Do You Participate in Home-Sharing?

Do You Home-Share?

Know potential risks before renting out your home.

Home-sharing is when homeowners or renters use a home-sharing website such as

HomeAway, FlipKey or Airbnb to rent out their homes in exchange for income.

The popularity of home-sharing is increasing, but many are unaware of the potential risks involved with renting out their home.

Know Your Risk 

Renting a home for income is considered a commercial endeavor typically not covered by homeowners’ insurance.  Once a business exposure is created, the homeowners’ or renter’s carrier has the right to refuse coverage for a related claim or even to suspend coverage.

The potential liability could be extensive. Home-sharers should consider some of the possibilities: there could be a fire, guests could cause catastrophic damage, a guest could injure themselves or die while staying at the property. Anyone choosing to rent out their home through a home-sharing service must make sure they are properly covered.

What are the Coverage Options?

For clients regularly renting their homes, the National Association of Insurance Commissioners recommends purchasing a landlord policy to cover the home, structures on the property, property contents, legal fees and liability. However, a landlord policy can be expensive and is intended for those renting their property full time.

Insurance carriers have recently crafted coverage solutions, in the form of endorsements that can be added onto existing homeowners’ coverage.

If you are currently home-sharing or considering renting your home, please contact your Personal Lines Account Manager.

Through our trusted carrier relationships we will ensure you’re properly covered. Don’t put one of your most valuable assets at risk, contact us today. 

 

 

More from the Latest News

Why Buy Insurance Through a Local Massachusetts Insurance Agent Like McSweeney & Ricci?

img-description

Just like how you can taste the difference when you buy produce from your local farm stand as opposed to getting it at the grocery store, some things are just better when they’re local. That stands true for insurance as well! (Granted we may be a bit biased.)  While you can go online and “in […]

McSweeney & Ricci Annual Summer Outing Office Hours

img-description

Pleased by advised that both McSweeney & Ricci offices will close at noon on Thursday, June 29th to allow our staff to enjoy our annual summer outing. In case of emergency, please call our main phone number at (781) 848-8600 or (844) 501-1359 and our answering service will contact us to assist you. We will re-open for normal business hours […]

Dog Bite Insurance in Massachusetts

img-description

People love their pets. Especially dogs. The dog is America’s favorite pet. Living within U.S. households are approximately 85 million dogs, which means 45% of homes have at least one dog. (1) Wise Voter.com reports that in Massachusetts, 29% of households have at least one dog. (2) Dogs are also the favorite pet of McSweeney […]