Tips From A Financial Professional When Renting Out Property On Air BNB

A sluggish economy today is leading many property owners to rent out their homes to tenants on venues such as Airbnb. Websites like Airbnb allow a property owner to list apartments, homes, vacation homes and other properties for rent. Airbnb even allows a homeowner to rent out a room or several rooms to guests in a format of a bed and breakfast. Many people could use the money these days. Some even rent out their homes or a few rooms out to cover their expenses or profit. While this may seem like a good idea, it does not come without drawbacks. Richard Blair of Wealth Solutions offers you some tips to avoid pitfalls.

The first thing to take into consideration when renting out on Airbnb or any other similar rental listing site says Richard Blair of Wealth Solutions is to know the risks involved. You need to acknowledge that property damage, lack of payment, vandalism and lawsuits can arise from renting out your property to unknown tenants. While there is little you can do to screen out potential troublemakers, you will be responsible for any liabilities that arise from your tenant’s behavior. This includes complaints by neighbors as well as property damage to yourself.

Richard Blair says that even if you have homeowner’s insurance you need to take a good look at your homeowner’s insurance policy. A typical homeowners insurance policy will not cover short term occupants. This means that if damage occurs during a rental to a guest, the insurance company may deny your claim and fail to reimburse you for damages.

Speak to a financial professional like Richard Blair ahead of time so you know exactly what your insurance policy covers and does not include. Consider adding an additional policy for short term occupants if you are constantly renting out rooms or property out on Airbnb. You may pay more for on your insurance policy, but the protection it offers you in case of damage may be well worth it.

Richard Blair Wealth Solutions is a financial planning and wealth management company that was founded by Mr. Richard Blair. Working from Austin, Texas Mr. Blair advises and manages clients on how to best secure and grow their wealth. It is estimated that Richard Blair Wealth Solutions has over $55 million dollars in assets under its management right now. Another service that Richard’s company Wealth Solutions provides is retirement planning. Speak to Richard Blair today by calling 855-308-9999.

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