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Festival time: the importance of insurance for Edinburgh homeowners

It’s nearly Festival time in Edinburgh, which means the already busy city will soon become a buzzing international destination. And this year, the accommodation options for Festival and Fringe spectators and performers have never been more varied. Because as well as the traditional hotels and hostels, there is today’s growing trend for home-sharing.

With over 6,000 listings on Airbnb in Edinburgh1, home-sharing through peer-to-peer platforms such as Airbnb and HomeAway has become a popular choice for many Edinburgh homeowners. But, in a survey, 90% of people were unsure if they had comprehensive insurance to cover themselves and their homes when ‘sharing’.2 An extreme example… but the collapse of a balcony in an Airbnb property in Brighton illustrates the potentially catastrophic risks of not being properly insured.3

At GUARDHOG, we love that home-sharing platforms have put in place many checks and balances to help the growing number of people participating ‘share’ safely. But we hope that Edinburgh homeowners thinking of making extra cash from the influx of visitors will realise that they all they all acknowledge the importance of insurance and recommend hosts have their own insurance in place.4

Many traditional insurance policies simply don’t work for the sharing economy, as they don’t cover commercial activities – ‘hosts’ making money from their homes. And just like those who share during the Edinburgh Festival, most hosts only share their homes for what amounts to just a few weeks over the course of the year too. That’s why at GUARDHOG, we’ve designed Host Cover, an on-demand, pay per stay, home-sharing insurance policy.

It seamlessly replaces the parts of a normal home insurance policy that are invalidated when hosts share their homes, and can be bought only for the nights you need it. In other words, only when they have guests to stay. And with the cost starting at £1/night (depending on the size of your property), it makes insuring your property when you are home-sharing, accessible and affordable too.

Are you an Edinburgh homeowner thinking of cashing in on the Festival this year? Then get in touch with GUARDHOG to make sure you have the cover you need to protect yourself, your guests and your home…

  1. www.Airbnb.co.uk
  2.  OnePulse survey. Data on file 2017. GUARDHOG
  3.  http://www.bbc.co.uk/news/uk-england-sussex-38161403
  4.  https://www.airbnb.com.au/terms/host_guarantee
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