Short-term rentals provide a useful way for homeowners to make some money if they have rooms that aren’t being used. Short-term rentals are enticing, especially in cities such as Miami, but many considerations need to be evaluated before taking the plunge. There is a possible problem of the insurance policy, for instance.
Did you scrutinize your insurance policy? When you intend on renting out your house, approval from your insurance provider may be necessary. This can entail the purchase of an endorsement or rider, depending on the terms outlined in the policy, which could result in having to shell out more money. There is also a lingering possibility of having to obtain a commercial insurance policy.
It is also worth mentioning that whilst websites such as Airbnb provide some protections and reimbursement in case of something going awry, general wear and tear on the property or some artwork that may have some degree of value may not be covered. Therefore, if you’re thinking about renting your house, it’s crucial to do your homework and know the right precautions to take to prevent any surprises.
This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with a Miami insurance claims lawyer 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.