There are a lot of benefits to becoming an Airbnb host in Canmore. However, in between the excitement of meeting guests from around the world and an additional source of income, there is also a lot of responsibility. From cleaning to maintenance, hosts have a lot to think about; however, protecting your property and financial security is essential.
Insurance is one of the most important aspects for Canmore Airbnb hosts. Yet despite that, many property owners are unsure of what coverage they need. To help you, we have taken a closer look at the Airbnb insurance policies you should have…
Short-term rental insurance
This is the most important upgrade for any host. Unlike standard home insurance, a short-term rental insurance policy is specifically designed for properties listed on platforms like Airbnb. These policies are the foundation of your business and will typically include:
- Coverage for building and contents (furniture, appliances, décor).
- Commercial liability protection for guest injuries or accidents.
- Loss of rental income if your property becomes uninhabitable due to a covered incident.
Airbnb AirCover for hosts
Airbnb automatically provides AirCover, which includes up to $3 million in property damage protection and $1 million in liability coverage. Although this is reassuring for hosts, it is not a comprehensive package and does not cover things like:
- Wear and tear, plumbing failures, or maintenance issues.
- Lost income is not included if your rental can’t be booked during repairs.
- Strata or condo-related claims may not be covered.
Commercial general liability insurance
For properties with high guest turnover, commercial general liability insurance provides broader protection than what Airbnb offers. This is particularly important for those hosts who operate more than one property or rely on rental income year-round. These policies can cover:
- Guest injuries (slips, falls, hot tub accidents).
- Third-party property damage (if a guest damages a neighbour’s property).
- Legal costs if you’re sued.
Contents insurance
Your Airbnb rental is fully furnished, from linens and TVs to ski racks and coffee makers. Contents insurance ensures these items are covered if they’re stolen, damaged by guests, or lost due to fire or flood. Make sure you check the policy limits to ensure they cover the replacement costs of your belongings.
Loss of income insurance
Canmore’s rental market is highly seasonal. If your property is damaged during ski season or peak summer months, you could lose a significant chunk of income. Loss of income insurance provides a financial cushion, reimbursing you for missed bookings while repairs are underway.
It is important to remember that not every policy includes this as standard, so it’s worth asking your provider.
Condo and strata coverage
If your Airbnb is in a condo building, your strata’s master policy may only cover common areas. You’ll need unit owner’s coverage to insure your suite, contents, and liability as a host. Some strata corporations in Canmore specifically require proof of short-term rental insurance. Not having it could put you in violation of bylaws.
Seasonal risk coverage
From frozen pipes and heavy snow to the risk of wildfires, living in the Rockies comes with unique challenges. That is why it is essential that your insurance policies cover for these things and include protection for:
- Water damage from burst pipes or leaks.
- Weather-related damage to roofing, decks, or patio.
- Evacuation-related protection to cover cancelled bookings.
Supporting Canmore Airbnb hosts
Being an Airbnb host in Canmore is an exciting opportunity, but only if you are properly protected. Knowing the coverage you need to have in place and what you can do in an emergency can be very confusing, especially if you are just starting out.
That is why our Canmore Co-Host team is here to help you every step of the way. We are experienced Airbnb Superhosts and Prohosts, and work with dozens of Airbnb hosts across Canmore, so we know exactly what it takes.
Want to find out more? Get in touch with our team today, who will be happy to help!
