Homestay Insurance is a business policy. Since renting out your property on a short-term basis is typically considered a business transaction, you need business insurance. Many Homestay hosts have more questions than answers after they contact a local insurance agent. This is because most local agents do not specialize in niche insurance, or niche business insurance.
Commercial General Liability is Included in Homestay Insurance.
When a guest rents your property, they assume they are renting a safe place, not different than a hotel really. What if the cleaning crew did not properly clean the bath tub and soap scum was present? If a renter slipped and fell in the shower on that soap scum, the Homestay owner could ultimately be found liable. For this incident, you would want to have commercial general liability insurance. Accidents happen and Homestay insurance can protect you for up to $1,000,000. A standard homeowner’s insurance policy could rightfully deny any claim involved with Homestay.
Homestay Insurance Protects You from the Unforeseen
When renting out your home on Homestay, you’re essentially placing your trust in a complete and total stranger. While most rentals do go smoothly, the unfortunate truth is that problems do happen and if you’re in the rental business you’ll likely run into one eventually. The real question is, will you be prepared for it? Whether it’s accidental property damage or a lawsuit, these types of issues can set you back tens of thousands of dollars – even if you only rent out your property once or twice a year. Don’t take chances – sign up for Proper Insurance and protect your property and bank account today.
HomeStay Insurance May Be Legally Required in You State
If you’re renting out your property on HomeStay, then having adequate insurance for HomeStay is important. And it’s not only important – it might be a legal requirement. Over the last few years, new local and state regulations have been adopted that are beginning to require property owners to main commercial liability insurance if they rent out their home to guests. This is because rental situations are very much like running a hotel business. Make sure to check local law and get yourself insured!