Renting Your Property on AirBnb

Renting Your Property on AirBnb

If you are trying to earn a little extra money for the New Year, the answer may be in your spare room! AirBnb can be a great way to utilize an empty home, or room, and generate some much needed income. AirBnb is an online marketplace that connects people who have a room for rent, with travelers who need a place to stay for vacation. Just ensure you have the proper insurance!

 

Most standard homeowners insurance policies don’t include short-term rentals and will NOT cover them. If you’re renting out your home on a regular basis to generate income, insurance companies generally view that as business activity. This will require you to purchase business

What if something happens to your property while it is being rented? While AirBnb does offer up to $1

million of its own coverage per rental, it may not cover everything. Plus making a claim can be complicated! With an increased number of states now regulating rentals, most property owners are now legally required to maintain business liability insurance if they rent out their home on a short-term basis.

Don’t rely on your homeowners insurance policy. Many homeowners make this mistake and regret it! Homeowners insurance is designed to cover you from property damage and liability based off of a specific set of circumstances. When you rent your home on a frequent, or non-frequent, basis the risk for property damage and liability issues increase significantly!

Don’t make the same mistakes as other homeowners! Spencer Insurance Agency can help advise you on what business insurance would be best for you. Contact us at (215) 885-2200 or on our website 

to speak with one of our licensed professionals.

Sources:

https://www.investopedia.com/articles/insurance/120816/does-your-homeowners-insurance-cover-airbnb.asp

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