A fast-growing aspect of the sharing economy is home sharing, an arrangement in which you can rent a room or a whole residence for a short-term stay. Many people use this service as an alternative to hotels when they are traveling.
There can be insurance implications for both the customer and the provider in these arrangements. Will homeowners insurance cover damage by guests? Who pays if someone is injured during a stay?
There are many more things to consider than just the rate you might pay for a night’s lodging. Below are some information resources for those who would like to learn more.
- Peer to Peer Home Rental (III)
This link takes you to a discussion on the III website of things to consider in peer to peer rentals of your home.
- Navigating Home Share Rentals (NAIC)
This link takes you to the National Association of Insurance Commissioners (NAIC) website for a Q and A for both guests and hosts related to home sharing rentals.