What is home sharing insurance?

What is home sharing insurance in Australia, also called Airbnb insurance or short-term rental insurance, is insurance covering building $500K to $1M, contents $30K to $80K and public liability $10M to $20M for hosts renting property on Airbnb, Stayz and other platforms $100 to $300 per night, costing $1,500 to $3,000 per year versus standard home insurance $1,500 to $2,500, with standard home insurance often excluding short-term rental and requiring home sharing extension $200 to $500 extra. Home sharing insurance covers building $500K to $1M structure walls, roof, floors and permanent fixtures against fire $500K rebuild, storm $10K to $50K, theft $5K to $20K by guests and vandalism $2K to $10K, contents $30K to $80K including furniture $10K, electronics $10K and linen $2K against theft and damage by guests $5K to $20K, plus $10M to $20M public liability if guest injured $100K to $500K claim, plus loss of rental income $10K to $50K if property uninhabitable due to insured event, for Airbnb $100 to $300 per night rental. For example, Airbnb house $500K building plus $30K contents rented $200 per night $70K per year income, standard home insurance $1,500 to $2,500 may exclude short-term rental and deny claim $20K theft by guest if not disclosed, home sharing insurance $2,000 to $3,000 per year with Airbnb extension $300 extra covers theft by guest $20K minus excess $500 = $19,500, plus liability $20M if guest slips $50K. Insurers offering home sharing include NRMA, Allianz, ShareCover and GuardCover $1,500 to $3,000 per year. So home sharing insurance is building $500K to $1M, contents $30K to $80K and liability $10M to $20M for Airbnb hosts $100 to $300 per night, costing $1,500 to $3,000 per year versus standard $1,500 to $2,500, with standard excluding short-term rental requiring extension $200 to $500 extra, covering theft and damage by guests $5K to $20K and liability $10M to $20M.