The Damage, Insurance & Risk Management Recipe
Where most new hosts learn expensive lessons. The platforms' protection is real but limited; supplemental insurance is real but specific; security deposits are increasingly replaced by damage waivers. This recipe is the layered approach that actually works when something goes wrong.
The Checklist
Work through these in order. Each item is one decision or one task.
Step 1
Replace your homeowner's policy with STR-specific coverage
Step 2
Add a $1–5M umbrella liability policy
Step 3
Understand what platform protection actually covers
Step 4
Add supplemental damage protection through Safely or Waivo
Step 5
Document inventory and condition before every stay
Step 6
Screen guests proportional to risk
Step 7
Practice the claim process before you need it
Tools & Stack
See guide content.
Operator's Notes
Total annual insurance cost: $2,000–$5,000 per property when properly stacked. Most hosts spend $300–$1,500 on a homeowner's policy that won't cover STR claims and call it covered. The gap is the entire risk.; Common claim scenarios and what covers them: Guest breaks a TV — Safely or platform protection. Guest causes water damage to floors — primary STR policy + damage protection. Guest injures themselves on stairs — primary STR policy liability + umbrella. Guest hosts unauthorized party causing $40K in damage — primary STR policy + damage protection + likely subrogation against guest. Each sc
[Affiliate Link: Proper Insurance · Steadily · Safely · Waivo]
Use this with
Apply this guide alongside any property recipe in Sections 1–5. The unsexy operational layer is what turns a one-off project into a real business.
Browse this category