Protect Your Property On Airbnb
As Airbnb becomes a popular search engine for people looking for short stay accommodation, more and more people are listing their home or rental property as a way to earn extra money. If you already rent out your space, or are thinking about it, you might want to give some thought to the following:
If you rent a property and are thinking about renting out a spare room on Airbnb as temporary accommodation, you will need to check your lease and ok it with you landlord.
If you own your property, get in touch with your local council.
If you own or rent a Strata unit you should contact the body corporate to check you are not breaking any strata by-laws, or any local government laws, rules or regulations.
Remember it is easy to find a listing on the internet, so if someone is checking up on you, you can’t easily hide! If you haven’t got the relevant permission and you’re found to be in breach of your lease, you may have to pay a fine.
You may think that renting out your space on Airbnb is an easy way to make a quick buck. However, renting out your property, or part of it, (even if it is your home) means there will be CGT (Capital Gains Tax) implications. Contact your accountant for any tax advice relating to this matter.
It is good practice to ask your guests for a security deposit to cover any damage or theft that could occur during their stay. Also, be sure to remove or lock up any valuables.
Whether you are renting, or the property owners, your current insurance may not cover any damage caused by, or, to guests using it as a short-term rental. Contact Leed to find out which insurance policy will best suit your situation.
So be smart and safe by following the above steps and get a specific insurance policy for Airbnb hosting. If you still have questions, get in touch and we can help you find the best insurance solution for your short-term rental.