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ShareCover offers flexible insurance options for short-stay hosts and rideshare drivers. Backed by Insurance Australia Group (IAG), ShareCover let's you take out cover for as long you need, whether it's a day or month. There are no cancellation fees and you can manage your policies online.
This policy could be suitable for hosts on Airbnb, Stayz, Uber, Ola and Didi.
Who is ShareCover?
ShareCover is issued by Insurance Australia Ltd, which is part of the Insurance Australia Group (IAG). The leading general insurance company in Australia and New Zealand, IAG has been protecting people since 1851 and last year paid more than $6.8 million in claims.
This is insurance for people renting out their property part-time or full-time on platforms like Airbnb, Stayz and Booking.com. Cover options include:
Pay-per-night. Suitable for part-time hosting, pay-per-night insurance means you only need to pay for insurance when you need it. It provides you with guest related risks and liability cover and you can get insured for between 1 and 90 days.
Short-stay rental house. This is for full-time hosts and provides you with home and contents as well as guest related risks, liability and natural perils such as bushfires.
Short-stay rental apartment. This is the same as short-stay rental house cover but is tailored to apartment hosting.
ShareCover provide rideshare service insurance for drivers transporting people, like Uber and Ola, but not food delivery services. With RideCover, you are covered for damage to your rideshare vehicle, damage to other people's vehicle or property and for liability. This cover applies when you are using your car for ridesharing, including,
How does ShareCover compare to a normal home and contents policy?
Your standard home and contents policies generally come up lacking when it comes to cover for guests, especially for damage. Most policies contain exclusions such as:
You are not covered under any section of this policy for damage, loss, cost or legal liability that is caused by, arises from or involves tenants, paying guests or boarders, or someone who lives with them or a person who entered the home or unit with their consent ...
ShareCover can fill the gaps left by your home and contents policy and provide you with added protection. Because every home and contents policy is different, it's hard to do a one-to-one comparison of cover. However, many home and contents policies provide limited-to-no cover for many of the benefits offered by ShareCover, which is highlighted in the table below.
Type of cover
ShareCover
Normal H&C Policy
Accidental damage
?
ID theft
?
Malicious damage
?
Personal liability
?
Portable & valuable contents
?
Strata property damage
?
Theft or attempted theft
?
What does a ShareCover policy include?
Here's a breakdown of some of the inclusion in each ShareCover policy.
Pay-per-night
Guest cover
Building cover
Contents cover
Accident
Accidental breakage of fixed glass
Fire
Malicious damage
Explosion
Theft or attempted theft
Impact
Loss of rental income
Temporary accommodation
Short-stay rental house/apartment
Cover
Home and contents
Guest short stay cover
Fire
Impact
Explosion, landslide or subsidence
Theft or attempted theft
Malicious damage
Identity theft
Accident
Accidental breakage of glass
Temporary accommodation
Natural perils e.g. bushfires, storms etc
Cover
RideCover
Collision or crash
The cost to repair or replace your vehicle up to the market value (max of $50,000)
Explosion
Fire (not bushfire)
Malicious Acts
Towing
Vehicle pick and return
Liability
Damage to property up to $10,000,000
How much does it cost?
There are several factors that impact the cost of your ShareCover home and car insurance premiums.
The location of your home and car. Homes and cars in certain areas are statistically more likely to experience certain insured events such as theft.
The type and amount of cover you select. The higher your level of cover, the more expensive your premiums will be.
The excess you select. Selecting a higher excess will lead to lower premiums.
Your claims and insurance experience. ShareCover will take your claims history into account when determining your level of risk and therefore how much your premiums will cost.
Compulsory government charges. These vary depending on where you live and could include stamp duty, GST and a fire services levy.
Who is eligible for a ShareCover policy?
The main eligibility criteria for a ShareCover policy is as follows:
The type of property you own or rent. It must be a free standing house, townhouse, villa or duplex, semi-detached house or terrace. It's not suitable for body corporate buildings and houseboats.
How the property is used. The property must be let or sublet to paying guests for temporary residential accommodation through a recognised platform and is only applicable when it's being let or sublet, up to a maximum of 90 days.
The condition of your property. The home needs to meet acceptable dwelling criteria. For example, it should be secure, watertight, structurally sound and well maintained.
Here's some information on ShareCover Insurance complaints
We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July 2020 and June 2021. The data breaks down different underwriters and compares their business size to the number of complaints processed.
When comparing insurers, keep in mind that insurers with a larger market share serve more customers, so can potentially get more complaints.
Here's an overview of how Sharecover (Insurance Australia Limited) did:
Despite its large size, Insurance Australia Limited resolved 40.14% of complaints directly with customers.
Insurance Australia Limited received 974 complaints during this period, the second-highest volume of the insurers we looked at.
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Alexandra Koster is Finder's publisher for car, home and pet insurance. She has a Tier 1 certification in General Insurance, as well as a Bachelor of Arts in Film and Cultural Studies from the University of Sydney. Her hobbies include reading Product Disclosure Statements and deciphering complicated insurance lingo to help people save on their insurance so that they can spend their money on better things – like dogs.
I am wanting to find suitable home and contents insurance for my home which I intend to rent out on the short term rental market (eg via Airbnb) for a period of 4 months. I won’t be living in the house during this period. Please note that I have a permanent tenant renting the separate upstairs level of my home but I wish to rent out the 3 bedroom downstairs level on a short term basis. I am aware that my existing landlord insurance policy will not cover me for short term rental. Would you please advise an insurer who could provide me with the cover I need. Thank you, Jan McJannett
This is a tricky one because many landlord insurance policies generally only cover short-term rentals, such as Airbnb, if you’re renting out a room. And even then there’ll be conditions attached.
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I am wanting to find suitable home and contents insurance for my home which I intend to rent out on the short term rental market (eg via Airbnb) for a period of 4 months. I won’t be living in the house during this period. Please note that I have a permanent tenant renting the separate upstairs level of my home but I wish to rent out the 3 bedroom downstairs level on a short term basis. I am aware that my existing landlord insurance policy will not cover me for short term rental. Would you please advise an insurer who could provide me with the cover I need. Thank you, Jan McJannett
Hi Jan,
This is a tricky one because many landlord insurance policies generally only cover short-term rentals, such as Airbnb, if you’re renting out a room. And even then there’ll be conditions attached.
I’d encourage you to read more about your options in our guide to short term rental and Airbnb insurance. QBE may be one option to consider.
I hope this helps.
Best,
James
If a guest is injured what is the liability cover ?
Hi Robert,
Thank you for your question.
You have contacted finder.com.au, a comparison and information service and not actually ShareCover.
ShareCover provides liability cover for up to of $10 million.
I hope this helps,
Zubair