In a recent blog post, Wealth Solutions advises its readers that there are potential insurance pitfalls that should be considered before jumping into renting on Airbnb. As explained in the post, platforms like Airbnb are becoming increasingly popular ways for homeowners to rent out rooms in their home to very short term tenants or travelers. It is certainly a lucrative proposition and a way to make some fast cash without a lot of work. Where homeowners could have a rude awakening is in finding out that their insurance policies do not cover incidents involving paid guests, such as a renter from Airbnb. If the rental qualifies as a commercial activity under your insurance policy, then you could be out of luck if you have an accident with a paid guest. Even though sites like Airbnb can offer some protection, they are not actual insurance policies and still leave homeowners exposed to plenty of liability if there is an unforeseen complication with a paid guest.
Richard Blair is the founder of Wealth Solutions and comes with a wealth of knowledge and experience in the investing field. He is a Registered Investment Advisor, Certified Annuity Specialist, Certified Estate and Trust Specialist, Certified Fund Specialist and a Retirement Income Certified Professional. With all of this knowledge and experience, Blair is passionate about assisting his clients transition from planning for retirement to actually living in retirement. He takes a holistic view of wealth planning and management for his clients and sets himself apart from his peers in the industry by being very proactive with preparing clients as thoroughly as possible to embark upon the path to retirement as quickly and securely as possible for them.
Blair first established Wealth Solutions in 1994 with the goal of offering authentic and unbiased advice to his clients. He wanted to make sure his firm was accessible to all levels of clients and was equipped to provide the most applicable and genuine advice possible. Because Blair has so much experience in the industry, he is able to help his clients avoid major pitfalls in saving and investing for retirement, which he thinks helps them live a more financially independent and secure life. Blair is known for his authenticity and specialized knowledge.
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