages,” says Tim Shauf, president and CEO of The Commonwell Mutual Insurance Group, in a press release.

The local home and auto insurance company also has tips in case you (or your clients) plan on listing a property for vacation rental:

  • Obtain as much information about your guests as possible
  • Verify the information provided using photo identification, Google and social media
  • Charge the credit card upon booking to ensure the guest has enough credit and ask for a damage deposit
  • Enlist a neighbour or loved one to drive by your property to ensure it’s being treated properly by guests.
Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.