How Does Insurance Work for Home Sharing?
Home Sharing? Learn How to Protect Your Home the Right Way
When you decide to start home sharing, the first thing you should do is make sure you eliminate vulnerabilities by finding out if your current insurance coverage is right for you, in this situation.
What is Home Sharing?
Home sharing is a way in which you rent your home through an app like Airbnb or a website. This way you become a host. It’s not the same as having a hotel or B&B since your property won’t be regulated or licensed like a hotel or actual B&B would be.
This has become a popular practice these days, as people look for ways to bring in extra income. However, you do want to make sure your home is protected. Renting your home out for short periods of time to various people comes with a risk. Someone could damage something or worst case scenario, your home could be vandalized, and the best way to come out on top when things like this happen is for your home to have proper coverage.
How Do I Protect My Home?
Homeowners insurance policies are not what you need in this type of situation, as they don’t cover accidents that happen from short-term rentals. If you were to rent your home for a single time, your policy may help cover anything that happens then, but if you plan on renting it out multiple times, things change a bit. Your insurance agent might recommend purchasing a landlord insurance, or even a business insurance policy, because once there are people paying to stay there, your home basically turns into a business. Changing your policy will give you ease of mind, as it is how you can make sure the structure and property inside are protected, in case of damage or liability claims.
At AAI Central Agency, our team is prepared to help you with all your insurance questions. Come to us and let’s talk about home sharing or any insurance topic you have in mind. We’ll help you find exactly what you need.
Happy home sharing!