We live in an age of productivity and do-it-yourself attitudes, so it is no wonder that more property owners are finding new ways to make the most of their investments. While websites and apps like Airbnb and VRBO are widely used today, people have been renting out and subletting their living spaces since humans first conceived of property. If you are considering renting out your property on a short-term basis, ask yourself the following questions and bring any concerns to ARC Insurance Brokers!
“Am I protected under my current policy?”
If you own a property, you almost definitely protect it with a suitable insurance policy. The breadth of your coverage may vary, but always go over the finer points with your broker if you plan to allow short-term rental. Coverage could be limited and some policies might not cover any issues caused by renters.
“Not all renters are considerate, am I prepared for the worst?”
There are no shortage of horror stories, owners have been burned before by trusting their properties to strangers. Always screen your tenants by keeping communication clear and concise-- meet them if possible! When using a service like Airbnb or VRBO, review the company’s screening process and always check user reviews or ratings.
“Have I read and, more importantly, do I understand the rental agreement?”
Many of us sign off on agreements without reading them, as long as they look legitimate and are presented to us by a seemingly trustworthy party. Rental services and third-parties rely on your loyalty and trust, but they do not always have the property owner’s best interests in mind. Make sure you read all the fine print before you rent! Do not make assumptions, bring any questions you have to a trusted insurance broker.
The three questions above are only a selection of the concerns you should address if you are considering Airbnb, VRBO or another form of short-term rental. Do you need the perfect policy for your property? Contact or visit ARC Insurance Brokers today!