Corporate home insurance (AirBnb related)

i all

Under operating my property under AirBnb with income exceeding $60,000 per year, I'm force to move my required house insurance as part of the mortgage from residential to commercial . The premium is going to be over $5000 which seems exorbitant as AirBnb insurance is very comprehensive! Can anyone with experience off some insights on how I might save some money?

Cheers.

Over $60k and you have to register for GST.

That's a high income - nice house or multiple properties? What's your occupancy rate?

Yes that is correct.

I have a very nice place with multiple options for listing. I am fully booked in the middle of winter.

Any insights into the insurance issue. If it weren't for the issue that NZ banks require 'conventional' insurance, I would be content with AirBnb insurance only.

Quote:

---

Originally Posted by smpl

Yes that is correct.

I have a very nice place with multiple options for listing. I am fully booked in the middle of winter.

Any insights into the insurance issue. If it weren't for the issue that NZ banks require 'conventional' insurance, I would be content with AirBnb insurance only.

---

No Specifics into insurance unfortunately. I could put you in touch with a broker who does specific policies for B&B's. Not sure whether it would apply to you but it might be a good policy between a residential and a full hotel policy?

DM me if you want his contact details - could be good for a second opinion.

The problem is that because the property is being used for a business purpose (short term accommodation), EQC does not cover the property, and thus Insurers have to use the commercial rating model to account for the Natural Disaster cover EQC normally provides.

I have a good contact if required still

Can one put a claim to EQC in for hours of sleep lost due to earthquake (last nite). i had to wait until the hanging chandelier stopped swinging (it took 34 mins)

Need to have this sorted by next week. Harvey thanks for your PM, waiting to hear back from Grunter before I investigate that route.