If sharing is caring, the world has gotten a whole more caring lately. People are sharing rides with Uber and their homes with Airbnb. While this is a great way to make some money on the side, it does raise some questions about liability and insurance policies.
If you rent out your home with Airbnb or another home-sharing service are your covered if your guests set the house on fire? What if they break your TV or slip on a step and snap their ankle?
The answer- it depends.
Different policies cover different claims, and the frequency you rent your home out might affect your coverage too. The best thing to do is call your agent before you hand the keys over. Most home insurance policies will cover you for things like fire and structural damage, if your guests are a bit accident prone.
Some insurance policies require an advance notice before you rent out your home, for the policy to be valid. Other policies will not cover you if own a home for the exclusive purpose of renting it out on home-sharing sites. The insurer might require you to buy a renter’s insurance policy for this situation.
Airbnb offers host protection insurance that protects homes from gaps in typical insurance policies like a renter getting injured while staying at your house. Allstate recently announced they are now offering a policy for home-sharers that covers personal items such as TVs and other electronics.
Before you start renting your home out on the weekends, call your Tulsa home insurance agent to see what you are and are not covered for. Then, if necessary, you can purchase additional home insurance to fill the gaps.