Legislation requiring registration for short-term rentals in Pennsylvania recently moved forward after House representatives approved of the bill. The law, which was passed heavily in favor of, requires property owners who use Airbnb, FlipKey, and other rentals to register with the state and disclose their identity. Officials say the primary purpose of the law is to ensure taxes are being paid. Opponents of the law claim it is too [...]
When you set out to insure your short term vacation rental, you have a few options. You can insure the property as with a standard homeowners policy (which is probably what you currently have), a Landlord policy (built for long-term rentals), or a commercial business policy (like a coffee shop or yoga studio would carry). Let's dive in and take a look at how these different types of policies [...]
Broomfield, Colorado will join many cities in attempting to regulate the burgeoning short-term rental market. Ideas have been that have been proposed include licensure, occupancy restrictions, and primary residence clauses. Short-term rentals can be a great way to earn extra income from properties that one may already own, however these are business ventures and should be treated as such. Businesses are required to obtain permits and licenses. Often, they [...]
Firstly, verify your insurance policy has adequate liability coverage for the risk you are undertaking. If you operate a short term vacation rental, and you live in a city or county that has requirements for vacation rentals- ensure you are compliant with local regulations. These regulations generally require you to carry 500k of liability coverage, however some communities require up to 1 million dollars’ worth of liability coverage. Generally [...]
Twenty years ago, dissemination of information required a 56k dial-up tone, now it’s done by simply uttering ‘Hey Siri’. These leaps in technology have certainly changed our lives, and have also impacted how we interact with our home as well. Passive assistant-listening devices such as the Amazon Echo, Google Home, and Apple Homebot can play music, order products, and answer questions- effectively transforming your house into a smart home. [...]
Vacation rentals tend to draw ire from media outlets for the very real challenges they present to communities. Housing availability, pricing, and ordinance violation are common objections to the growing presence of short term vacation rentals, and for good reason. However, simply banning Airbnb’s and VRBO’s in an attempt to mitigate their impact is akin to plugging a dam with bubblegum, a short term solution that does not address [...]
We’ve all been there. You’ve read the reviews, poured over the pictures, and picked out your perfect Airbnb or Vrbo from a long list of potential vacation rentals only to arrive at your destination and find your short-term-rented slice of paradise or cozy cabin is in need of a little of TLC. The bathroom needs work, the kitchen is straight out of a 1960 Sears-and-Roebuck catalog, and that you’re [...]
Life’s always a little better when you don’t have things to worry about. That’s why we’re loathe to say that if you’re a vacation rental owner who does not have the right kind of coverage, you should be worried. One of the biggest risks a property owner has is liability. And if you’re relying on homeowner’s insurance for your Airbnb or FlipKey property, then you’re likely not covered! What [...]
When it comes to home-sharing insurance, there are a few important things to keep in mind. For starters, homeowner’s insurance does not cover any form of property rentals. This comes as a complete surprise to homeowners – and often after it’s already too late. For example, did you know that if your primary insurer discovers you used your home on a property rental service like Airbnb or Flipkey, they’ll [...]
Airbnb property owners who plan to refinance their mortgage can now rejoice – hosts who use certain lenders through Fannie Mae will have the option of including their Airbnb income on the loan application. These new changes were developed by the lenders to help property owners who plan on refinancing. While refinancing can help hosts meet their financial goals, it’s also important to ensure your home is adequately protected [...]
