For a homeowner, renting on Airbnb requires several considerations in addition to insurance. Renting a house on Airbnb provides an easy mode of making money. In addition, it makes it possible to get the cash to pay for the property. Though, current incidents have shown that hosting travelers temporarily can lead to problems. These problems arise unexpectedly.
Short time renters can injure themselves or destroy the property. Noteworthy, that is not covered by homeowner insurance. They can also damage nearby properties. Therefore, the homeowner is left with extra costs they did not expect. In some incidents, homeowners spend more in repairs and paying for treating the injuries than what they made accommodating the travelers.
For this reason, risks are a major issue that needs to be considered. Before accepting travelers into a home, a property owner has to understand that he/she will be liable for the actions of the guests. That includes injury to the guests, damage to property, illegal activities, and law suits. In addition, the tenants can refuse to pay for the services received in some incidents.
The second issue to consider is protection. Airbnb provides secondary coverage and it only comes when a property owner has finished the available funds. Additionally, many insurance policies do not cater for short term rentals. Therefore, a homeowner is responsible for the expenses related to the paid guests.
When homeowners take into account the three concerns, they have a better understanding and can be able to decide whether to rent or not. However, it is best for homeowners to seek the opinion of a qualified professional like an investment manager or an insurance expert. He has served in the securities field for 22 years. Blair is the owner of Wealth Solutions that has operational headquarters in Austin, Texas.
About Richard Blair
Richard Blair is a certified income specialist and the owner of Wealth Solutions Inc. He has over 22 years experience working in the financial services field. Additionally, Richard is a certified tax specialist, retirement income certified professional, and a certified annuity specialist. He is also a certified fund specialist and a certified estate and trust specialist. Richard Blair established his company with the objective of making a change to the lives individuals, businesses, families, and businesses. He works with small business owners, individuals, as well as families in his locality. Blair holds a Bachelor of finance degree from the University of Texas.