Renting out your house on Airbnb is an easy way to make money right? As a homeowner, you can easily make the money you require to settle the payment for your property by either renting it out partly or entirely to travelers for a while. Well, according to Wealth Solutions, a financial advisory company it is not all that easy as there a number of unexpected problems that may arise. Some recent incidents show that these travelers can end up causing more harm than your homeowner’s insurance can cover. These problems end up leaving you the homeowner with an unanticipated legal and financial burden. For you to avoid this predicament, here are some issues to consider before putting up your property for rent through Airbnb or other such organizations. http://hackronym.com/wealth-solutions-insurance-and-other-considerations-when-renting-on-airbnb/
Accepting tenancy exposes you as the homeowner to many liabilities that you may be unprepared for. These include liability for;
• Any injury that may occur to the visitors
• Any damage that may occur to you or your neighbor’s property
• Any illegal activity and lawsuit that may follow as a result
A homeowner’s insurance policy does not cover short-term rentals. This means that personally, you are liable for all the expenses incurred by your visitors.
Airbnb and other organizations of its kind can only offer a secondary coverage on your property. This means that the insurance can only take effect once your resources are exhausted.
A critical look at the above issues will help you determine whether you will entertain these temporary visitors. I recommend you to consult an insurance professional or investment manager. Wealth Solutions can give you advice tailored to meet your personal wealth needs and help you review your options.
Wealth Solutions are specialists in financial advisory and financial planning. They also offer information on wealth and more to individuals with high net worth.
About Richard Blair
Richard Blair is the founder of Wealth Solutions. He is an expert in various fields including estate tax and planning, integrated financial planning, insurance, asset protection, employee benefits, securities just to name but a few. Blair and his company manage over $ 55 million in assets.
Among his many qualifications, Mr. Blair is a registered and Certified Estate and Trust Specialist, an Annuity Specialist, a Funds specialist, an Investment Advisor and a Retirement Income Professional. His prowess in this field has allowed him to influence various major companies including United Global Securities, Blair Insurance Group LLC, Crownbridge Wealth LLC, and Worldwide Ventures Group LLC.
Learn more about Richard Blair: