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Tropical HouseAs millions of Americans hit the road for their summer vacations, they’ll be looking for places to stay. The explosive growth of web/app-based home-sharing services like Airbnb has grabbed the attention of homeowners everywhere, so if you’re considering opening your home to travelers for a fee this summer, consider your home insurance policy.

A home insurance policy might not cover damage caused to your home by renters.

Some home insurance policies don’t cover any liability claim filed against you while the home is being rented. For example, if your renter throws a party and one of the guests slips on your tile floor, is injured and files a claim against you, you might not have coverage for legal representation or settlement dollars.

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Some home insurance policies will not cover theft of, or damage caused to, your personal property, such as electronics, furniture, tools, jewelry, artwork or sporting equipment.

These are just a few of the exposures created when you temporarily rent a portion of your home, or rent your home in its entirety, to travelers. For information regarding any insurance provided by the home-sharing service, contact that service directly.

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SOURCE - Mines Press - COPYRIGHT ©2018. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is understood that the publishers are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert advice is required, the services of a competent professional should be sought. 2/18.
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