We offer a lot of coverage at Slice - and I mean a LOT! But let’s be honest: some coverages are more important than others. We get it. We’ve noticed that two of our coverages in particular have piqued our customers’ interest more than others - Liability and Loss of Income. So, today we’re shining a spotlight on our coverage “Dynamic Duo”. The reason these coverages are so important is because they protect a Host’s livelihood.
Loss of Income
When a Guest causes damage to your home, the actual cost of repairing the damage is covered, whether it be due to vandalism or a fire or the introduction of bed bugs into the home. It’s great that our policy will cover the cost of making the repairs, but what about your loss of rental fees during the time it takes to make those repairs? You can’t rent your home while there are bed bugs or during the time it’s under construction following a fire.
That’s why we introduced Loss of Income protection. Here’s how it works:
If you are unable to rent your home because of damage covered by our policy, we will pay you your loss of rental income from the date the home was no longer rentable to the date when the home has been fully restored and ready to rent, to a maximum of 12 months.
We think that’s pretty good. But we didn’t stop there. We also require NO deductible for this coverage and we apply no limit to how much you can collect! We’ll work with you to establish how much rental income you lost, and then write you a check.
We protect your revenue and livelihood.
Commercial Liability of $2,000,000
We can’t stress enough how important this coverage is. As a homeshare Host, you are liable for any injury or property damage your Guests incur while on your property. Imagine if a Guest fell down the stairs and injured themselves. They would certainly sue you for their medical expenses, for pain and suffering, for loss of income while they were off work and other expenses. And it can be VERY expensive. It is not uncommon for a simple “slip, trip or fall” claim to exceed $100,000 in settlement. Plus, there are the legal fees to deal with.
We provide $2,000,000 of commercial liability on every policy we issue, and we’ll pick-up all the defense costs in addition to that limit! You’ll notice we stress “commercial”. That is an important aspect. Earning money from the short-term rental of your home is a commercial activity requiring commercial protection.
While most claims will be relatively small, we felt it was important to provide a $2,000,000 limit to protect you in the unfortunate event of a catastrophe. Imagine if a fire started in your home and spread to a neighbour’s house, completely destroying their home and belongings.
Coverage is available even if you never go to court. As soon as you receive notice from a Guest that they are holding you liable for the costs of their injuries, or damage to their property, you can submit it to Slice and we’ll handle everything from that point on—so you don’t have to worry!
For more information about our Dynamic Duo and all other coverages, simply visit www.slice.is