Similar to ridesharing, home-sharing is growing at a tremendous rate. With websites like Airbnb, more and more individuals are participating in property sharing. For those who feel comfortable with renting out their home while they are away, it is a quick, and easy way for travelers to access inexpensive and informal places to stay; however, as the sharing industry grows, so do risks for homeowners and travelers.
Trust between two stranger parties is one of the biggest risks when it comes to home-sharing but insurance coverage can play a vital role in protecting each party. Some risks include:
- Property damage
- Lost or stolen property and even identity theft
- Building code safety
- Lack of fire or carbon monoxide detectors
Personal injury incidents in shared homes can lead to lawsuits that affect both parties and damage the home-sharing company’s reputation in the marketplace. Luckily, insurance can help protect both parties. To learn more about the best coverage for your home-sharing needs, visit AssuredPartners Personal Insurance.