In the video, Mark Smith responds to Lisa's technical question about insurance related to Airbnb. He clarifies that he is not qualified to give financial advice but shares his understanding of the topic. He explains that while Airbnb provides some form of guarantee, it is limited and there are certain conditions that may not be covered. He suggests that many people opt for a landlord policy and that Airbnb's cover could be seen as a top-up. He also mentions that the public liability cover might be about $3 million US, which may not be sufficient in case of a catastrophic injury. He advises Lisa to consult with an insurance broker and to consider comprehensive landlord insurance. He also warns that most homeowner policies exclude tenanted arrangements. He concludes by recommending Lisa to seek advice from an insurance company or broker.
um a few questions uh do you have do you have to have separate insurance well no one has to have insurance so um uh you can choose to not have uh even if if you elect not to um for bookings through Airbnb uh it it's included so um um so uh I'm not even sure if the word is insurance or Assurance um it's um Airbnb provides you some sort of guarantee now there're obviously I don't know if they're a trillion dollar company but um they're a billion dollar multi-billion dollar company um and uh no I don't think they're a trillion dollar company but they're certainly a huge listed company and they'll give you this guarantee uh for what as well this is one of my dogs joining us here so I'm working from home um so they do give you some sort of guarantee but it's limited to um the terms of the air cover um service so um I just Google Air cover uh Airbnb and um there are limits on it now um you then you get into questions about uh would you be covered if guests flooded the place or have candles are left it burning and burn the house down um again I I'm really sorry I I'm just not qualified to give you that Financial advice I'm I'm certainly here to help you uh get your property listed um but I would probably um uh if I was you look I'll tell you what a lot of people do and that is they get a what's called a landlord policy um so um there's absolutely I I can confidently say there are limitations on what uh is covered by um air cover uh for instance I think for memory the uh the public liability cover might be about $3 million us uh whereas you know a lot of other insurances in Australia cover you up to I think around 10 to $20 million Australian um so uh look would three million be enough for a catastrophic injury uh well maybe uh but maybe not maybe that's why um uh most Australian insurers cover you for 10 at I think at least 10 uh all the policies that I've seen are between 10 and 20 million Aussie dollars so um so uh the next question is um sorry the next question was so is the cover like landlord Insurance uh but do you still need to have comprehensive I I think the answer is most probably yes you do need to have um a comprehensive uh landlord insurance I would look at air cover as a bit of a topup um and uh with a reasonably easy and quick um and simple claims process um but certainly many many gaps um so that's the best answer I can give you um as I said I'm I'm not qualified to um give legal well do Financial advice um so hope that helps um I would definitely talk to your so if you're going to get insurance um if you're going to get uh landlord insurance I would most probably talk to an insurance broker um uh there are like retail type policies that I've seen um like um um I can't think of what they called anyway just to Google landlord Insurance um Airbnb and I'm sure you'll find you know a hundred different options um that's probably where I'd start and get advice from someone that is able to give you it's quite complex um uh Financial advice um I just don't want you um you know burning your house down as you say and pointing back oh you know um we told you this it's I think the best advice I can give you is to um to get uh proper financial advice or talk to your insurer um I I will say that most insurance uh most homeowners type um policies unless it's a landlord policy uh most home owners uh policies exclude exclude um all uh tenanted Arrangements uh and so you'd probably find under probably you'd find under a just a normal uh homeowners type um policy uh that you wouldn't have any cover um but like actually sorry this is something that is brought up uh from time to time when you have a uh a unit that's in a body corporate the body corporate often um you didn't actually say what type of building uh you've got so the body corporate often ensures the building but not the contents so it's yeah I think I I think I have to in I have to refer you to an insurance company or a broker thanks a lot bye Lisa any other questions here to help thank you bye