Canadian homeowners who are interested in making some side money with Airbnb now have a government-approved insurance option to protect their home and its contents.
Aviva Canada added coverage for homesharing this month, with the new option going into effect as of Feb. 1. The company has been an innovator in the insurance market in the past few years, leading the way when it comes to adapting to the latest tech, such as ridesharing and app-based services.
“More and more Canadians are looking to supplement their income by temporarily renting their property through online networks,” said Steve Cohen, executive director of personal lines for Aviva Canada. “Our research shows that one in five Canadians have rented their property in the past, or would consider doing so in the future.”
The new coverage is available as an add-on to Aviva Canada homeowner policies, or as a standalone policy for secondary income properties that would be rented to short-term guests year-round.
Since Airbnb disrupted the market, its business model has faced criticisms regarding its lack of insurance coverage. Until now, most people using Airbnb have essentially been leaving their homes uncovered when taking in short-term tenants.
Under their policy, Aviva claims homeowners can expect more comprehensive coverage, and 24/7 customer service. Policyholders are covered not only from loss or damage to their own possessions, but to the guest’s as well. Aviva also mentions in the release that the policy will cover “liability when the property is deemed uninhabitable (e.g. electricity, fire)” or when there is “loss or damage to buildings.”
Since Airbnb is becoming a more popular way for homeowners to supplement their income, it’s important they’re given options for protecting their assets. After all, homesharing is about making money off your home — not costing you your home.