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Short-term rentals can be a great way to generate some extra income with a property you own or rent. However, any time you open your home to guests it can set up property owners for a higher level of risk as people are often less careful when they are in a place they do not own or are unfamiliar with.

As the number of people using short-term rentals increases, renters and home owners need to be aware of the risks and ensure that they have adequate insurance to make sure they are properly covered in case of an accident.

Home owners and renters should already have a standard insurance policy in place, however, standard policies may not be sufficient to cover for short-term rentals in your home. Generally, a regular home owners policy won't cover anything beyond the very first time you rent or share your home. After this, the sharing or renting of a home is typically treated as a commercial enterprise.

Many short-term rental sites do provide some coverage to their customers, however it is debatable how much coverage is actually provided as they generally come with very strict rules and regulations.

It's highly advisable that you check with your insurance broker prior to commencing a short-term rental to make sure that you're covered!

It is good that products like "Host Coverage" from Airbnb exist, however, renters need to be aware that gaps in coverage are prevalent and will not protect you from many common risks or risk areas. For example, shared areas are not covered* in the Airbnb Host Guarantee and the included insurance may only cover cash value, not replacement cost for your damaged property. Many times the limit for Liability protection is also not very high.

Vancouver is one of the major hub destinations for short-term rental travelers. If you are taking advantage of the short-term rental boom, it makes sense to contact your broker to ensure that you're covered.

We are always here to help. Contact us at the following locations:

Vancouver: 604-731-4684

Burnaby: 604-434-8259








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Vancouver Office

3295 West Broadway, Vancouver BC V6K 2H5
Telephone: 604-731-4684
Facsimile: 604-731-7107
Office Hours: M-F 9:00 - 5:00

Sat - Closed Until Further Notice

Burnaby Office

4198 Hastings Street, Burnaby BC V5C 2J4
Telephone: 604-434-8259
Facsimile: 604-294-8260
Office Hours: M-F 9:00 - 5:00

Sat - Closed Until Further Notice