Many people find it easy and quick renting their entire house or part if it on Airnb and therefore they consider it as a simple way to make good cash. By hosting visitors in your house, you are able to raise cash required to settle payments for your property. However, it has been noted recently that there are some unexpected incidents associated with hosting travelers. These problems include property damage by the temporary renters. Unfortunately, these types of damages are rarely included in homeowner’s insurance covers and so as the owner of the property it is your responsibility to cover for the damages brought about by your renters. This therefore leaves many amateur hoteliers with financial and legal issues not anticipated for. However, considering the following factors can be of great help before renting your property.

Factors to Consider When Renting on Airbnb

There are various factors to be considered when hosting travelers on your property. However,here are three major issues that need to be considered at all times to avoid big losses. These factors include insurance coverage, risks and protection. Since many homeowner insurance polices do not cover short term rentals, it is important to look for a better way to cover all the damages made by temporary renter because you are personally liable and responsible. Additionally you should consider the type of risks associated with hosting travelers in your property. These risks include theft, lawsuits depending on their actions and damage of neighbor’s property among others. Protection provided by Airbnb is of secondary coverage and it is offered only if you completely exhaust your resources.

Before making a final decision on whether or not to host the short-term guests, it is important to consult with a professional such as Richard Blair to get proper advice on the way forward. Richard Blair, who is the founder of Wealth Solutions, is a qualified and professional investment manager with wide experience in issues related to wealth.

About Richard Blair

Through Wealth Solutions, Richard Blair provides financial planning services, advisor services and information on funds for high net worth clients. Through his involvement in different firms such as Worldwide Ventures Gp LLC and United Global Securities, Blair has assisted many people hit and attain their investment goals. His major areas of specialization include planning and estate tax, asset protection, employee benefits, insurance and integrated financial planning among others. Under his management, Blair holds over $55 million in assets and this is a clear indication of his wide experience and capacity.

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