Guests that stay at paid accommodation expect the property they are staying at to be appropriately insured. Despite this expectation however, many owners that rent out properties do not realise that their insurance may be inadequately suited to covering claims cause by paying guests. As a result of this, Propertstays has joined a well known insurnace group that have developed an insurance product that can cover you whilst you have guests staying at your property.
The majority of standard home insurance policies don’t cover renting out your property on a short-term basis, meaning that your policy could potentially be cancelled if you haven’t disclosed this to your insurer. Even if your insurer doesn’t cancel your policy, key aspects of cover in relation to claims caused by your guests are often excluded. That could mean no cover for guest related claims such as:
• Theft by your guest if you let them into your home.
• Public liability insurance for guest injuries or damage to another property.
• Accidental or malicious damage caused by a guest.
• Legal cover to pursue or defend a claim.
If your property is covered under a traditional second home or holiday home insurance, cover for short-term letting if you have paying guests is often inadequate and similar cover exclusions may apply. A landlord insurance policy is unlikely to cover this activity either as these types of policies are designed to cover long term tenants.
How is PropertyStays insurance different to Home or Landlord Insurance?
Host Property Insurance protects your property from specific types of claim events such as Fire, Flood, Storm, Subsidence and Theft from forced entry to your property.
Host Protection Insurance provides cover is specifically designed to protect you just for the accidents and damage which could occur when you have short term, paying guests.
What does Host Property and Host Protection Insurance Cover?
If the worst happens when a guest stays at your property, PropertyStays can cover you for things you may not be covered for elsewhere including:
• Public liability cover up to £2 million per event for guest accidents involving bodily injury.
• Legal cover up to £50,000 to defend or pursue legal claims against guests.
• A maximum sum insured of £1m for buildings and £75,000 for contents for guest related damage to your property.
• Accidental and malicious damage cover up to £80,000 for buildings and £40,00 for contents if caused by a guest.
• Theft or attempted theft cover up to £20,000 for buildings and contents if caused by a guest.
• Alternative accommodation for you or your guest if your property is being fixed as the result of a guest related claim.
• Fire and escape of water damage caused by a guest.
• Loss of keys and replacement locks cover if renting out your entire property.
Insurance can help your business venture
• Repairing property damage yourself or replacing items can be time consuming and expensive if your insurer won’t cover you. Having specific insurance for hosting guests can save you incurring serious out of pocket expenses and save you a lot of stress.
• Alternative accommodation for you or your guests could be vitally important if your property was damaged. You can have somewhere to live if needed and having a place for guests to stay means you don’t need to lose income when a claim occurs.
• Serious injury claims can cost millions of pounds in lifetime care and damages. If this happens to your guest, having public liability insurance can save you from incurring significant costs and legal hassle.
Am I eligible for the cover?
PropertyStays insurance product is open to the vast majority of property owners. There are some exclusions, which are listed below and if your answer is yes to any of these, then unfortunately this insurance will not be suitable for you:
Your Property must:
• Be located in the United Kingdom of Great Britain and Northern Ireland, the Channel Islands and the Isle of Man
• Have a rebuild value not greater than £1,000,000
• Not be Grade 1 listed or equivalent
• Not have a thatched roof
• Not have a swimming pool or sauna
• Agree to provide and/ or give Us permission to access Your letting history including with the Sharing Platform(s) as required
• Have not been convicted of or charged with any offence, other than a motoring offence or conviction spent under the Rehabilitation of Offenders Act 1974 or any successive legislation
• Have not been declared bankrupt or become insolvent or made any voluntary arrangement with creditors or been subject to enforcement of a judgement debt either in a personal capacity or as a business other than any IVA/Protected Trust Deed or County Court Judgement
• Have never had insurance cancelled, refused or declined and/or had any special terms imposed