The page continually uses the term "hosts", and emphasizes that you are covered up to $1,000,000 so should relax. It does also say that the guarantee is not insurance or a replacement for "homeowners or renters insurance". But to me that phrasing strongly implies that the AirBnB Host Guarantee covers both the kinds of hosts who might also have homeowners insurance, and the kinds of hosts who might also have renters insurance— just that it is not to be properly considered insurance in either case. Wording the page this way, and then excluding paying for damages to rented property in the legalese leads to results not in keeping with the expectation I got from this summary.