There are significant factors that you should examine before leasing your house or part of it to renters or to Airbnb and other similar organizations. Renting your property to Airbnb may seem like an easy way to make money. However, you may face various unplanned problems from such an arrangement. The hoteliers may damage your property, and your insurance plan may fail to provide sufficient cover for the loss. The financial loss encountered may cost you more money than you made while renting the property.
The three major issues you should consider before leasing your property include:
1. Assessment of Possible Risks
You should be aware that your tenants may damage your property or your neighbors’ property. They may also engage in illicit activities such as theft, which may result in lawsuits. Moreover, tenants may fail to pay.
2. Insurance Coverage
Your insurance may not cover short- term rentals. For this reason, the property owner will be responsible for expenses resulting from renting your property.
Airbnb and other organizations provide secondary coverage. Secondary coverage steps in after you exhaust all your resources.
What to consider before renting property to short-term tenants
Before you rent property to short-term tenants, contact a qualified insurance professional for advice. An insurance professional will assess the risks your lease will expose you to and advise you on an appropriate insurance plan to adopt.
Richard Dwayne Blair of Wealth Solutions, Inc., is an insurance professional that you should contact for help. Blair is a professional with 22 years of experience working as the owner of Wealth Solutions, a company based in Austin, Texas.
Richard Blair graduated from the University of Houston with a Bachelors Degree in Finance and Financial Management services. He is a certified and registered Estate and Trust Specialist with diverse experience in various fields. The areas of his expertise include investments, financial services, wealth management, banking and portfolio management.
By contacting Mr. Blair, a client gets advice on; estate tax and planning, integrated financial planning, securities, asset protection, insurance, and employee benefits from the professional.
Goals of Richard Blair’s Wealth Solutions
Wealth solutions provide consultancy services on financial planning to its clients. It works in close collaboration with affiliates such as; United Global Securities, Crown Bridge wealth LLC, and Worldwide Ventures GP LLC. The firm helps its affiliates’ customers to achieve their investment goals.
The key objective of the organization is to achieve personal financial advice in all financial planning processes. Wealth Solutions provide management solutions utilizing the newest technology to convey quality services to its clients. The company employs professional and trusted financial advice to provide unique investing goals and valuable solutions.