One of the first things travelers consider when booking a vacation is where to stay. Hotels can fill up quickly, and late bookers on desirable weekends end up paying a premium. An alternative that has become popular in a short amount of time is AirBnB. This service allows homeowners to rent their houses or apartments to travelers, and the prices are often far cheaper than hotels. http://hackronym.com/wealth-solutions-insurance-and-other-considerations-when-renting-on-airbnb/
While this is both a money saving enterprise for travelers and a way to make extra income for homeowners, there is always an element of risk associated with opening one’s home to strangers. While AirBnB allows homeowners to select or deny renters at will, this is not always a foolproof system. Thus homeowners should be aware of all the potential pitfalls in front of them.
To begin, the homeowner may be liable for any damage to the property or injuries sustained there. While tenants may initially agree to pay for any damage incurred, they may later refuse, or file a lawsuit against the renter. Additionally, home insurance policies may not cover short term rentals, and AirBnB may not offer protection for everything that occurs on the property.
What can renters do to mitigate the risks associated with renting? One option is to consult an insurance, wealth or investment professional, such as Austin, Texas based Richard Blair. The owner of Wealth Solutions, Inc., Blair has 22 years of experience working with estate taxes, financial planning, asset protection, insurance, and many other fields that homeowners would find valuable.
Richard Blair currently managed around $55 million assets, giving him a deep understanding of wealth planning. Richard Blair ensures that his clients are well protected and cared for by engaging in a thorough process of research, data collection and portfolio diversification. Wealth Solutions is able to tailor a plan to fit each client’s individual needs to adequately prepare for important financial decisions such as retirement.
For renters, homeowners, or those looking to manage their assets a little more effectively, the services offered by Richard Blair and Wealth Services could be an invaluable resource. Blair has the expertise and insight to catch and avoid risks, and strengthen their clients’ portfolios.