Richard Blair is the current owner of Wealth Solutions and an income and finance specialist. He has spent more than two decades in the financial industry after having earned his degree in finances at the University of Texas. Over his time he has gained other certifications as well, such as a tax specialist, estate and trust professional, annuity specialist, and more.
The reason behind Richard starting up his company was to actively help people in their decisions and change the lives of people for the better as well as families and businesses. Typically, Richard Blair and Wealth Solutions works with local people in his area, including individuals and business owners of small companies.
For any homeowner using Airbnb, renting first requires several things to be considered before doing so, especially insurance. Renting through Airbnb can provide an easy and steady way of making some money. It also helps build up the cash to actually pay off a property. One of the current things that need to be watched out for is trouble causing travelers. Many problems can happen unexpectedly.
In some cases, travelers or short time renters can damage the property or even get hurt themselves on the property, which may not be covered by homeowner insurances. Even worse is if nearby properties get damaged, which would also not be covered and left to the homeowner. In cases like these, a homeowner will end up spending more in repairs and such than what they make renting their home out.
This is why it is very important to consider things like this before renting out a home, or accepting certain people. Property owners need to remember that they will be responsible for all the actions that their guests take. In the case of illegal activities or law suits, these will also extend over to the homeowner. In some instances, tenants can refuse to pay for received services as well
Airbnb itself only offers secondary coverage to homeowners, assuming a homeowner has finished their available funds. Because most insurance policies do not accommodate for rentals that are short term, homeowners are responsible for any expenses related to travelers.