ERIE, Pa., July 24, 2018 /PRNewswire/ -- The concept of
home sharing is becoming more and more popular. According to
Airbnb, 85% of millennials support the idea of renting out space to
visitors. Renting your entire house or even just one room,
especially if there's a big event coming to your town, can be a
good way to earn extra income, but it can also expose you to
unexpected and potentially costly risks.
"In this sharing economy, more people are renting out their
homes or portions of their homes, and we want to make sure they're
protected. If you decide to rent your home for extra income you
need to have the right insurance coverage," says Bob Buckel, vice president of Personal Lines
Products at Erie Insurance.
Erie Insurance offers coverage for individuals who decide to
rent out space in their home. Here are four questions your agent
may ask if you plan to rent space in your home.
- Are you using a home -sharing network or renting your
property on your own? When you rent your home through a
home-sharing network it may change the use of your home from
"residential only" to "rental income" property. Homeowners should
notify their insurance company to ensure they're properly
covered.
- How often do you plan to rent to visitors? Even though
the rentals may not be frequent, when you place an ad on a
home-sharing network offering your whole home, or a room in it, it
could have an impact on your policy.
- How much income do you plan to make from rentals? Based
on this amount your agent may be able to recommend additional
coverage options.
- Do you want to add a home-sharing endorsement to your
policy? A home-sharing endorsement can be added onto a
customer's existing Erie Insurance homeowners policy. The policy
adds additional liability protection for the homeowner should
something happen to a renter or their belongings while staying in
your home. The home can be rented for up to 180 consecutive days
and still be covered using a home-sharing endorsement.
As the popularity of home sharing continues to grow, it's
important to remember there is not a one-size-fits-all policy.
Contact a local Erie Insurance agent to learn more about
home-sharing coverage or to get a homeowners insurance policy quote
today.
Erie Insurance Group
According to A.M. Best Company, Erie Insurance Group,
based in Erie, Pennsylvania,
is the 9th largest homeowners insurer and
11th largest automobile insurer in the United
States based on direct premiums written and the
16th 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.
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SOURCE Erie Insurance