Rental Property Insurance

Home sharing has become an integral component of many travel plans and alternative revenue streams. Through platforms like Airbnb and Vrbo, many homeowners have chosen to rent out their properties to guests. However, while this can be an appealing way to generate additional income, it can also include significant risk levels. With this in mind, understanding and maintaining appropriate insurance for home sharing should be a top priority.

What Is Insurance for Home Sharing?

Also known as short-term rental insurance, insurance for home sharing coverage can establish a robust and versatile financial safeguard for those welcoming guests to their properties. These policies are often essential despite sometimes being overlooked, as standard homeowners insurance should typically not be relied on to provide coverage for dwellings that are rented out.

While this type of coverage can often be customized to suit your needs, budget and risk tolerance, insurance for home sharing can typically include the following protections:

• 1. Guest liability coverage—This may insulate you from financial repercussions should one of your guests be injured while staying at your home or damage another party’s property.

• 2. Property coverage—This part of insurance for home sharing may help you recoup losses should a guest damage your home or its contents during their stay.
• 3. Theft and burglary coverage—Your insurance may also help you recover financial losses should a guest or intruder steal something from your home.

Is Insurance for Home Sharing Important?

Entrusting other parties, especially strangers, with occupying your home exposes you and your financial interests to a multitude of risks. Accidents and other incidents may be inevitable despite how meticulous you may be in maintaining your home or ensuring your guests have an optimal experience. Furthermore, given that you may not be physically present to address any issues, even minor issues could become exacerbated and lead to significant losses. With this in mind, adequate insurance should be a top priority for anyone renting out their home.

How Much Does Insurance for Home Sharing Cost?

When determining your insurance for home sharing cost, carriers may consider several factors, including the following:

• Type of residence (e.g., house or condo)
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• Location
• Number of days rented out per year
• Value of insured personal property (e.g., furniture and electronics)
• Prior claims
• Deductibles
• Coverage limits

We’re Here to Help

At St. Andrews Insurance Agency, we have a history of service dating back over 50 years. We will apply our knowledge and experience to help you secure ideal coverage for your rental home. Contact us today to learn more or to get an insurance for home sharing quote.