Airbnb is part one of the biggest new travel trends, but the service is too risky, experts warn, if the host and the guest are not insured.
"You'd be foolish to let someone enter your property without obtaining proof that they're insured. You could be out thousands of dollars, perhaps much more," says broker for E.G. Bowman Co., Mark Carrasquillo.
It is no surprise that the guests or hosts could incur substantial out-of-pocket costs, either directly or through hiring a lawyer. Despite the ability to screen tenants, it is impossible to know whether a guest could steal, damage or vandalize a host's property, or even their neighbor's. Furthermore, an injury on the property could lead to a guest claiming negligence, even if the host was not at fault.
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