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Category: Insurance Tips

The ABCs of Airbnb: Prepping Your Home as a Short-Term Rental Space

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Research suggests revenue from short-term vacation rentals will surpass the hotel industry in 2020. In fact, Airbnb reports that on any given night, there are 2 million people staying at one of its properties. If you’re looking to make extra income listing your space with a hosting platform, keep in mind the following tips for preparing well:

A: Adjust Your Security Measures

If you’re not up for transporting items off property every time you have a renter, select a small bedroom to use for storage. When you’re stepping out so guests can step in, utilize this room–with door hardware that includes a lock and key–to keep pricey and personal items out of sight and out of mind. This may be where you relocate your computer, your laundry, photographs of family (should they want to remain anonymous), and important personal and business paperwork while renters are in your home. Also, consider investing in a Wi-Fi enabled doorbell camera, which will make short recordings of the space immediately outside your door as guests come and go from your property. If you’re willing, you can give your tenants access to the doorbell monitoring via their own smartphones. The added security feature will make your guests feel more secure. 

B: Be Hospitable

Walt Disney once said, “Do what you do so well that they want to see it again and bring their friends.” Set a tone that will welcome repeat visitors by keeping a binder in the living room with access codes, phone numbers, and restaurant recommendations. You can also include a friendly greeting from you as the property owner, directions to the nearest emergency room, your Wi-Fi password, and perhaps instructions on what to do with the trash before they head back home. Also, be flexible about what you leave in the pantry and fridge. Guests may not realize your Cheese-Itz and Lemon La Croix were not for their consumption. Instead of worrying about whether your snacks get touched while you’re away, consider buying bottled waters and treats you encourage your guests to enjoy while they’re on site.

C: Consider Whether You Are Properly Insured

It is unlikely your homeowner’s insurance offers you the protection you need when renting out your space on a short-term basis. Here’s why. In a perfect world, your homeowner’s insurance would step in and pay for your legal defense and settlement costs should an accident happen while a renter is in your home. And you may even find that your homeowner’s insurance allows for a one-night-a-year rental for a special event, like should you want to capitalize on your city hosting a major sporting event. However, if you’re renting your property regularly, it may seem to your insurer that you are operating a small business, which excludes you from the coverage you think you have. Landlord insurance may prove equally unhelpful, as that typically applies to long-term rentals alone. Your best coverage options for regularly renting out your home to short-term guests are threefold: You can contact your insurer about your plans and see if your current policy is enough. You can ask about an endorsement to add coverage to your existing policy. Or, you can purchase a business policy such as a bed and breakfast policy.

In addition to understanding your own insurance, look into what claims the hosting platform will cover. Some companies, like Homeaway and Airbnb, will provide you with $1 million coverage in liability insurance. But be sure to read the fine print. Some of these offerings are primary coverage, and some are not, meaning any other liability policy you already hold will also participate should a claim be filed against you. The policies may be intended for injuries a guest incurs while at your home or may also include compensation for damage a guest does to your personal property. Read your contract with the hosting platform carefully to make sure you understand what is included in the basic fee and what perhaps would come at an additional cost.

Is Employer-Provided Insurance Enough?

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You sit down with your new employer to discuss benefits, and they mention providing a low-cost or free life insurance policy. Great! You’re set, right? Don’t be so sure… Insurance provided through an employer group policy, especially life insurance, is likely not going to be sufficient for your needs and those of your dependents.

It Looks Good On Paper, But…

We’re human. If someone gives us something for free – or even cheaper than we expect – we jump at the chance to take it. This is completely understandable, but you shouldn’t let the “too good to be true” nature of employer-provided insurance blind you from seeing what you really might need coverage-wise. A life insurance plan provided through your employer likely amounts to only one or two times your salary. True, you may have the option to purchase additional coverage through your employer’s plan, but even this additional coverage might not be sufficient.

What Happens if You Leave Your Job?

If you find yourself in between jobs, and you have lost your employer-provided life insurance, your dependents will be left vulnerable in the unthinkable case of your death. Just like other workplace benefits, employer-provided insurance is not portable. You could leave your job for a number of reasons – health issues, termination, retirement, or simply wishing to move on. Even taking a leave of absence or switching to a part-time schedule could affect your eligibility for benefits. To protect against dangerous gaps in your insurance coverage, the smart thing to do is to purchase your own individual life insurance policy.

It’s Better to Act Now

Another factor to consider is your age and health status. If you are young and healthy, now is the best time to purchase life insurance in the individual market. Your premiums will likely be lower, and as you age your premiums may be higher, or it may be more difficult to qualify for coverage. Avoid potentially being declined in the future by securing the coverage you need now.

