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Will my homeowner’s insurance cover my home if I rent it out via AirBNB?

Homeowners insurance is purchased to protect you against various types of financial loss. Damage to your home and movable property, as well as liability payments, can be devastating if you do not have home insurance. This type of insurance is designed to protect you and your personal property. Depending on how detailed your policy is, it may end up covering your items. If you choose to use your home as a rental or Airbnb property, you may need to consider purchasing additional coverage. Here is a look at the types of insurance you may need when renting your home.

Home delivery

There are many different home insurance policies that cover your home if you choose to rent it out for short periods or if you rent it out once for a limited number of days. It depends on the level of insurance you are buying. You get less coverage with a basic insurance than if you bought a more comprehensive insurance. If you have basic coverage, you may need to purchase a specific recommendation exclusively for short-term rentals. Renting your home once for just a few days may be allowed, even under a basic policy.

Rental properties

Every time you rent all or part of your home regularly, you generate income as a business. If so, your home insurance will no longer provide you with adequate coverage. In this situation, you need to examine a business policy that allows you to protect your investment. As an Airbnb property, most rentals will be for short periods. If you choose to rent your home for longer than three or four months, you will most likely need to purchase a landlord policy. This type of insurance covers all structures on the property, including the home.

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If you rent someone’s home, you must have your own rental policy in place. If you choose to sublet a room (or the entire property), you must have your landlord’s permission and approval from the company that has signed your tenant’s policy. The person you sublet to must in turn have its own tenant policy. In most cases, your tenant’s policy only covers your personal items.

When looking for ways to make some extra money, renting your home may be at the top of your list. If you are considering this as an alternative, you will want to discuss your options with our insurance experts at Abbate Insurance Associates, Inc. We can determine if your existing insurance will take care of your property or if you will need to purchase additional insurance. It is important to know the facts before renting out your home. These types of mistakes can be extremely costly, and it is up to you to protect yourself and your home.

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