Airbnb Makes Good, Will Now Cover Up To $1M In Property Damages
As people become increasingly comfortable using web platforms to swap homes, cars, and everything in between (spouses?), some have said that the collaborative consumption movement has the potential to be as profound as the industrial revolution. But, before that can happen, marketplaces and platforms that deal in collaborative consumption need to recognize the importance of ensuring consumer protection (and insuring related property), a lesson Airbnb learned the hard way last year. After multiple users’ homes were trashed last summer (and a slew of bad press followed), Airbnb apologized and offered a $50,000 guarantee against damages to hosts. The startup dropped the ball the first time around, but today it’s proving that it has learned its lesson, making good on its promises to protect users by announcing that it will now cover up to $1 million in property damages for every host.