The sharing economy is currently worth about $26 billion and grows bigger each day. Even with regulations meant to curb short-term home rentals (like New York City’s latest regulations), homestay companies like Airbnb and Home Away continue to grow.
If you rent part of all of your home or property on a sharing site like Airbnb, we really can’t stress the importance of proper insurance protection (and it’s not just because insurance is in our blood). If you own your own home and rent out the whole thing (or even just a room) and a guest becomes seriously injured, you could lose your home and any other savings or assets if you don’t have proper insurance coverage. If you don’t have either commercial homeowners insurance or extra insurance like the products Airbnb and HomeAway offer, you are taking financial responsibility for any damage your guest causes and any damage or injury that happens to them while you’re hosting them.
When it comes to your home, you really can’t be too careful, and unfortunately misconceptions and confusion abound in the world of insuring short-term home rentals. We’ll break it down.
1. When are short-term rentals covered by your personal homeowners insurance policy?
If you own a home or rent, homeowners or renters insurance is important to cover both your personal property and belongings (both when you’re at home and when you’re traveling) and to protect you from the consequences of litigation in the event that someone is seriously injured or dies on your property.
See full story at www.thezebra.com