Think you may be a candidate for Airbnb? According to Richard Blair and his Wealth Solutions blog, you may want to review your homeowner’s insurance policy first. The blog post reveals a significant hindrance that many would-be hoteliers get blindsided by, like a lack of insurance liability coverage. Turns out, most of the well-known insurance companies do not cover short-term Airbnb rentals, and this fact is most assuredly listed in your liability coverage exclusions. Have you checked your homeowner policy conditions lately? It may be time to discuss your options with an insurance expert.
These conditions are applicable to the policy’s liability coverage, and it’s key if you need to make a claim. Yet, homeowners whom rent our their property under Airbnb guidelines typically must worry about certain perils like vandalism, theft, and accident coverage. What if you’re not covered. Those out-of-pocket expenses will probably become a hefty burden.
Another issue to consider is simply not informing your insurance company about your undercover hotelier venture.
Consider An Umbrella Policy
Wealth Solutions suggests getting umbrella coverage to provide important gap-filling conditions. An easy example of how this may work is when liability coverage does not include personal injury for a rental. In many cases, an umbrella policy will provide coverage.
Long Term Perspective
Start with some enthusiasm for building a nest egg, throw in some helpful tools and advice from a seasoned professional, and you’ve got yourself the recipe for Wealth Solutions, an all-inclusive financial planning firm. Brainchild of Richard Blair, the sentiment behind Wealth Solutions was to not only assist families in building their nest egg, but educating them in finance and investments.
“It’s not the end of the world if you’ve started late to save, of course the dilemma is time on your horizon is creeping up on you, so what you do next matters,” says Blair. Since 1993, this is where Richard Blair excels. After graduating college, Blair went directly into the finance industry, establishing Wealth Solutions just a year later. Today, he sets his sights on retirement planning, and even during turbulent times, Blair shows baby boomers how long-term commitment with Wealth Solutions pays off.