Are you interested in becoming a host or short-term landlord with Airbnb? If you own a second home or vacation property in Kansas, this may seem like a simple and easy way to make extra cash each month. But in reality, becoming an Airbnb host takes a great deal of effort and a significant up-front investment for most successful landlords.
One of the biggest changes you should be aware of? You’ll need to invest in additional insurance coverage. Your current home insurance policy probably doesn’t cover any damages incurred by your guests, so it’s best to speak with your independent insurance agent before you begin the process. Keep reading to learn more about becoming an Airbnb host.
5 Things Every Homeowner Should Consider Before Hosting with Airbnb
1. You’ll Be Welcoming Strangers Into Your Home
Hosting or short-term renting can seem pretty glamorous when you first start thinking about making changes to your home. But it’s important not to forget that hosting is essentially letting strangers have free reign in your home on an ongoing basis. If the idea of new people entering your home, possibly daily, is something that you feel the least bit of unease about, then hosting may not be a good fit for you.
2. How Much Time Can You Commit?
Running a successful Airbnb hosting take lots of time and energy for most homeowners. Even if you eventually outsource some of the labor involved with your listing, initially you will be responsible for not only getting your home ready for guests but for creating your online classified ad. Some of the regular tasks that you’ll be responsible for from an administrative end include:
- Cleaning and maintenance
- Setting up your listing (taking photos, creating a bio, etc.)
- Handling bookings
- Taking care of emergencies
- Interacting with guests via email, phone and in-person
- And more
3. Investing in Additional Insurance Protection
In a perfect world your current home insurance policy would work to protect against damages incurred during the rental period but unfortunately, it won’t. While you can rely on the Host Protection Insurance offered by Airbnb, their coverage comes with a number of conditions, limitations, and exclusions. With ongoing short-term rentals, your agent may recommend investing in business insurance coverage or for extended short-term rentals, landlord’s insurance. Either way, you can plan on an initial up-front cost to make sure your home is protected in the event of an accident, natural disaster, theft or another issue.
4. Is Your Listing Legal?
Did you know that hosting with Airbnb has actually been made illegal in many major cities across the globe like New York, Portland, and Paris? Before you start handing over your keys to a revolving door of new guests, you need to make sure it is legal in your city or county. Even if short-term rentals are allowed in your area, it’s a good idea to check for any restrictions and make sure you’re following the rules closely to avoid any legal issues in the future.
5. What Will the Neighbors Think?
Generally, it’s not a good idea to live your life being concerned with what your neighbors will think. But when it comes to opening up your home and the neighborhood to an influx of strangers, it’s worth giving your neighbors’ feeling on the idea a second thought.
Contact Our Agents Today
Still thinking about becoming an Airbnb host? Make sure you have the right level of insurance protection before taking the plunge. Visit the team at Integrity Insurance online to learn more about the importance of comprehensive home insurance coverage and be sure to request a quote today!