While Boise does not currently regulate Short Term Rental properties, the city is considering adopting regulations going into 2020. Comments from the community are now closed while city officials review the proposed ordinance. (Click here to discover other cities adopting Short Term Rental regulations.)
“The regulation proposes four restrictions on short terming housing:
- Require all new short term rental units to be approved by the city through an application process
- Require owners of short term rental units to live on-site
- Restrict the number of short term rentals to one unit per taxable residential property
- Require short term rental properties to comply with the city’s development code standards, including but not limited to parking, setbacks and open space
As of right now, there is no timeline for this ordinance.”
Boise believes it is seeing a decrease in available housing as more and more properties are swept up into the Short Term Rental market. There is also tension among the community whether the influx of transient rentals is hurting the city or helping it to grow as more guests means more activity and growth for local businesses.
While Boise residents await news regarding these regulations, there are other considerations to regard:
Hosts Should Ask, Am I Insured?
With the explosion of the Short Term Rental market, hosts need to consider how their properties are insured. With regulations multiplying, cities will also benefit from requiring hosts to purchase appropriate insurance for their homes. The insurance process will automatically cut back on unprofessional hosts and maintain the best of the best on the market.
The next question for the city is what type of insurance should be required? A traditional homeowner’s policy is perfect for normal home activities but will not provide coverage for business activity, i.e. Short Term Rental activity.
Hosts need a commercial package policy. (Click here for a 5 minute online quote.) A commercial general liability policy is good for owners and good for the City. It creates a barrier to entry which eliminates non-professionals and it comes with stricter insurance carrier underwriting requirements. Insurance underwriters will essentially be vetting the properties on behalf of the City.
Other hospitality entities including bed and breakfasts and hotels carry commercial general liability. Short Term Rental properties should be no different.
Call Proper Insurance today to discuss a commercial general liability policy that is perfect for your business – (888) 631-6680.