Admiral has launched home sharing cover as an option on all of its home insurance policies.
The cover protects those looking to rent their home through home sharing sites such as Airbnb, Wimdu and Homestay.
Policyholders can rent their homes out for up to 90 days under the cover. Admiral says it will deal with claims in the same way as regular claims, and apply the same excess.
Admiral claims to be the first major insurer to offer specific home-sharing cover.
Admiral head of sharing economy Jean-Baptiste Limare said the introduction of host insurance was designed to offer “peace of mind” to homeowners who were confused as to how renting out a room could affect their home insurance.
“It’s estimated that 50,000 UK homes are rented out on Airbnb alone. We believe many more homeowners want to do it, but are concerned about how it could affect their insurance,” she says. “Our research found that currently only 4% of homeowners rent out their homes via these sites, but as many as half of homeowners would consider it.”
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