Renting out your home during the eclipse? You'll need special insurance, experts say

AVON LAKE, Ohio (WJW) - The total solar eclipse is now just 39 days away, and some local homeowners are trying to cash in on "eclipse mania."

Avon Lake is in the path of totality for the eclipse on April 8, and as a result, there's high demand for places to stay in the lakefront city, ranging from hotels to Airbnb rentals.

Mike Rogers owns six Airbnbs in Avon Lake and all of them are booked for the week of the eclipse. He says demand for accommodations is so high, that homeowners are now offering rooms and even yards for rent. He says that comes with a certain amount of risk.

"You have the possibility of somebody damaging your house or getting hurt in your house and all of the sudden, there's a lawsuit that you may no longer have coverage for," said Rogers.

Adam Noll, who is an All State agent in Avon Lake, says every insurance carrier has different standards and that's why homeowners need to speak with their agent before deciding if they want to rent space for the eclipse.

"Number one thing is, are you going to be still in the house while they're there? That's an important thing to know. The other is, how long are they going to be there," said Noll. "From an insurance perspective, if you do not know who's going into your house, you have to be prepared for the fact that when you come back, your house will never be the same because they've done something that you didn't know about."

Noll says a homeowner's policy will generally cover damage to the house, but if your visitors damage or destroy your belongings, it could be a different story.

"Let's say your coverage only covered $10,000 in personal property, so that's all your stuff in it. If somebody came in and did $100,000 worth of damage to your personal property, then you are on the hook for the $90,000 difference," he said.

In some cases, homeowners who would like to rent out space to eclipse visitors will need to add an extra level of protection on their policy and pay the price that comes with the add-on, known as an insurance rider or endorsement.

Noll says if a guest is injured on your property, your exposure will depend on how much liability coverage is built into your policy.

"If somebody sued you for $250,000 and you only had $100,000 in coverage, you may have to pay the $150,000 difference," he said.

While some residents in Avon Lake are already asking for up to $500 a night to rent a room, Rogers says they need to consider all that comes with having complete strangers in their home.

"If you're going to get $1,500, $2,000 over three or four days, if it's actually really worth changing your insurance for it, taking the risk and the responsibility and having those potential liabilities," he said.

According to Noll, homeowners should speak with their insurance agent and find out what is covered in their policy and if renting out space makes sense.