Buying a home is a major investment, and home insurance is one of the best ways to protect it. If your home is in or near Walford, MD, our team at BES & Associates Insurance will take the time to walk you through your insurance options. We’ve been serving homeowners like you since 1992.
Insurance Adjustments for Home Sharing
Many homeowners today earn extra income by renting out a room or their entire home through home-sharing platforms like Airbnb or VRBO. According to the Maryland Insurance Administration, a standard homeowners policy may not adequately cover damage caused by a paying guest.
For homeowners who share their entire home through these platforms, there’s a specialized type of coverage called home-share multiperil insurance. This coverage is available through the surplus lines market and is specifically designed to protect against damage or theft caused by a home-sharing guest.
Beyond property damage and theft, this type of coverage can also address liability if a guest is injured during their stay. It’s worth noting that home-share multiperil insurance is issued by non-admitted insurers and is not regulated by the Maryland Insurance Commissioner in the same way standard homeowners policies are, so it’s especially important to review the details closely with your agent.
If you’re considering renting out a room or your entire home, it’s a good idea to notify your insurance agent and discuss whether any policy changes or additional coverage make sense for your situation.
Contact Us Today for Your Appointment
No one can predict when a disaster or unexpected mishap might damage your home. Our team at BES & Associates Insurance will help you find the coverage you need at a price you can afford. Homeowners in the Walford, MD, area have placed their trust in us for over 30 years. Give us a call today for your appointment.
