Many people think that renting part or their entire house through Airbnb is an easy way of making quick returns. Airbnb allows homeowners to make money in order to pay for their properties by hosting travelers for short periods.
This business has its challenges. The temporary renters can damage properties that may not have been covered by the insurance policy. This situation may leave the owners of these houses with financial and legal burdens. This business may end up costing more to the owner of the house by having to pay for expenses incurred by the travelers. Anyone wishing to rent his or her house through Airbnb or any other related organization should consider risks, protection and insurance coverage.
• Risks – By virtue of having tenants, the owner of the property becomes liable for any harm to the guests. In addition, the tenants may damage the house or neighbors’ property, steal different items or engage in illegal activities. In worst conditions, some tenants may refuse to pay their rent.
• Protection – In many instances, protection availed by Airbnb and various secondary coverage usually applies after one has exhausted his or her resources.
• Insurance Coverage – Most homeowner’s insurance policies rarely covers short-term rentals. This situation means that the homeowner is personally liable for the expenses accrued by the guests. This information was originally reported on Hackronym as explained in the following link http://hackronym.com/wealth-solutions-insurance-and-other-considerations-when-renting-on-airbnb/
About Richard Blair
Before engaging the services of companies such as Airbnb, it is advisable to speak with a wealth or professional investment manager. One such professional is Richard Dwayne Blair. He is the founder of Wealth Solutions. This corporation offers financial planning services and advises on funds. Richard has helped many individuals achieve their investment goals. He has worked in companies such as Worldwide Ventures, Crownbridge Wealth, Blair Insurance Group, Wealth Solutions and United Global Securities. Richard has vast experience in matters of insurance, integrated financial planning, estate tax, employee benefits and asset protection among many other areas.
Richard’s objective of founding Wealth Solutions was to make positive impact in the lives of business owners, families and individuals. With his experience in retirement planning, Richard has been helping his clients plan for their retirement in advance. He provides them with strategies for planning about their retirement income. The registered investment advisor (RIA) saw how teaching could enhance one’s confidence and knowledge. His wife, grandmother and mother were teachers. To this end, he pursues continues professional education. Currently, Richard is a Certified Annuity Specialist (CAS), Certified Tax Specialist (CTS), Certified Fund Specialist (CFS). He is also a Retirement Income Certified Professional (RICP), Certified Income Specialist (CIS) and Certified Estate and Trust Specialist (CES).