Originally published by Kevin Pollack.
Airbnd, and other similar "home-sharing" services, are becoming a popular way to make money by renting out your home or condo to short-term paying guests while you are away.
But before you agree to let any paying guest stay in your home, you should give some serious thought to the risks associated with these types of situations (for example, if a renter damages your property or if someone gets hurt during the stay) and look into whether the insurance coverage you have will provide protection for these risks.
Although most homeowners policies differ from insurer to insurer and from state to state, almost all homeowners policies exclude coverage for homeowners who are running a "business" in their homes. Thus, if a homeowner earns money by renting the premises to short-term paying guests, an insurer could deny coverage for a claim arising from injury or damage while an Airbnb user is renting your home or condo.
"Homeowners" coverage is not for…
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Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.
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