When Owners List on HomeAway®, it’s Essential to Have Comprehensive Insurance Covering the Building, Contents, Business Income, and Liability
Listing your home on HomeAway allows owners the ability to share the beauty and serenity that their home offers. People from all over the world can come and stay at the property for just a few days, or even a couple of months. However, during their stay, any number of things could happen. That is why it is incredibly important that owners using HomeAway have insurance that specifically covers their short-term rentals. An Insurance policy that not only covers the owner’s liability, but the building, contents, and business income as well.
The Dangers of Not Having Short-Term Commercial Insurance for Property Owners
If you do not have insurance when you list on HomeAway, then you could wind up with some very large bills from uncovered damages down the line. For example, if one of your guests was injured while on your property, it likely isn’t going to be covered under the coverage of a homeowner’s insurance policy as short-term renting is considered a business transaction. Only a business policy will cover that. Plus, with the statute of limitations being different all around the world, you may get sued years from now for that injury, leaving you open to having to pay out even if you no longer own the property. It just isn’t worth the risk of renting your property out without the right insurance coverage.