{"id":893,"date":"2020-02-04T08:51:00","date_gmt":"2020-02-04T16:51:00","guid":{"rendered":"https:\/\/www.insureone.com\/knowledge-center\/?p=893"},"modified":"2020-02-04T09:06:32","modified_gmt":"2020-02-04T17:06:32","slug":"home-sharing-insurance","status":"publish","type":"post","link":"https:\/\/www.insureone.com\/knowledge-center\/uncategorized\/home-sharing-insurance\/","title":{"rendered":"How Does Home-sharing Insurance Work?"},"content":{"rendered":"\n

We\u2019ve all heard about the different types of insurance policies \u2014 homeowners <\/a>or mortgage, renters<\/a>, auto<\/a>, and so on. Although home-sharing insurance is another common option, some people don\u2019t know what it is or how it works.<\/p>\n\n\n\n

What Is Home-sharing Insurance?<\/strong><\/h2>\n\n\n\n

In simple terms, this insurance provides different protection when renting out a property you own to other people. For that reason, you might hear it called Airbnb insurance. If you and your family live in a primary residence, but you also run a home-hosting service, there\u2019s a good chance your provider will offer homeowner\u2019s insurance with an Airbnb clause.<\/p>\n\n\n\n

Keep in mind that home-sharing insurance isn\u2019t the same as renter\u2019s insurance. In that case, the tenants of the property will be responsible for purchasing and paying for a policy that covers their personal belongings. As for the structure, that would fall under your mortgage insurance policy.<\/p>\n\n\n\n

Even if you and your family use the shared property from time to time, if you rent it out to other people, you need an Airbnb insurance policy. One important note: Typically, if something\u2019s damaged or stolen by a family member, your homeowner\u2019s policy would cover it. However, if you rent to complete strangers, you want additional peace of mind provided by an Airbnb insurance policy.<\/p>\n\n\n\n

How Does a Home-sharing Policy Work?<\/strong><\/h2>\n\n\n\n

Before you decide to take out a policy for home-sharing, talk to your insurance provider to see if your standard homeowner\u2019s plan already includes this type of coverage. Sometimes it does, but that\u2019s not an automatic guarantee. If not, you\u2019ll need Airbnb insurance.<\/p>\n\n\n\n

Just as you would with any insurance, for a home-sharing policy, you would simply purchase one from your current insurance company. If they don\u2019t offer this coverage, you can go to a provider that does. Your agent will help you determine the amount of protection needed based on the property value, its contents, and your preference.<\/p>\n\n\n\n

If you need to file a claim against your Airbnb insurance policy, an adjuster will assess the damage or the renter\u2019s statement about sustaining a personal injury. Your best bet is to file a police report right away. You\u2019ll also want to gather as much information and documentation as you can about the incident to share with your insurance agent.<\/p>\n\n\n\n

If it\u2019s determined that your guest stole or damaged something or that person sustained an injury, the policy will kick in. If not, the provider would deny the claim. For theft and damage, you may need to take legal action against the responsible party to recoup your loss.<\/p>\n\n\n\n

Remember, before you decide to take out a policy for home-sharing, talk to your insurance provider first. Most importantly, discuss liability since that\u2019s a big portion of what home-sharing insurance is all about.<\/p>\n\n\n\n

\"towels<\/figure>\n\n\n\n

The Growing Need for Airbnb Insurance<\/strong><\/h2>\n\n\n\n

Today, an increasing number of people are getting involved with home-sharing. After all, it\u2019s a great way to earn a lucrative income and have a place to enjoy whenever you want. When it comes to Airbnb host tips, along with providing guests with a nice place to stay, including all the amenities of home and excellent customer service, you must have the proper insurance protection.<\/p>\n\n\n\n

As stated on Airbnb\u2019s website, around 7 million listings<\/a> currently exist around the globe. Here\u2019s the deal. Let\u2019s say you rent to guests as part of your home-sharing service. Someone decides to steal the television from the property. Because most insurance providers consider that individual as a \u201cboarder, tenant, or renter,\u201d your standard homeowner\u2019s policy wouldn\u2019t cover the loss.<\/p>\n\n\n\n

Now, you may have some recourse through your mortgage insurance, but more than likely, there\u2019s a cap. Therefore, to protect the property, meaning damage or theft, as well as a personal injury claim against yourself, home-sharing insurance is imperative.<\/p>\n\n\n\n

Choose a Reputable Insurance Provider<\/strong><\/h2>\n\n\n\n

Among the best Airbnb host tips, a home-sharing policy has some exclusions. A couple of examples include asbestos, pollution, defamation of character or slander, intentional acts, and even bed bugs.<\/p>\n\n\n\n

Confused about the process? At Insure One we can help you navigate the insurance maze and find the best coverage for your needs. Get a free homeowners insurance quote online<\/a> or by calling us at 800-836-2240<\/a>.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019ve all heard about the different types of insurance policies \u2014 homeowners or mortgage, renters, auto, and so on. Although home-sharing insurance is another common option, some people don\u2019t know what it is or how it works. What Is Home-sharing Insurance? In simple terms, this insurance provides different protection when renting out a property you […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[50,49,1],"tags":[],"class_list":["post-893","post","type-post","status-publish","format-standard","hentry","category-homeowners","category-tips-for-homeowners","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/893"}],"collection":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/comments?post=893"}],"version-history":[{"count":7,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/893\/revisions"}],"predecessor-version":[{"id":903,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/893\/revisions\/903"}],"wp:attachment":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/media?parent=893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/categories?post=893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/tags?post=893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}