When you rent out your property to a traveler or student, it can be a very positive experience. But what would happen if a guest accidentally damaged your property and you had to file an insurance claim? Most insurance companies consider being a host on Homestay a business transaction. You are allowing a traveler or family to rent your property in exchange for money. It’s business activity. This is where a host would need a specialty insurance policy. Not only does Homestay host insurance cover damage caused by a renter, but it entirely replaces the current coverage you have.
Giving Yourself Peace of Mind
The single biggest exposure a Homestay host has is liability insurance exposure. What is a traveler or guest was injured while staying at your property? What if their health insurance company claimed you liable for their injuries? For this, you would need commercial general liability insurance, or business insurance. A standard homeowner’s policy carries personal liability that excludes business activity. This is another example of why it’s so imperative you carry insurance that covers Homestay hosts.
Host Coverage for Homestay Might Be Legally Required
Depending on what state you reside it, it may be a legal requirement to maintain adequate property and liability insurance coverage when using services like Homestay. And it’s not just a legal requirement. It’s a smart move that helps protect you and your home from unforeseen problems that could cost you a lot of money. Stay covered with Proper Insurance – sign up for your plan today.