Using assets you already own – your car or home – can seem like an easy way to earn some extra income. However, if you aren’t careful it can also be a huge liability if you don’t take the time to understand the insurance implications. If you are looking to rent out your home (or part of it) or drive for a ride sharing service, here are some things to consider.
While many of the companies (Uber, Airbnb, etc.) offer some insurance coverage, it is not a replacement for insurance on your car, home or apartment. Not having insurance can lead to serious gaps in coverage, which can mean financial ruin.
Personal versus Commercial
Typical homeowners and auto insurance policies are for personal use of your car or home. These policies usually do not cover claims when you use them to provide a paid service.
Talk to Your Insurance Agent
If you are already doing, or are considering, home or ride sharing, talk to your agent for a complete review of your insurance coverage. They can do the research to make sure you are properly insured.
For more information on insurance for home or ride sharing, contact your Meyer Insurance agent.