To supplement their income homeowners are subletting their rooms,condos,and houses to strangers or out of town guests and tenants on a short term basis by using the internet search engines such as Airbnb and Urbo. However,it is mandatory and crucial to become familiar with all the aspects involved and associated with this endeavor, and the unavoidable risks that play a role as well because unfortunately potential candidates come with unexpected and inevitable hazards.
As a homeowner you should thoroughly analyze your homeowner’s insurance policy, because you may not have a written clause that insures your domain against any culpability regarding your house guests should anything occur such as,injury to your guest, theft by your guest, damage to the premises, etc.
If you neglect to notify your insurance carrier of your intent to rent or sublease your space through any search engine you may encounter a policy cancellation in the unforeseen situation of having to process a claim.
To safeguard yourself and have peace of mind and avoid possible unpredicted consequences, you have to consider options that are available to you such as enhancing your current policy,adding a provision that satisfies short term rental/lease contracts, or initiate a business liability policy.
The last recourse is to have your potential house guest obtain a certificate of insurance which states that they are insured under a rental or homeowner policy.
A reliable and sensible suggestion is to contact a reputable insurance broker who will evaluate your status and provide you with pertinent facts and favorable resolutions.
After graduating from college in 1993 Richard Blair stepped into the realm of the financial securities industry, and in 1994 he established his own independent company Wealth Solutions, Inc.
Richard Blair is the proprietor and executive of Wealth Solutions, Inc. situated in Austin, Texas. His experience of 24 years has been financial planning advisor, and his other certificates of attributes include being a Registered Investment Advisor, Certified Annuity Specialist, Certified Estate and Trust Specialist and Retirement Income Certified Professional.
Wealth Solutions, Inc. was created with the focus on implementing a profound and definitive distinction in the lives of individuals, families and small business owners,offering non partisan and impartial advice.
Through the years Richard Blair has polished his expertise in retirement planning, and specializes in benefiting his clientele to pursue their endeavors of a prosperous stable retirement, by providing them with proven plans of action and how to avert prevalent setbacks.