Square One urges those participating in home sharing programs to speak with their insurance providers or they may not be covered

August 26, 2015

(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 20,000 Canadian homes are listed on Airbnb.com alone. A breakdown for major cities across Canada is provided below.

Airbnb listings per Canadian city

Sources: Airbnb and MorningStar

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,” says Daniel Mirkovic, President and CEO 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:

Many home insurance providers will not offer policies to those participating in home sharing programs. Others, like Square One, will offer protection but you’ll likely pay a higher premium and be subject to a higher deductible. As home sharing continues to grow in Canada, it’s important to take steps to protect yourself. For more home insurance tips, visit publictest.squareone.ca.

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Established in 2011 and based in Vancouver, British Columbia, Square One offers the only home insurance policy in Canada 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 earthquake, 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 publictest.squareone.ca. 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@squareone.ca