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Insurance and Airbnb: Renting a Vacation Spot

By September 25, 2018April 1st, 2019No Comments

Do you have Delaware Renters Insurance? Once you’ve decided to rent a vacation spot, that should be your first concern as you prepare for your trip. Homesharing through services like Airbnb has grown in popularity over the recent years, and many would-be vacationers don’t know that Renters Insurance isn’t just for your apartment: it will also be a valuable thing to have if you decide to rent a vacation spot.

When renting through Airbnb, it is helpful to review your host’s insurance policy, what insurance home-sharing services are  included, and liabilities they face as a host. Our last blog covered what you need to know about insurance as an Airbnb host, and now here’s what you should know as a renter.

What is Covered

Renters insurance policies generally cover damages caused by temporary guests to a rental unit and will protect the renter if a legal guest files a lawsuit against them. Depending on how often a home is temporarily leased, it might even cover damages you may cause to personal property.

It may be beneficial to review the terms of the agreement with your host. Some leases explicitly state that renters are not permitted to temporarily lease their rental unit to others. The money a renter might be able to make temporarily leasing their home is probably not worth the risk of breaking the terms of a lease and a potential eviction.

It is up to the homeowner to be aware of local laws regarding home sharing, even if most are loosely enforced.

Home-Sharing Endorsements

There is an optional endorsement that some homeowners will be able to purchase and bolster their coverage with.

Renters insurance might cover a policyholder’s personal property damaged by a guest, but only if the renter hosts short-term guests occasionally. Those hosting guests at a frequency considered to be commercial activity would not cover a personal property claim. Speak with your host to see where they stand.  For your own protection, be sure to have Delaware Renters Insurance.

Bypass the Mess

No matter how careful you might be or how foolproof a rental property is made, accidents can happen. But there are things you can do and be aware of to help prevent things from going south.

Check that the room or home you are looking to rent has properly working security and safety devices, such as smoke and carbon monoxide detectors. These devices are not required for a host to be eligible for a home-share service, but they are strongly recommended as a means to protect guests. Your host should also leave explicit instructions for you to follow in the event of an emergency, with the location of a fire extinguisher, emergency phone numbers, and exit routes.

You do have to acknowledge the risks that come along with staying on other’s property. This is where renters insurance comes in; to offer you coverage where you’re unprotected.

About IFS Insurance

At IFS Insurance, we specialize in protecting homeowners and renters throughout Delaware, New Jersey, Pennsylvania, and Maryland. Our quality solutions and commitment to excellence has allowed us to serve these states for over 50 years. For more information about our products, we invite you to contact us today at (800) 598-0420.