Before you take in renters you should realize you are liable for any injuries they might incur, property damage or even your neighbor’s property, theft, illegal activities which could lead to an eventual lawsuit. You should also realize that not everyone pays their rent.
Don’t assume your homeowner’s policy will cover any or all of the pitfalls mentioned above. Short-term rental situations are not covered by most homeowners policies this leaves you personally responsible for any liabilities incurred by your tenants. Don’t be misled by the insurance offered by your leasing agent Airbnb or any other agency you might choose. These policies offer what is known as secondary coverage, meaning they don’t pay anything until your personal resources are exhausted.
Knowing the financial risk of becoming a part-time hotelier is very important so talk with an insurance professional or a wealth and investment specialist before you commit to an agreement with any leasing agency.
Richard Blair, founder of Wealth Solutions a Registered Investment Advisory firm located in Austin Texas, is the type of investment specialist you should consult. Richard Blair founded Wealth Solutions in 1994. He is the sole owner of the company and has been involved in securities for over 22 years. His stated goal is to always be objective and unbiased in any advice he might give to a client. By sticking to his commitment and always placing the client first Richard has made a positive difference in the lives of his clients including individuals, families and many small business owners.
Over the years Richard Blair has fine-tuned his knowledge and experience of retirement planning. He will help you avoid the many pitfalls that you might make when trying to plan your retirement. Richard Blair will provide retirement strategies and retirement income planning that will assure you of a successful retirement.