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Square One urges those using short-term rental programs to speak with their insurance provider or they may not be covered

August 24, 2017

(Vancouver, BC): More and more Canadians are sharing their homes with others through websites like Airbnb.com, Couchsurfing.org, and HomeExchange.com. In fact, over 100,000 Canadian homes are listed on Airbnb.com alone. The city with the most expensive daily rate is Vancouver at $197, followed by Toronto at $160. The city with the cheapest daily rate is Edmonton at $100. A breakdown of listing counts and daily rates for major cities across Canada is provided below.

Graph of home sharing statistics in Canada

Square One advises you to speak with your home insurance provider before participating in a home sharing program, hosting a guest in your home, or renting out a room in your home. If you don’t, neither you nor your guest may be covered.

“Home sharing programs can be a good way to take an affordable vacation or to earn a little extra income as a host,” says Daniel Mirkovic, President at Square One. “But it’s important to keep in mind that all home insurance policies have terms, conditions, and exclusions.”

Adjustments may need to be made to your home insurance policy in order for coverage to remain in place. Even with these adjustments, there are some risks that you may not be able to insure. Here are some things to keep in mind if you’re thinking about participating in a home sharing program:

If you want to participate in a home sharing program, there are a few things you can do to make sure you’re as protected as possible:

As home sharing continues to grow in Canada, it’s important to take steps to protect yourself. To learn more, speak with your insurance provider or call Square One at 1.855.331.6933.

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Established in 2011, Square One offers the only home insurance policy in North America that can be personalized to your unique needs. That means you only pay for the protection you need. Square One is also one of the few providers to automatically include water backup and broad water protection in its policies. Square One currently serves British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario. For more information about Square One, or to get an online quote, visit www.squareoneinsurance.com.

For more information on this release, please contact:

Aneel Mattu
Square One Insurance Services Inc.
Tel: 1.855.331.6933 ext 127
Cel: 1.778.919.2096
aneel.mattu@squareoneinsurance.com