The rapid growth of home sharing services such as Airbnb and HomeAway has been a great thing for vacationers and property owners alike. But if you’re listing a property on these services, or if you’re considering doing so, it’s important to know about gaps that may exist in your insurance.
Relying solely on your regular homeowners/renters policy while hosting guests through a home sharing service can be problematic. That’s because participating in home sharing is considered a “commercial” activity that’s not covered by a typical homeowners policy. Even if you have robust insurance, some companies have rescinded or even refused to renew coverage because of the change in property status from residential to commercial.
That’s why it’s important to review local ordinances as well as your existing insurance. Doing so can help ensure you’re not taken by surprise if/when a guest damages your property. If you’re currently sharing your home online or you’re thinking about it, give us a call today. We’ll be glad to sit down
with you and identify any gaps in your coverage and show you the
best way to resolve them.