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Wandsworth is becoming more and more popular on sites like Airbnb, with a huge 42% rise in listed Airbnbs in the borough in the past year. A fantastic way to utilise unused property in the city for visitors, there are also risks for the many new hosts in understanding and finding the correct insurance.
In a survey conducted by short-let insurance firm GUARDHOG, just 10% of people understood that they must organise additional insurance when putting their property on a short-let site. The survey looked at Airbnb, who do offer a basic cover, Host Guarantee, but most short-let sites don’t offer any cover at all.
24% of those surveyed thought Airbnb’s Host Guarantee was a comprehensive insurance option for their home, with a huge 66% admitting they weren’t sure either way. This means 90% of current and potential Hosts on sites like Airbnb may be subsequently unaware of the level of insurance they have and need.
Estate Agent Portico offer an Airbnb Management Service and have teamed up with specialist provider GUARDHOG to offer a more comprehensive insurance on their Comprehensive and Concierge packages. Fiona Patterson, Marketing Director at Portico says the issue of insurance is important to cover because,
“Short-letting is a huge growing market, especially in London, however it’s an activity not typically covered by standard residential or landlord policies and therefore does expose hosts to new risks. This is why hosts need specific home-sharing insurance to cover them.
This is why we have teamed up with GUARDHOG to offer our specialist Airbnb Insurance product ‘Portico Host Cover’ as a free membership benefit in packages of our Airbnb Management Service. We’ve seen a huge take-up of our Comprehensive Package because it gives Hosts reassurance of adequate cover when short-letting their home, something they can’t always count on with their current insurer.”
Humphrey Bowles, from GUARDHOG told us, “When it comes to insurance landlords need to be careful as traditional buy-to-let policies require an AST and don’t cover, for example, malicious damage by guests/tenants. It’s important they take the necessary steps to put the right home-sharing cover in place for their properties and associated liabilities – such as if their guests damage neighbouring properties or have an accident.”
Don’t leave yourself at risk – make sure you’re covered. Whether you’re thinking of short-letting your property or you’re looking for a Management Service which can offer you insurance as part of the package, find out more about Portico Host by visiting www.portico.com/host or calling 020 7099 4000.
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