Let’s take a look at the growing trend of putting your house up for rent on platforms like Airbnb.
Tempted by the idea of easy money, many homeowners fail to consider the insurance implications of renting their homes to strangers.
Homeowners policies typically allow you to file claims for losses that occur to the structure of your home or its contents.
These policies also include liability cover in case you or members of your household cause damage to other persons or their property.
But remember, not all insurance policies are created the same way and many exclusions may apply when you rent out your property as a business.
Before deciding to rent out your house, be sure you have an insurance policy designed to take on the risks.
Please note: Airbnb offer a ‘Host Guarantee’ but this is not insurance and must not be considered a replacement for Homeowner Insurance.