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AirBNB liabilities that you need to know about.
AirBNB and similar vacation rental portals have changed the game in real estate investment property. The benefits of renting your home or investment on AirBNB are many, and trend conscious property owners are jumping into the market head first. As one of the first brokers to create and popularize short term furnished accommodations on Providence’s East Side, I of course love this trend, and my own personal travels have centered on adorable home-away-from-home finds worldwide. But knowing the risks and common pitfalls that arise within this industry is a must for those who endeavor to be successful at it.
“If you vet your prospective guests correctly and manage expectations you will have a positive experience,” Heatheran Kristopher, SRCI International Consultant, explains. Things get riskier when an incoming guest has never tried AirBNB housing before and they don’t know what to expect from the process. She stresses that “giving those guests attention upfront is a must to ensure that they have a pleasant experience.”
Check your Homeowners and Liabilty Insurance.
Before renting out property homeowners need to check in with their insurance agent. “The insurance industry has not caught up with the latest trends in technology and real estate,” James Steele of S&T Insurance ... more
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