Home-Sharing Nightmares: Are Airbnb and Other Hosts Protected by Homeowners’ Insurance?
You probably never thought about whether your homeowners' insurance would cover property damage or liability claims caused by a renter. Why would you do that? After all, most consumers aren't concerned with how an insurance policy will respond to an unknown future loss. Home-sharing platforms such as Airbnb and HomeAway have transformed many ordinary homeowners into part-time innkeepers. According to the Pew Research Center, 11% of American people have utilised home-sharing services. Airbnb alone claims to have more than 3 million listings worldwide. As a result, an increasing number of you will need to investigate whether claims involving renters are…