There are numerous types of home sharing or innkeeper business, which goes way back in time. Today, guests can register online to connect with registered hosts, taking the traditional bed-and-breakfast concept into the future. Such peer-to-peer agencies are Airbnb and HomeAway. They offer a wide range of accommodations, like offering a bed to a guest to renting the house for a week.
Homeowners Insurance for You
Home sharing is a for-profit business, and it strays away from the personal risks intended by the premium of your homeowners policy. Your policy limits or excludes coverage for accommodations such as these. Insurers will ultimately exclude coverage for home sharing and instead, offer a non-compulsory coverage buy-back.
Limitations and Exclusions of Your Homeowners Policy
conditions of the renter’s occupancy
Coverages from Home-Sharing Agencies
Most home sharing can provide you with coverage. Airbnb provides one million dollars coverage for the host and another million for your home. It is a primary coverage, but you may want to make sure to review what is included and excluded to that coverage.
How to Acquire Your Own Coverage for Home Sharing
You can obtain your own coverage by endorsing your homeowners policy, but it depends on the extent of your business operation. Otherwise, you need: