ERIE, Pa., July 10, 2018 /PRNewswire/ -- An estimated
7.7 million U.S. adults participated in the lodging sharing economy
in 2014 and that number is forecast to rise to 19.3 million by
2020, according to market and consumer data provider Statista.
Because traditional homeowners insurance may not cover risks posed
by home sharing, Erie Insurance has introduced new coverage to
protect its customers.
Customers can purchase additional protection that would apply if
something were to happen to a renter or their belongings while
renting all or part of the home.
"For many people, their home is their most valuable asset. Our
job is to help them protect it," said Bob
Buckel, vice president and product manager at Erie
Insurance. "We're constantly evolving our products to meet our
customers' changing needs, and our new home sharing coverage is
just the latest example of that."
Buckel says while some peer-to-peer home sharing sites offer
liability coverage for hosts and landlords, other sites may require
the homeowner to provide their own coverage. Examples of losses
covered include a renter who is injured by slipping on a wet floor
or falling down a flight of stairs, or a burst pipe that causes
water damage to a renter's personal property like expensive
electronic equipment or camera.
Coverage would be provided up to the liability limit for certain
coverages on the homeowners policy, which typically ranges from
$100,000 to $1
million. The average cost to add the home sharing coverage
is $40 to $60 per year. Because coverage, limits and costs
can vary, customers should check with their agent for details.
Erie Insurance now offers home sharing insurance in
Illinois, Indiana, Kentucky, Maryland, New
York, Ohio, Pennsylvania, Tennessee, West
Virginia, Wisconsin and
Washington, D.C.
Erie Insurance recommends that anyone considering renting out
their home or a portion of their home consult with their insurance
agent to ensure they have adequate protection.
About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in
Erie, Pennsylvania, is the 10th
largest homeowners insurer and 12th largest automobile insurer in
the United States based on direct
premiums written and the 15th largest property/casualty insurer in
the United States based on total
lines net premium written. The Group, rated A+ (Superior) by A.M.
Best Company, has more than 5 million policies in force and
operates in 12 states and the District of
Columbia. Erie Insurance Group is a FORTUNE 500 company.
News releases and more information about Erie Insurance Group
are available at www.erieinsurance.com.
Tweetable Highlights:
- Thinking of sharing your home through Airbnb, VRBO or another
site? @erie_insurance wants you to know this first:
https://ctt.ec/e9a01
- Do you need special insurance if you're renting out your home
on a regular basis? @erie_insurance says yes. Here's why:
https://ctt.ec/c886Z
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SOURCE Erie Insurance