Home sharing insurance provides added peace of mind to people who rent out their homes
ERIE, Pa. (July 9, 2018) – An estimated 7.7 million U.S. adults participated in the lodging sharing economy in 2014 and that number is forecast to rise to 19.3 million by 2020, according to market and consumer data provider Statista. Because traditional homeowners insurance may not cover risks posed by home sharing, Erie Insurance has introduced new coverage to protect its customers.
Customers can purchase additional protection that would apply if something were to happen to a renter or their belongings while renting all or part of the home.
“For many people, their home is their most valuable asset. Our job is to help them protect it,” said Bob Buckel, vice president and product manager at Erie Insurance. “We’re constantly evolving our products to meet our customers’ changing needs, and our new home sharing coverage is just the latest example of that.”
Buckel says while some peer-to-peer home sharing sites offer liability coverage for hosts and landlords, other sites may require the homeowner to provide their own coverage. Examples of losses covered include a renter who is injured by slipping on a wet floor or falling down a flight of stairs, or a burst pipe that causes water damage to a renter’s personal property like expensive electronic equipment or camera.
Coverage would be provided up to the liability limit for certain coverages on the homeowners policy, which typically ranges from $100,000 to $1 million. The average cost to add the home sharing coverage is $40 to $60 per year. Because coverage, limits and costs can vary, customers should check with their agent for details.
Erie Insurance now offers home sharing insurance in Illinois, Indiana, Kentucky, Maryland, New York, Ohio, Pennsylvania, Tennessee, West Virginia, Wisconsin and Washington, D.C.
Erie Insurance recommends that anyone considering renting out their home or a portion of their home consult with their insurance agent to ensure they have adequate protection.