Tuesday, 17 May 2016
Insurance Business Magazine UK to feature HomeProtect
Insurance Business Magazine UK recently asked HomeProtect to comment on a very topical issue. As soon as a homeowner hands over their keys to a paying guest through a service like Airbnb, their home insurance can be voided. So what can be done to raise awareness of this, to continue to provide adequate cover?
We were pleased to be asked to contribute to the magazine, especially as the issue is one that we have come across several times, as instances of homes being used in this way are certainly on the up. One customer even provided a case study explaining how difficult it is to find home insurance after becoming an Airbnb host – until they found HomeProtect.
How should home-sharing insurance gaps be closed?
“The sharing economy is changing the way people use their homes. Tempting though it may be to make some quick cash, many homeowners don’t realise the risks that opening their home up to paying guests can bring.
We’ve seen some positive initiatives recently. Airbnb’s Host Guarantee provides a useful back up to home insurance, but some homeowners mistakenly believe this is a replacement. Personal liability isn’t fully covered, protection for valuables is limited and it’s becoming increasingly common for guests to sub-let without the homeowner’s permission.
Homeowners clearly need more help to understand how they can best protect themselves when handing over their keys to a paying guest. That’s not to say that home insurers don’t have a role to play. If this is how modern homeowners live, then insurance providers need to adapt more quickly to new insurance situations to help meet the needs of their customers.”
– Shane Leivers, Director of Product & Marketing