City insurers team up with Go Compare to cover AirBnB hosts
- Credit: Pikl
A city start-up has taken a step closer to insuring one million AirBnB hosts having partnered with comparison giants Go Compare.
Pikl, a specialist insurer based in Norwich, is seeking to plug the gap for short term lettings hosts on sites like AirBnB, who can't get cover and so are at risks if guests damage their properties.
Louise Birritteri, chief executive and founder of Pikl, said: “Our industry-wide report ’Insuring the sharing economy in 2019’ highlighted that the insurance needs of over 1 million short-term rental hosts were not being adequately accommodated by major insurers in the UK."
Traditionally, standard home insurance policies do not cover the commercial use of a property, such as letting a room or driveway and claims for theft or damage.
But Pikl’s host insurance has been designed specifically for this type of activity and includes the likes of guest injuries and fires.
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Ms Birritteri added: “We’re delighted that this partnership with GoCompare will now go a long way to making sure people in the sharing economy are operating with the right type of insurance cover and won’t be left at risk from theft, damage, fire or even public liability.
"We expect many other product manufacturers and distributors to follow suit.”
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Ryan Fulthorpe, at Go Compare Home Insurance, said: “The sharing economy looks only set to increase with the world opening up once more – people can now share driveways, cars and even their homes, with a whole host of innovative businesses making this a feasible way for people to live more sustainably and make money.
"While this brings lots of positives for homeowners who want to make extra cash, it’s important that the insurance side of this is considered."
Mr Fulthorpe added: “At the moment not many home insurance policies will cover you if you need to make a claim.
"Which is why we felt it was important to address this during the quote process – before someone takes out a policy.
"Many people, through no fault of their own, might not realise they need this type of cover so it’s something we are signposting as a way to help people get the right cover in place.”