How to Minimize Insurance Risk While Traveling in the Sharing Economy
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As more and more travelers look to sharing services like Airbnb, Uber and others to help them save on summer travel, more and more travelers are opening themselves up to potential insurance risks.
Fortunately, the National Association of Insurance Commissioners (NAIC) has revealed a handful of helpful tips for travelers to consider carefully before renting out or leaving their home.
Although some home-sharing services offer host protection guarantees, owners will want to check ahead of time to see whether liability coverage or special landlord insurance is necessary. Homeowners will also want to request proof of insurance from guests so that potential damages can be reported on the guest's policy.
Meanwhile, the NAIC recommends guests carefully review their own policies to make sure that they cover potential damages since accidents do and probably will happen.
If you're considering working as an Uber of Lyft driver this summer, you'll want to review your own auto insurance policy as well as the company you intend to drive for. Afterward you can find an insurer to fill any necessary coverage gaps, the NAIC said.
Catching a ride with Uber and other ride-hailing services is far less complicated, though, as most companies have liability policies in place. Nonetheless, it doesn't hurt to find out before you ride.
Shared Goods and Services
Whether it's the microwave inside of your beach condo or a GoPro video camera, take the time to make sure everything works correctly before you rent it out to avoid being held liable for potential problems.
Requiring a security deposit for rented items like cameras and bicycles is also wise in case the item is damaged or never returned.
Travelers can find more tips on navigating insurance risk in the sharing economy at InsureUonline.org.
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