UK: In this latest guest article, home-sharing insurance specialist GUARDHOG has unveiled research that nearly half of Brits who have listed their homes on platforms like Airbnb are doing so to afford their own holidays.
“Nearly a third could face financial heartache by having strangers to stay without getting cover.
“As the schools break up for summer, GUARDHOG the pay-per-stay home-sharing insurance specialist has unveiled new research which shows that nearly half (48 per cent) of Brits who have listed their homes on platforms like Airbnb, Homeaway and Booking.com are doing so to afford holidays. And 38 per cent do so to spend on family days out.
“With Brexit uncertainty looming and disposable income under pressure, the results from a poll of 4,000 UK adults by One Pulse also showed a fifth (20 per cent) of those who have had paying guests to stay are also doing it to help pay the bills.
“Worryingly, however, in a market where making money from your home is considered a ‘commercial activity’ not normally covered by home insurance – 82 per cent of hosts have had strangers stay without checking their insurance or getting special insurance at all.
“The poll also found that those who’d never rented their homes on a home-sharing platform had been held back by worries that strangers would damage their home and possessions (48 per cent) or steal their possessions (35 per cent).
“London may be the top city in the world for Airbnb listings, but it also tops the UK for the number Airbnb / short-term rental claims.
“Figures released by GUARDHOG reveal that 90 per cent of claims submitted to them in the last year were from stays in London. So there have been nine times as many claims submitted from stays in London as there have been for the rest of the UK all put together, (compared to there being only twice as many bookings in London compared to the rest of the UK put together).
“GUARDHOG’s biggest claim has also been from London – £90,000 for an unauthorised party.
“On track to cover a million home-sharing nights with its ‘pay per stay’ insurance this year, GUARDHOG works with 300 sharing economy partners including Airbnb, Home Exchange, and TrustedHousesitters.
“Emily Bruce Watts, CEO at property management company, Air Peace of Mind, said: “From managing thousands of hosts bookings we know how important it is for hosts to put specific Airbnb insurance in place which is why we advise all our hosts to speak to GUARDHOG.”
“Co-founder Humphrey Bowles said: “Home-sharing is a brilliant way to make some meaningful extra cash to pay for your holiday. With GUARDHOG for just a few pounds per night from the money you’re earning, you can put proper Airbnb insurance in place, and given the average payout for damage or theft over the summer season is £6,500, it is worth making sure you have meaningful cover in place.””
For more information, visit the GUARDHOG website here.