Does homeowners insurance cover home share and short term rentals?

Finding things to do in Austin sometimes can feel costly after the holiday spending season has passed. However, if you find yourself wanting to get out of the house, visiting a local Texas state park or museum is an excellent solution Luckily, there are infinite options for free fun in Central Texas and San Antonio.

Visit your favorite museum website to plan your schedule around their free day. For instance, the McNay has free general admission every Thursday from 4-9 p.m., courtesy of H-E-B. Fortunately for art lovers, The Blanton Museum of Art does not charge admission for children ages 12 & under, and the stunning Elisabet Ney Museum in Austin is always free!

Rather be outside during those warmer spring-like winter days were experiencing?  Of course, there is the iconic Mount Bonnell to enjoy awesome views of the Colorado River and the Hill Country, Friedrich Wilderness Park, and Purgatory Creek offering miles of hiking trails with varying degrees of difficulty. They are also home to rare birds, terrestrial orchids, steep hills, and deep canyons! If you are up for a day trip and are looking at a weekend getaway or staycation be sure to check with your independent insurance agent and homeowners policy deal before renting out your residence.

Home sharing is becoming more and more popular 68.2 million U.S. residents are expected to use home-sharing platforms by 2023. Clients often ask us about home-sharing coverage when they swap short-term rentals for the weekend and when visiting other Texas cities. As the cost of living continues to rise, more and more folks are putting extra cash in their pockets by renting out their homes and vehicles. Many do not realize this could cause coverage issues – and when lines begin to blur between personal and commercial business insurance, coverage gaps and liability risks often arise. Short-term rental properties through Airbnb, Vrbo, and others may need additional coverage than your homeowner’s insurance policy.

Fortunately, some of our insurance companies provide optional coverages where other carriers do not. We partner with insurance companies such as Travelers, Safeco Liberty Mutual Insurance, American Modern Home Insurance, Foremost, a Farmer’s Insurance company, and many others who have a strong appetite for filling these rentals and homeowners’ hazard insurance gaps. Plus, we can help you understand where coverage begins and ends for your home, condo, and even for our auto motorhome and RV clients. Just ask us.

Your home insurance policy covers repair, replacement, or rebuilding of your house and any attached structures after a covered loss such as fire, hail, tornado, vandalism, etc. To that foundation, you can add coverage to reflect the flexible levels of coverage that can be tailored to fit your home’s features. However, most traditional home policies do not naturally include STR or RPI liability coverage without a special coverage form. Personal liability coverage can cover legal fees and medical expenses that get paid for a covered injury or loss for property damage on your short-term rental property.

Your Austin home is your haven in Central Texas. Help make sure your insurance protection offers the same level of comfort by asking us to update your home policy with the Short Term Rental (STR) endorsement or the Rental Property Insurance (RPI) coverage.  We can also provide landlord coverage, or new property homeowners quote for your residence and rental.

Request your no-obligation free quote and insurance review now by completing the home insurance link on our website. Click here to bundle and save

Your Austin home is your haven in Central Texas. Help make sure your insurance protection offers the same level of comfort by choosing the right home Insurance policy. With the rise in popularity comes more risk for those offering rentals of their homes. As we head into 2023 let’s make home protection a priority to review.