As a result of a recent enquiry, we have been advised by our insurance company, that our buildings insurance policy does not cover what they class to be short-term or holiday lets (stated as less than 6 months). This would include property sharing sites such as Airbnb.
The reason given is that with a constant change in persons at a location the risk for damage is greatly increased and as such they do not provide cover.
We ask that all shareholders ensure they do not let out their properties under these terms due to the risk of invalidating insurance and that any properties advertised on sites such as Airbnb should be removed at once.
We are currently seeking legal advice to clarify use of such lets in terms of the Lease that governs all the properties in the development. This also does not permit properties to be used for commercial reasons.
Shareholders should ensure that any tenants are also not using such sites to let out a single room or rooms and make sure that any agent acting on their behalf is also aware of this.