AirBNB Tips from Wealth Solutions
One of the best ways that people are able to earn passive income today is by renting out their homes through AirBNB and other short-term rental applications. For those that live in prime areas, it can be very easy to find renters, which can greatly cut down on the costs of living. While it can be a great way to earn some extra income, those that due choose to rent out their homes are taking on some additional risk that needs to be considered. One area that needs to be carefully thought out is insurance coverage.
When renting out your home on AirBNB you should first make sure that these rentals are covered by your policy. Base insurance policies do not have provisions for insurance. If you would like to be able to rent out your home, be sure to contact your insurance provider to ensure that you have the appropriate level of property and liability coverage.
When getting a level of coverage, you should also consider the risks that potential cost that comes with the rental. For example, there are many horror stories of bad renters, which can lead to theft, property damage, and other legal risks. While AirBNB does offer some protection, it often is not nearly enough. Your insurance broker or agent should be able to work with you to determine what an appropriate level of coverage is for your property.
For more information about how to protect your property, and for other financial advice, it would be a good idea to contact Richard Blair with Wealth Solutions. Wealth Solutions is a Registered Investment Advisory firm that specializes in providing investment solutions to both individual and corporate investors. Some of the top services that they provide include tax planning, retirement planning, and investment management. Those that work with Wealth Solutions will find that they always have the ability to speak to one of the company’s professionals.
One of the leaders of Wealth Solutions is Richard Blair. Richard Blair is the founder of Wealth Solutions and has over 20 years in the financial services industry. After spending a few years with larger companies, Blair founded this company in 1994. He has a significant amount of education and licenses, which include his CES, RICP, and CFS licenses.