Are you intrigued by the idea of renting a room in your home to earn extra income? You may be thinking that it’s easy money, and you can rent a room for a short time or your entire house for a long time. But before you sign that rental agreement, here are six things the National Association of Insurance Commissioners (NAIC) wants you to know.
What are home sharing websites?
There are several online solutions available that let you rent a room or your home to a stranger you meet by using an app or a website, called home-sharing solutions, explains NAIC. Home-sharing or peer-to-peer rentals (P2P) are sites like Airbnb, Roomorama, VRBO (Vacation Rentals by Owner) and HomeAway that connect hosts with guests. Guests find a property and pay for the stay just as they would in a hotel. The difference is that the property is not a licensed hotel or bed and breakfast and is often a privately owned apartment, condo or house. Anyone can register with the sites as a host or guest.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
