Many people have been renting their houses on Airbnb with the objective of making quick money. Airbnb simplifies the process of enabling homeowners to rent out their houses and receive cash. In as much as such houses may generate short-term revenue, there are many problems associated with renting houses. In case the tenants destroy properties, it may be a herculean task for the homeowner to be indemnified, especially when the homeowner’s insurance does not cover such damage.
Before renting out properties to Airbnb, it is imperative to take note of risks, insurance covers and protection. When a house has tenants, there is the liability for injuries to the guests. These guests may also engage in theft or damage neighbors’ property. In extreme circumstances, the guests may be involved in illegal activities, thus attracting lawsuits. These tenants may also refuse to pay for the services. It is crucial to pinpoint that most homeowner’s policies do not consider covering short-term rentals. This means that the homeowner is personally liable for expenses incurred by the guests or tenants. Lastly, Airbnb protection is secondary coverage and it only comes into force when the homeowner has exhausted his or her resources. This information was originally mentioned on Hackronym as posited in the following link http://hackronym.com/category/financial-advice/
About Richard Blair
Richard is a renowned financial advisor. He has been working in the financial services industry for over 20 years. Richard is the founder of Wealth Solutions. Richard incorporated the company with the objective of developing structures that would make him provide advice, customize investments, plan for retirement and preserve wealth. His passion is anchored on aiding other people achieve the objective of enhancing their personal financial objectives. The company is based in Austin, Texas. Over the years, Richard has been working with affluent members of the society, small business owners and families living in the local area. Richard Blair is an alumnus of the University of Houston where he graduated with an undergraduate degree in finance.
In his free time, Richard spends time with his wife and their 3 children. Richard enjoys playing golf, riding his bike, cheering his kids during their sports events, taking family vacations and exercising. In order to provide adequate services to his clients, Richard has studied and excelled in different fields. He is a Certified Annuity Specialist (CAS), a Retirement Income Certified Professional (RICP), a Certified Tax Specialist (CTS), a Certified Income Specialist (CIS) as well as a Certified Fund Specialist (CFS) and a Certified Estate and Trust Specialist (CES). This information was originally reported on Wealth Solutions’ website as elucidated in the link below http://www.wealthsolutionsria.com/team/richard-blair