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If you are thinking of renting out your Florida home, your guest room or even your couch, your initial step should be to consult your Florida insurance professional. Peer to peer home sharing opportunities such as Airbnb can be a great way to bring in additional money and is trending these days; though they can also leave you financially vulnerable. If your renter starts a fire and damages your property or gets hurt while renting your home, will you be protected?

Prior to entering on a peer-to-peer financial agreement, consult with your Florida insurance professional and get their advice. Generally, if you are only intending to rent your home out for a single occasion, many insurance companies will prolong your coverage to the renter. Note that the insurer must be notified in advance.

It’s not uncommon for someone to rent out their home or a certain part of it. If there is no hotel nearby, people with a home can take advantage of this and offer rooms in their homes and charge rent for it. A lot of insurance companies take this situation into account when creating a homeowners or renters policy; other insurance companies may require the purchase of an endorsement to the policy to provide expansive coverage for the renters in your home.

If you plan to rent out all or part of your home on a regular basis, many companies will consider this a business use. Standard homeowners and renters insurance policies are planned for personal risks, not commercial risks, normally do not cover short term rental exposures. In this case you will need to purchase a business policy or a short term rental policy – specifically either a hotel or a bed and breakfast policy. Some companies now offer a home-sharing liability insurance policy that can be purchases on a month-to-month basis, but there may be exclusions and limitations, so read the policy carefully.

If you are using a peer-to-peer network to rent a space from someone else, check your own homeowners or renters insurance policy. In most cases, if your personal possessions are stolen or damaged off-premises, you can simply file a claim with your own insurer if your coverage extends off premises. And if you accidentally injure someone, you will also be financially protected.