One way homeowners with extra bedrooms or a guesthouse can make extra money is by renting using popular services like Airbnb. Short term rentals certainly have their appeal, especially in cities like Miami but several factors need to be taken into account. For example, there is the potential issue of insurance coverage.
Have you examined your insurance policy? You may need to get permission from your insurance company if you plan on renting out your property. Depending on the insurer, this may require obtaining an endorsement or rider which mean having to pay extra. There is also the possibility of having to purchase commercial insurance.
It’s also worth nothing that while services like Airbnb offer protection and reimbursement to a certain degree, it won’t cover things like general wear and tear of property or any artwork you have that may be considered valuable, for example. Hence, it’s important to do your research and know the best steps to take to avoid any surprises if you’re thinking about renting your home.
This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with an insurance settlement attorney Miami and receive a free consultation. We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.