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Home-Sharing Insurance Coverage
Are you you thinking about using your home home to to generate income? This trend con nues to to to grow In fact vaca on on home home rentals will increase 25% this year year as as compared to to 19% last year year What do you need to consider when home-sharing?
The biggest areas of misunderstanding when it comes to home-sharing protec on on are are the the commercial-use exclusion clause and and the the gaps in in in coverage Most insurance companies will deny claims related to home- sharing based on on the the commercial-use exclusion clause in in in the the homeowners’ policy Insurance Coverage
Considera ons:
• • Damage to a a a neighbor’s property • • • Property the the the including jewelry electronics and and other valuables • • • Iden ty ty ty the the the from stolen passports birth cer cates or or or laptops and and • • Liability for personal injury to to guests The industry must also be be proac ve in in in communica ng ng to owners the various regula ons and and laws being enacted by ci ci es es es and and municipali es es es related related to to home-sharing ac ac ac vi es es es es including those related related to to requiring insurance Indeed as these laws become common place more owners will need to to show proof of of damage and liability protec on on on if they want to to list their proper es on home-sharing pla orms If you you are considering home-sharing give us a a a a a a a a call to make sure you you have the proper coverage in in place