ShareCover provide comprehensive home and car insurance as well as add-on insurance. This protects you for the extra risks associated with renting your house or car on platforms like Airbnb, Booking.com, Uber and Ola. In other words, add-on insurance covers you for whenever you are hosting or ridesharing. You simply pay for the times you need it.
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.
What kind of policies do ShareCover offer?
ShareCover provide two types of insurance - home insurance and car insurance.
- 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.
- When you are waiting for a booking
- Driving to a booking
- Driving passengers to their destination
Keep in mind that this service is an add-on. It does not replace the need for comprehensive or third party insurance for your vehicle.
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|
|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.
|Guest cover||Building cover||Contents cover|
|Accidental breakage of fixed glass|
|Theft or attempted theft|
|Loss of rental income|
Short-stay rental house/apartment
|Cover||Home and contents||Guest short stay cover|
|Explosion, landslide or subsidence|
|Theft or attempted theft|
|Accidental breakage of glass|
|Natural perils e.g. bushfires, storms etc|
|Collision or crash||The cost to repair or replace your vehicle up to the market value (max of $50,000)|
|Fire (not bushfire)|
|Vehicle pick and return|
|Liability||Damage to property up to $10,000,000|
How much does ShareCover home and car insurance 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.