Renting Out Your Home on Airbnb Is Great...Until It's Not

Who wants to make more money? Most of us would answer yes to this question. And there are so many opportunities to make money outside of a full time or part time desk job. How many consider insurance before jumping on any of these said opportunities? Most of us would admit the insurance thought hadn’t even crossed our minds. But it should.

Take Airbnb or VRBO, both are excellent vacation property rental opportunities. There is so much freedom in this option! Rent a room, rent the whole house, rent out your own home or your second home – whatever you choose you will make money. What do you have to lose? Well, for starters, everything.

While many of us don’t want to ask the what if questions, they are necessary and make the insurance world go round. What if my home gets damaged? What if someone gets hurt on my property? What if something gets stolen? Are you protected? Is your home protected?

“Customers jump at easy money, but there are expenses related to this venture and proper insurance is one of them. Check with your existing home insurance to see what type of coverage you have,” Trish Hedges of Hedges insurances urges. “Some insurance companies actually prohibit this sort of business.  If you can add the coverage to your existing policy, that’s the smartest way to go. You are liable. Not just for the damages to your home, but also for the safety of your renters.”

This insurance depends on the size of your home, your neighborhood, how often you plan to rent out your property, etc. Insurance companies tend to look more favorable on renting a second property that is rented out as a continuous business rather than renting your current home.

Start with calling Hedges insurance and asking basic questions. How do I get coverage? Based on what I want to do, what type of coverage to I need? The Hedges Insurance team is equipped to answer the questions based on your specific situation, saving you the headache of trying to wrap your head around the details. They will take the time to explain the ins & outs so you can begin to do what you wanted to do from the beginning. Make more money.

July 13, 2017 Blog Author: Robert Johns

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