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Insurance for an Airbnb Host

May 3, 2018

The Sharing Economy is booming and so is the need for insurance as an Airbnb host! With a smartphone in hand, people everywhere can UBER, get a LIFT, and book a place to stay online through an Airbnb app. Thanks to advancements in information technology, mobile technology and social media these opportunities are taking the idea of Collaborative Consumption (CC) to a whole new level. In this booming Sharing Economy you can not only get services, but you can also “share” your resources with others. In this article we will focus on home sharing.

It is important to understand that when you start to share your home with paying guests, you are also starting a Business. Having your own business comes with its own set of risks and rewards. As an insurance agency, Erb and Young is here to make sure you are aware of and protected from the risks and therefore, you will be able to enjoy the rewards without the worry.

Are you considering opening your home as an Airbnb Host?

Keep in mind that sharing your car or home to a paying guest is considered a business venture. It is important to contact your Erb and Young Insurance Agent before you start renting out your home to earn some extra money. We will make sure that you have the most cost-effective coverage that is specially designed to help protect your home and belongings as a home-sharing host.

Insurance for an Airbnb Host ~ Get the Right Coverage Before You Start Renting Out Your Home

As a good host and business person, it’s always a good idea to consider the potential insurance implications. So, your first step should be to check in with your Erb and Young insurance agent to better understand whether your current homeowners insurance policy covers home sharing.  We do not want you to be in a situation that leaves you financially vulnerable. What if your renter accidentally damages your property, spills wine on your white carpet, starts a fire or is hurt while renting your home? Will you be protected?

With those risks in mind, your next step should be to take photographs and a video of your home and belongings as you make a home inventory list. Make sure to describe each item you record: make detailed record of where you bought it, the make and model, the cost and any other detail that might help in the event you need to make a claim. Then if somethings happens, this documentation will help you get your insurance claim settled faster, and it will verify losses for your income tax return. Discussing this list with your Insurance agent will also assist your agent to obtain the right insurance coverage for your home and belongings.

Please, contact your Erb and Young Insurance agent for exceptional service, rates and a FREE professional consultation. We focus on the relationship, not the transaction. Since we’re independent agents, our allegiance lies with YOU, not the insurance companies. Let us help you to avoid overpaying for a policy that is not providing the right coverage for you.

We Are Here to Make Sure You Get The Right Insurance That Fits Your Needs and Budget!

*Insurance Information Institute

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