Serviced accommodation is one of the latest innovations to hit the property market. Presenting a whole range of opportunities and risks, specialist insurance and advice will be required.
The development of serviced accommodation and Airbnb style accommodation is a relatively new development. The ease in which properties can be advertised and let on a short term basis has opened this part of the property market to many people. Unfortunately the ease in which this sector is accessed has inadvertently exposed property owners to new risks and it is important to obtain expert advice on your risks.
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Our insurance provides cover for
Serviced accommodation is where a room or rooms are let to members of the general public on a nightly basis. Typically these are self contained rooms (akin to hotel rooms) but occasionally they maybe a room within a private dwelling. Rooms generally are serviced on a daily basis with fresh laundry etc provided.
For the vast majority of cases no, but on occasion there maybe a little element of cover for “lodgers” however a lot of insurance cover will be restricted, such as theft and malicious damage.
In most cases there is no cover. This is due to a regular stipulation in these policies that there must be an Assured Shorthold Tenancy agreement in place. When properties/rooms are let by the night this is not possible.
In some instances holiday let insurance may be better for you as the cover is more appropriate. However we will take the time to understand your requirements and provide advice and guidance on the right cover.
For those with a property portfolio or second home, have you thought about what your insurance needs may be?