Airbnb just announced it’s upping its host guarantee system from $50,000 to $1 million. The home-tel business, a cornerstone of the new Sharing Economy, has partnered with prestigious insurance firm Lloyd’s of London to offer hosts increased protection against potential property damages caused by guests. It’s a cushy upgrade from Airbnb’s original $50,000 host guarantee, which the company installed in response to last year’s PR fiasco, in which a San Francisco host reported her guests had vandalized her home. But don’t get too excited: You can’t just cash in on a few rogue Solo cups. Claimants are subject to an online documentation process and potential inspection.
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