Home-sharing continues to grow in popularity as owners use their homes for income generation, and travelers look for unique experiences.
If fact, experts are predicting vacation home rentals will increase 25% this year — up from a 19% jump last year – and it’s expected this growth trend will continue for some time. Although this relatively new sector has the potential to be an important line of business for many insurers, key to its success will be educating homeowners about their policies and the various exclusions that could jeopardize their protection in the event of damage or injury.
There’s been a general sense that most owners don’t really know whether their home-sharing activities are covered by their current home insurance if something goes wrong during a rental, and a recent survey by global risk solutions provider Assurant provides specific evidence that this is certainly the case.
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