Insurance firm Allstate has launched a new add-on policy for its homeowner customers, becoming the first to offer dedicated protection for home-sharing hosts.
Illinois-based Allstate will roll out the HostAdvantage policy in Illinois, Arizona, Colorado, Michigan, Tennessee and Utah, with coverage beginning from August.
It will cost homeowners an extra $50 per year and cover damage to their personal property up to $10,000 per every rental period.
"This new level of protection is a continuation of Allstate’s innovative spirit when it comes to personalizing the customer experience and being a leader in our industry. We’re excited to be first-to-market with this unique coverage option that can help our customers be a part of the home-sharing economy," said Allstate’s SVP of Product Management Julie Parsons.
Allstate last year began offering insurance protection for Uber and Lyft drivers with its ‘Ride for Hire’ coverage.
"The ride-hailing economy continues to grow and our products evolve with our customers’ potential needs. We want to help ensure our customers can more confidently participate as TNC drivers," said Allstate product vice president Dave Border.
