Homeowners Insurance and Renting Out Your Home Through Airbnb
As a homeowner, you may be tempted by the new trend hitting the country called Airbnb. This unique service, known as peer to peer home sharing, allows you to bring in extra cash by renting out your home, couch, or guest house to travelers. However, before getting too excited, it is important to realize that peer to peer home sharing leaves you vulnerable to unique insurance threats. Before renting out your home to travels, be sure to consider these facts and give your homeowners insurance agent a call.
Homeowners Insurance Coverage For Airbnb?
Most insurance companies will actually allow you to partake in peer to peer sharing if it is just for one single occasion. However, they will expect proper notification in advance before extending any coverage to you and your renter. Other insurance companies may actually require you to purchase an endorsement to your homeowners insurance policy in order to receive coverage.
Commercial Insurance Coverage For Airbnb
If you plan to partake in Airbnb on a regular basis, you are now considered a landlord. This means that your renters insurance and homeowners insurance will not provide you with any protection due to the commercial risks associated with peer to peer home sharing. Therefore, you will need to purchase a business insurance policy that covers home sharing liability. A bed and breakfast insurance policy will likely suffice for proper protection.
Serving Chino Hills, Seal Beach, Long Beach, Los Angeles, and the rest of California, contact Fuller Insurance for all of your homeowners insurance needs. Before making some extra cash using Airbnb or any other peer to peer home sharing, it is important that you give us a call to ensure that our policy extends coverage.