Hi There,
I’m checking how my fellow hosts are covering their spaces with insurance, for those doing this full time? Reason being, my carrier has spiked my costs and in searching for new options, no one seems to cover this category.
Can anyone shine any light here?
Thanks,
Karen
When you book via Peerspace you are already covered for liability. If you want to cover yourself, your guests must have insurance. They can get a one-day insurance from Even Helper. It’s not very expensive.
Thanks, I’m aware of this. I’m talking about if you own your building. How is this being insured…in what category for usage? In talking to insurance providers…they don’t seem to acknowledge filming, events, etc…All the business activity that takes place on Peerspace.
Thanks
Is this a commercial property or a residential property?
As far as commercial policies go, RVNuccio is an insurance company that we get our DICE annual policy from as a production company. We have a fairly robust policy that covers our filming activities as well as both of our studios and our activities in them, and our broker has confirmed that it covers renting out to 3rd parties. But we still require every guest booking to provide their own insurance policy as well, and name us as additionally insured.
I second everything Chris said. You can get your own production insurance to cover your space and any shoots you have in it whether they are yours or not (it also covers your crew on location). We also require the production to provide their own COI. Plus Peerspace has the liability. So we are kind of covered 3 ways. Hiscox is the broker we use for our production insurance… the actual insurance is Acord. They are a popular production insurance provider. I think we pay $150/mo for our policy? Something like that.
Does someone renting their primary residence on Peerspace need to get special endorsements on their homeowner’s policy? If the house burns down by the guest, how is this covered? I’m concerned that if the house is being used for commercial use, the homeowner’s policy won’t apply. Thanks.
There are probably better qualified people here to answer this since I rent a studio and not my home, but I believe you might need to get an endorsement on your current home owner’s insurance if you rent the space frequently because they will not cover injuries or damages on your property while someone else is renting it (temporarily) in most instances. I believe it’s called a home sharing endorsement? This site also offers insurance too but I’ve only heard bad feedback about that from the other hosts out here. But it is worth re-reading the Peerspace insurance coverage too.
Your personal home insurance is not going to cover you when they find out you are running a business by renting it out. You should look into general liability insurance, lessors insurance, or something similar. Peerspace’s million dollar insurance policy only kicks in after your primary insurance has been exhausted.
I find it hard to believe that many homeowners on Peerspace have insurance policies beyond their regular homeowner’s policy. It seems like there’s a big gap of coverage here for the thousands of hosts renting their primary residence, but maybe I’m mistaken.
I am a peerspace host but I also own an insurance agency. Basically no homeowners insurance policy is ever going to cover business on premise. It is NOT the same as renting to a long term tenant. There are different types of policy for different purposes. You essentially need a regular homeowners policy and you need a business owners premise policy (if youre running a business on site). This covers your property if a guest damages your space, your homeowners would not cover damage that was created by a business purpose. Or a short term rentals policy. OR you can require your guest to get event insurance for each event.
Let me know if you have more questions, I will be happy to help. Feel free to PM me.
Thank you, Wendy. If I am added as an additional insured under the guest’s production insurance, do you think I’m covered for damage to my home? On their Certificate of Liability Insurance, they show having a $100,000 limit for “damage to rented premises (each occurrence)”. Also, does there need to be any specific language added to ensure I’m an additional insured or loss payee? Thanks.
Well this is an eye opener!
Hi Alex,
Yes exactly! If the renter is a company, they should have a general liability policy. You will want to listed as an additional insured if you can get it. In regards to language, honestly that starts going into the legality realm which I’m not a legal advisor. You can consult a lawyer further. At the end of the day insurance is technically optional, but obviously behoove of you to have it.
What I personally do is offer the option of security deposit if I think it’s a very small group that likely won’t make any significant damages and if I think it’s a bigger chance of risk, I will ask for a event insurance or their own general liability (for companies)
Ok, thanks. I think I’m good now. Much appreciated, Wendy.