Considering the Risks of Airbnb With A Qualified Wealth Manager
Many have found that renting a portion of, or their entire home through Airbnb is a fast way to make extra money. Briefly hosting strangers in your living space in return for payment is could work out well, but it’s important to consider the problems that could potentially arise.
Guests also bring risks, which can include liability for injuries, property damage, theft and/or illegal activity. Because most homeowner insurance policies do not cover short-term rentals, homeowners are personally responsible for these things. There is also the possibility that guests may refuse to pay what they owe.
Although Airbnb offers coverage, it is important to keep in mind that it is secondary coverage. This means that it can only be accessed when all other resources have been exhausted.
These things may not deter some people from renting out space in their home, but it’s a good idea to at least speak with a qualified insurance professional or wealth and investment manager in advance so that you are at least aware of the specific risks.
Richard Blair of Wealth Solutions, Inc. is an expert in this field, and can assist clients with reviewing their options and offering customized guidance. Mr. Blair is the owner of his Austin, Texas based company, and he comes with 22 years of securities related experience.
Mr. Blair graduated from the University of Houston with a degree in Finance. He comes from a family of educators, and he witnessed firsthand how the gaining of knowledge can have a positive impact on a person’s life. His creation of Wealth Solutions in 1994 was based on an ongoing commitment and desire to assist people with gaining financial knowledge to improve their personal finances. The company uses its expertise to advise customers on such matters as financial investment portfolios, minimizing taxes, optimizing benefits, real estate investing and creating viable income streams. They operate with the philosophy that customers are partners, and they use proven and advanced technology to devise innovative strategies to achieve success. Wealth Solutions generates a little over $400,000 in yearly revenue, and has over $55 million in assets under management.