Whether it’s a bachelor party, vacation, work trip or other big occasion, home share has become a great opportunity from both a renter and lender perspective.
The marketplace for renting out houses or apartments to others has been an attractive option for many. Renting out your property and space is an added source of income and each person’s situation is different. Will you be out of town for a short period and want to extra income to pay your rent while you’re gone? Home share offers you a way to do so.
Home share insurance is designed for people who are renting their property on a short-term basis through an online platform to different individuals throughout the year. A standard home policy does not cover you if you are looking to earn extra income through this avenue.
In order to qualify for home share insurance, your home or property must be listed on an approved home-sharing platform.
Among the coverages included in a home share insurance policy are:
- Liability arising out of the short-term rental
- Loss or damage to buildings and personal property
- Intentional acts, criminal acts or failure to act by a guest
- Loss or damage to a guest’s property up to $1,500
- Fair rental value (loss of rental income)
Coverage options vary depending on how long you are looking to rent your home, and we can work with you to determine what coverage options are available to ensure you have peace of mind.
There are also many elements outside of a home share policy that renters can explore to make sure the process runs smoothly when welcoming guests. This includes a safety inspection of the house to address any risks before they happen and avoid safety hazards, as well as screening of all guests attending, setting clear rules and establishing occupancy limits.
We will sit down with you to make sure you have the adequate coverage in place during any home share experience.