Determine What You Really Need

Opinions vary on how much life insurance the average person needs. Most experts recommend 10 times your salary. Some individuals may be able to get away with purchasing less, or even with sticking with or adding to their employer-provided coverage. That’s great! However, people with large numbers of dependents or significant debts will certainly need the most coverage they can afford. An independent insurance agent can assist you in determining how much life insurance you should have based on your own unique circumstances. Reach out today to get a quote from an agent with the experience to understand what you need.

What to Do If Your Car Is Stolen

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Remain Calm

If you believe your car has been stolen, your immediate response is likely to completely freak out. This is understandable, but there is a chance you could be mistaken. It is possible that your car was towed or even that your teenager took it without asking. Make a few calls to local towing companies to see if your car is with them. If you determine that your car was, in fact, stolen, you must still remain calm so you can follow the correct procedures.

Call the Police

This is your first step once you know your vehicle was taken. To report your car as stolen, you will need to provide facts that the police can use to identify your car. This information includes a detailed description of the vehicle including make, model and year, color, and any unique features such as bumper stickers or dents. You will also want to have your license plate number and vehicle identification number (VIN) on hand to provide to police. If you don’t know these off the top of your head, consider keeping a note of them in your wallet or cell phone. It’s especially important to contact police right off the bat, since many carriers will not honor a claim unless a police report is filed first.

Contact Your Insurance Agent

After filing a report with the police, it is time to file a claim with your insurance. Only a comprehensive auto insurance policy offers coverage in the case of theft, but even if you do not have this policy it is a good idea to notify your insurance agent about the incident. By notifying insurance, you may still be able protect yourself against any damage that occurs to persons or property while the vehicle is in possession of the thief or thieves. You will want to have at hand the same vehicle information you provided to the police, as well as items such as the title, a list of the location of all keys to the vehicle, a list of any personal property that was in the vehicle, the police report number, and contact information for your finance or leasing company. You provide the information, and your agent will take care of the rest.

Final Steps

After taking the initial steps to report the theft to police and involve your insurance agent, you will want to tie up any loose ends by notifying other parties that have an interest in your vehicle. Your agent will likely take care of this, but you can also place a call to your finance or leasing company. Report the theft to the DMV as well.

You should continue working with your insurance agent to see about rental vehicle coverage, but the only thing to do once all these steps have been completed is to wait. Your car may be recovered, but unfortunately there is a chance it may not be. Your agent will be there by your side throughout the process, whatever happens.

4 Insurance Tips for Renters 

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If the possessions in your apartment or rental house were damaged or stolen, could you afford to replace them? If you’re like many Americans, the answer is probably no. That’s where renters insurance comes into play. But what is renters insurance, and what do you need to know about it? 

Renters insurance protects the personal possessions you keep inside your apartment or rented home. It also covers your personal liability. It’s not an exact comparison, but you can think of it as homeowner’s insurance for people who rent. Here are four useful insurance tips for renters. 

Just Because It’s Not Required Doesn’t Mean You Don’t Need It 

Renters insurance may or may not be required by your landlord or apartment complex. If you’re renting a home or a room in a home, remember that your property and liability are not covered by your landlord’s homeowner’s insurance. Even if it isn’t required that you have renters insurance, you should always just get it anyway. The cost of renters insurance varies, but it is probably lower than you expect. 

Look for Replacement Cost vs. Cash Value 

The value of even your largest purchases (such as electronics) decreases over time. If your possessions are insured at cash value, that means the coverage will equal whatever the item is valued at right now. It may not be enough to purchase a new replacement in the event that the item is stolen or damaged. Instead of cash value, opt for replacement cost coverage. It will be a little more out of pocket, but it should ensure you can faithfully rebuild your home or apartment after a loss. 

Document, Document, Document!  

Carefully construct a list of all the property you want to be insured, especially the more valuable items. Take photos and videos of everything, including receipts, so you can prove that you own the items and that they are not already damaged. In the event you have to make a claim, you’ll have everything prepared to show to the insurer. When you clearly present the evidence, your insurer will likely have an easier time determining the claim as valid. 

Ask About the Limits of Personal Property Coverage 

Chances are you have auto insurance. But did you know that personal property inside your vehicle is not covered under your auto insurance if it is stolen or damaged? Renters insurance may or may not include coverage for personal property losses due to theft or damage to your vehicle. This is a very important feature that you need to make sure is included in your renters insurance. 

Renting is a great way to live, but the risks can differ from the risks of owning a home. Help manage these unique risks by following these insurance tips for renters!