In these modern times, Airbnb offers house owners the opportunity to rent their houses to travelers. In return, the homeowners get to earn some extra cash. However, recent incidences have shown that unexpected problems may arise when hosting travelers in your house. For instance, the travelers are causing damages to the properties within the renter’s house, damage that the insurance company refuses to cover. In the long run, the owner is left with a huge financial burden.
Therefore, before renting out your house on Airbnb, there are issues that you should consider. These issues consist of risks, insurance coverage as well as protection. Since time immemorial, risks arise whenever you take guests into your house. For instance, the homeowner is responsible for the damages or injuries that the tenants encounter. Also, if they damage the neighbor’s property, the homeowner is responsible for this damages. Other risks that come handy with having tenants is that the homeowner is responsible if the tenants are involved in illegal activities such as theft. In the end, the tenants may refuse to pay for the services offered.
Concerning the insurance coverage, an issue arises whenever you have tenants in your house. Many short term rentals are not taken care of by many insurance policies. This means that the homeowner is responsible for the guests’ well-being. Finally, Airbnb only offers secondary coverage. This means that the company will help you when you have used your resources completely.
After carefully analyzing the above three issues, you can go ahead and decide if you still want to have guests in your house. In this case, you can speak with competent insurance professionals as well as investment managers. A good example of such professional is Richard Blair of Wealth Solutions Inc. He can help you look into your options and advise you based on your situation. Bryan is the sole owner of Wealth Solutions, a company based in Austin Texas. Richard Blair has over 22 years of experience dealing with securities.
Blair’s company specializes in financial planning as well as advisor services. The company also offers information on funds. Blair has expertise in areas such as integrated financial planning as well as estate tax and planning. He also has experience in asset protection as well as employee benefits and finally on insurance. Blair has assets over $55 million under his care and management. Blair is a registered and qualified estate and trust specialist. Richard Blair is a qualified investment advisor and finally a qualified retirement income professional.