Short-term stay firm Airbnb has caused a revolution in the travel and rental industries. But how can you protect your property against damage caused by short-term tenants?
Prior to Airbnb’s existence, the standard choice for anyone taking a holiday was to book a hotel. Although this allowed people to enjoy the comforts of hotel life, they weren’t exactly spoiled for choice when it came to the style of accommodation they stayed in.
Airbnb allows travellers to live like a local and enjoy a new destination from the comfort of a homely environment. And the phenomenon has really taken off – Airbnb reports that it currently has 60m users and over 2m hosts, and its rise shows no sign of slowing down.
However, it’s not all good news for the property industry. Cautionary tales have begun to hit the news about the potential perils of short-term tenants.
One landlord, Nigel Broome, ended up with a bill of around £12,000 after guests at his property held a New Year’s Eve party. The tenants caused extensive damage to Broome’s property in southeast London, from holes punched in the walls, to broken furniture, to damaged flooring.
The increase in short-term leases could mean increased risk for landlords. With multiple tenants coming and going regularly, it is vital that you protect your property from any damage caused by short-term guests.
If you are planning to rent out your property to short-term tenants, you must put a comprehensive insurance policy in place. By protecting your holiday home let with Landlord Insurance through Just Landlords, you will benefit from the widest cover on the market.
Our market-leading insurance includes cover against malicious damage by the tenant, which will be crucial in the Airbnb age.
You must also remember to compile a thorough inventory for each new tenant that enters the property. Companies like Imfuna Let will record the condition of the accommodation at check-in and check-out, so that you can clearly note any changes or damage that have occurred.
The Chair of the Association of Independent Inventory Clerks, Patricia Barber, insists that inventories should not only be used for standard lease terms, but also for short-term lets.
She says: “No one can deny the success of outlets like Airbnb, and there is clearly a strong demand for this type of accommodation. However, there seems to be an increasing number of rental horror stories surrounding this type of let being reported, and those who choose to offer their properties through these sites on a regular basis could be leaving themselves open to hefty bills.”
Depending on local regulations, landlords may also be required to complete a number of checks before listing on sites like Airbnb, from gas safety checks to insurance.
However, Barber urges landlords to avoid disputes with a thorough inventory report.
“Some level of damage or wear and tear is always likely to occur during a tenancy, but a professionally compiled inventory helps to cover landlords against damage caused by tenants” she explains. “An inventory can also help to provide landlords with peace of mind throughout the duration of the tenancy.”
To ensure complete peace of mind, don’t forget to protect your property against damage and loss with our market-leading insurance, which includes 33 essential covers as standard.