Changes to laws for short-term rental accommodation – Insurance obligations

Since the NSW Government announced the changes in laws for short term  rental accommodation, that will take effect 18th December 2020, we have  received a number of enquiries from clients seeing if their insurance  policy covers their new insurance host obligations in having cover for  third party injury or death.

We mentioned in our previous article, https://homsure.com.au/new-changes-to-the-shortterm-rental-accommodation-laws/  that most landlord policies have a liability cover and suggested you  should check with your insurance professional as to whether your current  insurance cover is sufficient, but we wanted to break this down even  further.

Have you disclosed your property is used as a Short Term Rental?

We are finding more and more insurers in the direct market do not  offer short term rental landlord insurance and we would not like to  think of the number of hosts/landlords that believe they have the  correct cover but do not. If you have not disclosed that your property  is rented to tenants on a short-term basis, your insurer may have the  right to deny your claim on the basis of non-disclosure and/or not  meeting underwriting guidelines. We strongly suggest that this is the  time to review you current insurance policy to ensure you are adequately  covered.

HomSure have a number of insurers available to us that provide cover  for short term rental properties. Let us help make sure you are covered  correctly and a have policy that suits you. HomSure can provide you with  a no obligation free quote.

Important Information This email provides  information rather than financial product or other advice. The content  of this email, including any information contained in it, has been  prepared without taking into account your objectives, financial  situation or needs. You should consider the appropriateness of the  information, taking these matters into account, before you act on any  information. This information is provided to assist you in understanding  some terms, implications and common considerations of Landlord  Insurance, it is not complete, so please request full details from  Homsure. You should consider the Product Disclosure Statement (PDS) in  deciding whether to buy (or continue to hold) this insurance and also  whether this insurance is appropriate for you. The PDS can be obtained  from Homsure or your current insurer. Deductibles, exclusions and limits  apply. Landlord Insurance is issued by various insurers

Since the NSW Government announced the changes in laws for short term  rental accommodation, that will take effect 18th December 2020, we have  received a number of enquiries from clients seeing if their insurance policy covers their new insurance host obligations in having cover for  third party injury or death.

Have you disclosed your property is used as a Short Term Rental? The New South Wales Government has introduced changes to the laws surrounding Short Term Accomodation, find out if this effects you!

Effective 18th December 2020, the NSW Government are introducing a mandatory Code for Short term Rental Accommodation (Code). There are a number of new  obligations that you as a host need to be aware of when renting your  property on a short term basis throughout NSW.

One of the new obligations is the requirement to hold insurance cover  for third party liability and death. Most landlord policies have a  liability section to cover you but we recommend you contact your insurer  or insurance professional to ensure you are covered.

Click the link to find the full details of the Codes new obligations-  NSW Fair Trading - STRA.

Homsure has a team focusing on short term rental insurance and can  provide you with a no obligation free quote and we will ensure your  cover meets the Code insurance obligations.

Important Information This information is provided  to assist you in understanding some terms, implications and common  considerations of Landlord Insurance, it is not complete, so please  request full details from Homsure. You should consider the Product  Disclosure Statement (PDS) in deciding whether to buy (or continue to  hold) this insurance and also whether this insurance is appropriate for  you. The PDS can be obtained from Homsure. Deductibles, exclusions and  limits apply. Landlord Insurance is issued by various insurers.

The NSW Government are introducing a mandatory Code for Short term Rental Accommodation. Find out if these new obligations apply to you.

New Changes to the Short Term Rental Accommodation Laws

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Have you disclosed your property is used as a Short Term Rental?

New Changes to the Short Term Rental Accommodation Laws