Insurtech GUARDHOG has launched GUESTOVER, protection insurance for those booking properties through sites like Airbnb.
GUESTCOVER provides insurance throughout a guest’s stay with benefits such as alternative accommodation and safe transport. For £15-20 per booking, the product provides protection for guests during their stay. It covers a multitude of issues such as home misrepresentation to fraud.
Humphrey Bowles, co-founder and CEO of GUARDHOG said: “The majority of travellers using home-sharing platforms haven’t even considered what happens when the home they’ve booked has a holiday-ending incident: a leak, a fire or it’s simply not there. This is compounded as there is an alarming mis-perception that their travel insurance covers home-sharing disasters.
“Guests deserve to stay in the property they’ve paid for and when their expectations are not met – or when they fall victim to scams – they deserve to be compensated. And that’s where GUESTCOVER comes in. We are committed to helping travellers book their accommodation with full confidence that if they don’t get what they booked, we’re there to help.”
According to GUARDHOG, nearly one in 10 Brits has arrived at an Airbnb or short-term rental only to find it does not exist and insurance is needed. Furthermore, even when the property exists, 25% are left disappointed by their holiday rental property when it fails to live up to expectations.
In addition, over 69% of Brits are unaware that traditional travel insurance does not cover guests if there is a problem with the booked property. Problems can include the property being a scam, fraud, misrepresentation, or cancellation.
On these platforms, while there is a chance guests could be offered a more suitable location, it is more likely that they won’t due to limited availability.
In July, GUARDHOG launched a blockchain-powered deposit cover solution. From £2 ($2.52) per stay, hosts can receive a £1,000 deposit. This reduces the hassle for those renting out their homes and cutting out the need for huge up-front payments. The blockchain-driven alternative hopes to be an alternative to the current deposit-holding system.