ERIE, Pa., July 24, 2018 /PRNewswire/ -- The concept of home sharing is becoming more and more popular. According to Airbnb, 85% of millennials support the idea of renting out space to visitors. Renting your entire house or even just one room, especially if there's a big event coming to your town, can be a good way to earn extra income, but it can also expose you to unexpected and potentially costly risks.
"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 Bob Buckel, vice president of Personal Lines Products at Erie Insurance.
Erie Insurance offers coverage for individuals who decide to rent out space in their home. Here are four questions your agent may ask if you plan to rent space in your home.
- Are you using a home -sharing network or renting your property on your own? 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.
- 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 Erie Insurance agent to learn more about home-sharing coverage or to get a homeowners insurance policy quote today.
Erie Insurance Group
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 9th largest homeowners insurer and 11th largest automobile insurer in the United States based on direct premiums written and the 16th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million policies in force and operates in 12 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company.
News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.
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