Are you ready to start “sharing” your home? Four things your insurance company will ask
"In this sharing economy, more people are renting out their homes or portions of their homes, and we want to make sure they're protected. If you decide to rent your home for extra income you need to have the right insurance coverage," says
- Are you using a home -sharing network or renting your property on your own?Ā When you rent your home through a home-sharing network it may change the use of your home from "residential only" to "rental income" property. Homeowners should notify their insurance company to ensure they're properly covered.Ā
- How often do you plan to rent to visitors? Even though the rentals may not be frequent, when you place an ad on a home-sharing network offering your whole home, or a room in it, it could have an impact on your policy.
- How much income do you plan to make from rentals? Based on this amount your agent may be able to recommend additional coverage options.
- Do you want to add a home-sharing endorsement to your policy? A home-sharing endorsement can be added onto a customer's existing
Erie Insurance homeowners policy. The policy adds additional liability protection for the homeowner should something happen to a renter or their belongings while staying in your home. The home can be rented for up to 180 consecutive days and still be covered using a home-sharing endorsement.
As the popularity of home sharing continues to grow, it's important to remember there is not a one-size-fits-all policy. Contact a local
According toĀ A.M. Best Company,Ā Erie Insurance Group, based inĀ Erie,
News releases and more information aboutĀ Erie Insurance GroupĀ are available atĀ www.erieinsurance.com.
Ā
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