Richard Blair is an investment advisor who has been in the finance industry for almost 30 years. His number one goal is and has always been to provide the best possible advice to those seeking to make a significant and positive change in their lives. His commitment to financial and investment planning is what makes him stand out in the crowd.
He is constantly educating himself on what’s going on in the market so he can advice his clients on which strategies they should use to meet their financial goals. With that being said, if you are considering renting your home on Airbnb, Richard Blair has 3 tips for you to follow.
#1 – Consider The Risks
Before you list your home on Airbnb, take the time to consider all potential risks. Most people fail to realize that as the homeowner, you are the one who will be held liable for injuries to guests, damage to the property or any illegal activity that takes place on the property.
#2 – Find Out If Your Insurance Covers Short Term Rentals
Most homeowners insurance policies do not cover short term rentals. That means any expenses that are incurred will ultimately come out of your pocket.
#3 – Make Sure You Understand How Airbnb Host Protection Works
After a few scary incidents Airbnb now offers all hosts what is known as Host Protection Insurance. Host Protection Insurance provides all hosts with up to $1,000,000 in primary liability coverage for incidents related to an Airbnb stay.
And while this may sound good, Blair advises homeowners to be careful. With all the exclusions, conditions and limitations associated with the protection, chances are it won’t cover you when you need it. That’s why it is so important you take the time to understand how it works. You want to make sure you are properly covered before you let anyone rent out your home.
More About Richard Blair
From a very young age Richard Blair loved learning. Growing up in a family full of he teachers he was able to experience first hand the power of education and how it can change ones life.
In 1993 after graduating college he immediately started working in the finance industry. A year later in 1994 he opened Wealth Solutions so that he could provide all of his clients with objective and unbiased financial advice.
Over the years he has helped thousands of individuals avoid the common pitfalls of retirement and financial planning. To learn more about Richard Blair visit http://www.wealthsolutionsria.com/p/my-story.
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