you're mistaking the insurance with risk swap contracts, options, CDS and the likes. The insurance is when you own the interest in the property subject to the risk you're insuring against and the limit of the insurance payment is generally the amount of the actual market value/damage/replacement cost to your interest in the property. Thus it is illegal to double(triple...) insure in order to receive double(triple...) insurance payment. I.e. owning a 100K house you can't get 10 insurances and receive 1M when your house is burnt. You also can't get an insurance for your neighbor's house.
What you can, if you find a dealer, is to buy a risk swap contract that will pay you the contracted amount in the case of some house burnt or some earthquake happens or some bonds go south. This isn't an insurance in the sense of regulated insurance business. In stocks it is called options, in mortgage bonds it is CDS.
"you're mistaking the insurance with risk swap contracts, options"
No I'm not. btw i trade options & risk swaps for a living, so I had a good laugh reading your mini tutorial on "this is called option, that is called CDS" :)
Anyways, there's lots of holes in your explanation. For one, you say it is illegal to double-insure. Not true. It is illegal to double-dip, not double-insure. So you can get health insurance for yourself from your employer & simultaneously be covered by your spouse's employer - this is quite routine and legal, though frowned upon. What is illegal is to bill both the providers for your expenses. Another eg. you double-insure expensive realty, so if one insurance provider goes out of business, you don't have CP risk. But if there's damages to your house, you can recover losses from only one provider, not both.
As an aside, much of this is enforceable because insurance is such a heavily regulated industry, so you have centralized databases & its easy to check if you are double-insured, double-dipping & other edge cases. With HTBRAI, assuming such a thing ever comes into existence, you'd need a framework for all that regulation to fit in, which is what I'm skeptical about. airbnb is a fine service and they have a sound business model & a solid future - these insurance wrinkles will hopefully be ironed out in due course.
What you can, if you find a dealer, is to buy a risk swap contract that will pay you the contracted amount in the case of some house burnt or some earthquake happens or some bonds go south. This isn't an insurance in the sense of regulated insurance business. In stocks it is called options, in mortgage bonds it is CDS.