It is estimated that Airbnb generated R2.4 billion in total economic activity across the country in 2016 – the sum of guest spending and host income. Airbnb recently revealed that the typical host on Airbnb in South Africa shares their home for 16 days and earns an additional R28 000 a year.
A young family in Ballito are letting their home this December while they stay with family for Christmas and are bringing in an extra R115 000 income for five weeks.
The pros of letting your property via Airbnb are big. It is slick, easy and hassle free. Guests are vetted and so are you. But what about other implications that the majority of people don’t consider?
One of these is insurance.
So, what happens if the strangers you allow into your home damage your property, steal precious valuables or worse – burn your house down during their stay? One would assume that your household insurance policy would cover all of that. But according to the experts, this is not the case