Home-sharing has grown in popularity over the last few years as the primary way travellers and tourists are finding short-term living accommodations while visiting Toronto. For home and property owners, it is an excellent way to bring in some extra income by renting out a room, or the entirety, of your home, condo or seasonal property.
KASE Insurance offers policies for short-term rental insurance in Toronto to give landlords the peace of mind of knowing their property and belongings are protected when guests stay in their homes.
Toronto short-term rental insurance is used to provide protection to landlords who rent out their furnished home, condo or vacation property on a short-term basis. While recognized home-sharing platforms like Airbnb, Homestay, FlipKey among others provide a safe and secure way to list your rental property and find tenants, the extent of their protection is limited.
Despite the fact that short-term rentals have become extremely popular among property owners, few landlords are actually aware of the risks involved and how significant they can be. It’s your responsibility as a landlord to ensure that your property is covered by insurance and your typical homeowners’ policy probably doesn’t cover short-term rental insurance in Toronto.
Your standard rental property or homeowner insurance policies might not cover short-term renting in Toronto. There are risks that you should be prepared for as a landlord when you invite unknown guests into your home. Risks like theft, liability and vandalism might not be covered by some insurers in this instance or they might even cancel your policy.
Online home-sharing platforms where you can list your property oftentimes don’t provide any kind of insurance coverage. Make sure you check their terms and conditions agreement carefully before signing up. Some online networks may offer some form of short-term rental insurance in Toronto to cover physical damage caused to your home, but they oftentimes come with limitations. If they don’t protect you in instances of liability or theft, you’ll have to find additional coverage.
The type of coverage you’ll receive will likely depend on the type of rental property that you own. However, you can expect most of the following features to be included in your policy:
• Liability: If any of your guests suffer severe injuries on your property you can be held responsible. Short-term rental insurance protects you, the landlord, from having to pay potentially excessive medical and legal fees should a guest become hurt.
• Theft & Attempted Theft: With short-term rental insurance in Toronto, you and your property will be protected against any theft that may occur during your guests’ stay. Specifically, any acts of theft caused by the tenant and their personal guests.
• Vandalism & Property Damage: You will be covered in the case of any vandalism or property damage committed by your guest. This insurance policy will assist in paying any costs associated with fixing what was damaged typically up to $1,500.
• Fair Rental Value: If you count on your rental property to bring in additional income, it can be a massive loss if tenants’ payments don’t come through. Short-term rental insurance can help subsidize any potential losses of rental income.
• Watercraft Coverage: Short-term rental insurance may be extended to any watercrafts available to your guests when they stay in your home. This can include boats or jet skis left at a cottage.
It’s incredibly important for homeowners who are planning on renting their property out on a short-term basis have rental insurance. It differs from other types of home insurance policies that might not cover the liabilities that are unique to these situations.
If you’re considering getting short-term rental insurance for your home in Toronto or the GTA, you should know which properties are eligible for consideration. Properties that have 100% short-term rental occupancy, meaning you or your family members never use the home, are covered. Apartments, condos and homes that are rented out for only part of the year, as well as only portions of these properties, can also be covered by short-term rental insurance in Toronto. Similarly, seasonal rentals like cottages, ski chalets and cabins are all eligible too. Any properties listed on home-sharing platforms can be covered, including Airbnb, FlipKey, TurnKey, HomeAway, Vrbo, Homestay and more!
Unfortunately, subletting is not eligible for short-term rental insurance in Toronto.
With roughly 6,500 Airbnb properties alone, Toronto’s home-sharing market is quickly outpacing hotel stays. This number is only going to continue to grow as landlords invest in rental properties and rent out their own homes. Short-term rental insurance in Toronto has never been more important or necessary, and a prominent insurance broker like KASE Insurance can help.
Our team of experts is dedicated to providing our clients with the best insurance policies at the best rates. We pride ourselves on our commitment to client satisfaction and providing them with the peace of mind they deserve.
Whether you rent out just a room in your home or the entire property, KASE Insurance will be able to find you the short-term rental insurance in Toronto that you need. Contact us today to discuss your needs with a member of our team!
“At Andes STR, we increase real estate profitability through the use of online platforms such as Airbnb and Booking.com. Given the commercial nature of short term rentals, having a partner that can provide the proper insurance to our clients is paramount, especially since the industry is still in its early stages. In terms of our own company, counting with expert advise on insurance matters is of the utmost importance as we provide advice to developers and investors, which leaves us exposed on multiple fronts. Having Kase provide their expert opinion on insurance matters has been very useful in our growth, allowing us to focus on our own business and being able to provide a holistic solution to our clients” – Sebastian Rivas from Andes STR.
I had the pleasure of working with Arian Ebrahimi at KASE Insurance. He was very knowledgable about the industry, was very responsive throughout the whole process. I felt that he acted in my best interest and I would definitely recommend him to anyone!
I had a really hard time finding home insurance for short term rentals until I found Kase Insurance! They were really helpful in finding me an affordable home insurance for my Airbnb unit!
The KASE team helped us in arranging the best possible insurance policy for our business. We were very impressed by their overall knowledge and effort in getting us the right the policy. Highly recommended!