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Airbnb will cover up to $1 million in damage to homes

The company says its new policy is not insurance for home owners, but it still provides protection.

After the story of a ransacked home surfaced last year, accommodations marketplace Airbnb has decided to offer hosts security with promises of more money.

Airbnb committed to covering up to $1 million in damage resulting from a booking, up from its $50,000 "Host Guarantee," the company announced today.

It said the host guarantee, backed by Lloyd's of London, is not insurance, and it doesn't cover cash and securities, collectibles, rare artwork, jewelry, pets and personal liability. The company called the move "an unmatched level of protection in the industry."

When asked for comment, Airbnb referred CNET to its blog post. We'll update this story when we get more information. Airbnb revamped its policies last year in response to the vandalism.

Update, 2:04 p.m. PT A spokesman for Airbnb said the Host Guarantee applies to any damage on the vast majority of "real property," which includes your yard and your actual house.