One of the most common misconceptions I hear when speaking to a homeowner is, “…I’m covered by a host guarantee“.

Whilst trying to be diplomatic, my standard response is “…are you?

It’s hard to overlook the boom of the sharing economy, especially when you consider that Airbnb are quickly becoming the worlds largest travel agency who don’t own a property; Uber are the worlds largest transport agency who don’t own a vehicle and Alibaba are the worlds largest manufacturer that don’t actually make anything. Whilst it makes no logical sense, it puts the power back into the hands of the people – which is fantastic.

However, as fantastic as it may be, we all know – with great power comes great responsibility, so it is important to remember that it is still your responsibility to insure your home correctly. In the same way that you would make every effort to ensure that a guest has the best stay possible in your home.

Whilst a host guarantee may offer cover for your property being trashed after a wild college party, or perhaps returning to find a cow upstairs and flock of sheep in the garage – you still have a responsibility to cover your liability as the property owner. A poorly put-together swing set in your garden isn’t a host guarantee problem, nor is a dodgy gas BBQ that you advertise during the summer months, so if a guest were to get injured whilst enjoying the pleasures of your home – you are at fault.

A typical home insurance policy will not cover your liability for renting your property on a short term basis, most will even outright exclude it, so before assuming “…I’m covered by a host guarantee” seek the advice of an insurance professional.

SJL insurance have been able to insure holiday and let homes since 2001 – so rest assured, we know what we are doing!

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