Posts Tagged Rental Insurance

Airbnb Insurance Even More Essential

The sharing economy is growing and Airbnb is one of the most popular in the industry. However, the following article might make you think twice about renting out your own place.


Samia Bendhamane only found out that her apartment had been robbed by her Airbnb renter when she received a call from police last Friday, Aug. 12. Bendhamane assumes that the robbery took place between Thursday and Friday of last week, with the robber making off with a Canada Goose jacket, a Louis Vuitton purse and a games console.

Anyone who’s been the victim of a robbery knows how awful it feels; it’s not just the loss of material goods – it runs deeper.

But for Bendhamane, things then got weird. On Saturday she discovered that her cousin, Othmane Zniber, had also been robbed… by the same renter.

“Airbnb had hours to alert us to let us know that this guy had robbed my cousin – to let me know and anyone else know that he was a thief. And they did nothing,” Zniber told CBC Montreal’s Daybreak.

Zniber said he is charging Airbnb $8,000 for his valuables and loss of income incurred after having to cancel a visitor who wanted to rent his apartment for 20 days.

It’s just the latest in a string of sharing economy stories that has insurance implications.

“It’s a challenging space for brokers, because most insurance companies are reluctant to insure clients’ homes if they’re renting it through Airbnb,” explains Daniel Mirkovic, President at Square One Insurance. “In most cases, the broker needs to direct the customer to a commercial insurance provider. We do insure homeowners that participate in Airbnb but we don’t resell that product, we sell directly to consumers. There is a higher deductible for crime related losses.”

Mirkovic believes brokers have a responsibility to remind their clients about informing their home insurance provider if they intend to rent their property, otherwise the policy could be void. He also sees a couple of major insurance challenges in the short-term rental space. “There is an Airbnb Host Guarantee, but it’s unclear what type of protection it provides: how does it work with what a client’s home insurance provides – should it replace it?” he says. “The reality is that the Host Guarantee is meant to supplement home insurance and pick up where it leaves off. Home insurance is there to protect against sudden and accidental loss and damage caused by you or your renters. The Host Guarantee kicks in if there is intentional damage by a renter.”

So, in the case of the two unfortunate hosts in Montreal: are their losses covered? “I suspect they would be covered because this was an intentional act by a criminal,” Mirkovic says.


Contact a broker at Moller Insurance Ltd. if you want further information on how to protect yourself, your home and your belongings.

Phone: (905) 642-2745

Posted in: Home Insurance, Insurance, News & Events, People, Tenants Insurance

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The Truth About Renters Insurance

The Truth About Renters Insurance

Renters insurance is a form of property coverage that protects a policyholder’s personal belongings within a rental property. When renting an apartment, many tenants wrongly assume that their landlord’s insurance coverage protects them from damages. This is one of the many myths associated with renters insurance—myths that may cause some tenants to avoid coverage altogether.
This can be costly, and it’s important to understand some of basics of a renters insurance policy before making a decision.

4 Myths About Renters Insurance

1. Renters insurance only covers your possessions. Renters insurance typically includes liability protection in addition to standard property coverage. This is important in the event that you are responsible for injury or property damage to others. For instance, if someone slips and sprains his or her ankle at your apartment, you are likely to be protected under a renters insurance policy.
2. It’s unaffordable. In actuality, renters insurance is very affordable for the average tenant. While policy prices will vary, most tenants can receive up to $25,000 of property coverage and $100,000 of liability coverage for about $16 per month. For more savings, some policies offer discounts to those who add renters insurance onto existing coverage.
3. You only need renters insurance if you own a lot of expensive items. Personal property values can add up quickly. To demonstrate this, tenants should take an inventory of their belongings. When you start adding up things like furniture, laptops and televisions, the importance of renters insurance can become a bit more apparent. When considering renters insurance, it’s important to keep in mind that items like collectibles and antiques may be out of the scope of traditional policies and that special coverage may be required.
4. You don’t need renters insurance if your roommate has it. Renters insurance only protects the policyholder’s personal belongings. In the event of a fire of theft, you will have to recoup any losses if you are without some sort of coverage.


Like any insurance policy, it’s important to take your unique situation into account before committing. Contact Moller Insurance Ltd. today for more information.

Posted in: Home Insurance, Insurance, Uncategorized

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