What is Home-Sharing?
As we begin our shift into the summer months, most of us have our vacation destinations in mind. For some, we’re prepping our homes to become the vacation destination of the summer. This is commonly referred to as; home-sharing. Home-sharing has become quite popular over the last couple of years. Through platforms such as; Airbnb and Vrbo, homeowners are able to rent out their properties as if they were a vacation property. Home-sharing is a fantastic way for homeowners to make better use of their extra space while earning an additional income. Home-sharing allows travelers to enjoy a unique travel experience in a more welcoming and homely environment.
How To Protect Your Personal Property
When deciding whether or not you wish to take part in home-sharing, it’s always a great idea to familiarize yourself with the appropriate terms and coverages. When working through Airbnb and Vrbo, you are automatically enrolled in their insurance plan. While this is a great way to be protected, it’s also a good idea to talk with your agent. The current plans offered by these companies will only cover so much. For example, Airbnb will offer up to $1 million in liability coverage. Liability coverage, however, does not cover your personal belongings or any damages done to your property.
The Difference Between Home-Sharing and Long-Term Rentals
When purchasing a home or property– homeowners make the decision as to whether or not this will be their primary residency. If choosing to make a home their residential address then they would sign on with a homeowner’s policy to protect their property. When choosing to rent out this property whether short-term, home-sharing, or long-term then the owners would enroll in a dwelling fire or landlord protection policy.
Home-Sharing is a great way to earn extra income. Just like with any new changes to policies- we always recommend reaching out to an agent. If you are considering home-sharing give our office a call to speak with one of our licensed agents. We are here for you and to answer any questions you may have.