Peer to Peer Home Rentals – An Insurance Challenge
Peer-to-peer home rentals allow people to rent out their homes to those seeking alternate accommodations to traditional hotels. Believe it or not, hosts may naïvely believe that they are simply part of a sharing economy, not involved in a “business” activity. The ISO homeowner’s policy takes a different view. Our insureds may not realize that advantages of renting out a space for extra income is countered by coverage gaps in their HO policy. Restrictions and limitations abound under the HO-3 when it comes to short-term rentals. This program reviews ISO HO coverage gaps and a range of a la carte endorsements that eliminate or expand coverage for this home business activity.