Renting Your Home Requires
the Right Coverage
By: Edward L. Blais, JD, CIC
President, Blais Insurance
The short-term rental economy has
gained significant momentum over the last 10 years with the rise of companies
such as Airbnb, VRBO and Booking.com. However, it has
also been a rude awakening for many unsuspecting participants. If you or
someone you know is planning to jump into this side hustle, Blais Insurance
urges homeowners to make sure they have the proper coverage to do so.
Many homeowners may not realize
that their homeowners insurance policy does not cover the renting out of their
home. Under the business pursuits exclusion — a clause in every homeowners insurance
policy — homeowners are responsible for any property or liability claims that
might happen while they are renting out their home.
If you are using one of these
short-term rental platforms, Blais Insurance encourages policyholders not to
forget about getting the right coverage. While the right coverage will cost
more than a homeowner’s policy, it will still cost far less than uncovered
losses.
With a commitment to protect your
financial interests, Blais Insurance has been protecting families from
unexpected losses for more than 100 years. Call 401-725- 0070 to speak with one
of our insurance agents today, and to have the peace of mind you deserve.
