Airbnb Will Now Cover up to $1M Worth of Property Damage
Airbnb is putting up some cash to build a reputation around the safety and security of its hosts’ property. The company today committed to cover as much as $1 million in damage resulting from a booking.
That’s up from the $50,000 “Host Guarantee” the company introduced last year.
The new Host Guarantee, backed by insurer Lloyd’s of London, is more like a product warranty than an insurance policy, said Airbnb Director of Customer Service Monroe Labouisse, who joined the company after a widely publicized Airbnb home-wrecking incident last year.
According to Labouisse, the million-dollar figure wasn’t chosen because the $50,000 limit was too small — in fact, there have been no significant or material claims to date, he said — but rather to further set Airbnb apart from competing rental services, which often charge a fee to cover damage.