Be Aware of Uber and Airbnb Insurance Gaps

February 19, 2016||inBusiness Insurance, Personal Insurance|auto insurance, business insurance, commercial auto insurance, general liability insurance, homeowners insurance, liability insurance, personal insurance, personal liability

Engaging in profit-generating activities such as driving for Uber or renting out your residence on platforms like Airbnb might initially appear as lucrative ventures. Yet, despite the allure of extra income, there exists a critical pitfall: a potential coverage gap within standard personal auto and home insurance policies. This oversight creates a substantial vulnerability, leaving you exposed to significant financial risks in the event of an unforeseen accident.

Be Aware of Uber and Airbnb Insurance Gaps
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Uber

While Uber and other ride-sharing companies may offer insurance, these policies may still leave coverage gaps depending on your stage of offering rides. As a passenger, you might want to consider these gaps, too.

Airbnb

Renting out a portion of your home on Airbnb or another home-sharing service means you are essentially running a bed & breakfast. If a renter damages or destroys your home, your home insurance will not apply.

Commercial Insurance

In general, commercial insurance policies are needed for such coverage, which most likely is cost-prohibitive for the average person looking to make a few extra dollars.  While the insurance industry is evolving to address the risks created in this new “sharing economy,” you need to be aware of these gaps. Putting extra cash in your pocket is great, but be sure the benefits outweigh the risks.

Conclusion

In essence, while the allure of supplemental income through Uber driving or Airbnb hosting is enticing, it’s essential to recognize and address the associated insurance coverage gaps. By proactively securing appropriate insurance solutions, you can mitigate risks and ensure comprehensive protection, allowing you to pursue these ventures with confidence and peace of mind.

If you have questions, please Contact Us to speak with one of our Agents.

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