It took over 16 months (and calling in some reinforcements) to settle their claim. The estimated rebuild cost was $1.8 million.īut the bigger challenge was getting the vacation rental company to reimburse the property owner under their protection policy. You also have the opportunity to review your guests, and if unauthorized events are a no-no in the company's handbook, you can easily report the offending guests.īut what if the incident is a bit bigger and harder to resolve?įor a couple in Sonoma Valley, California, a nightmare became reality when Airbnb guests accidentally burned down their three-story home. That is, your guests have the opportunity to review their stay on your property.
This can create more opportunities for damage and increase your liability as more people enter your home.įortunately, most short-term rental platforms offer two-way reviews. Sometimes guests will throw unauthorized house parties or other "disruptive events" at the rental property. Normal wear and tear is expected, but many owners worry their guests will do more severe damage to the property - from breaking furniture to causing water damage. Property damage to your Airbnb or VrboĮven if the potential rewards of owning a short-term rental are exciting, there's always risk involved. In this article, we'll walk you through five of the biggest risks that property owners face and offer suggestions of how to prevent and overcome these challenges as you operate your short-term rental property. What are the risks of Airbnb and similar hosting sites, and how can you avoid common pitfalls? Perhaps more importantly, how can you avoid the financial consequences of liability? If you're new to the world of home sharing, you might feel apprehensive about opening your home to strangers. Short-term rental sites like Airbnb, Vrbo and others have made it easy for homeowners to rent out their properties, or even just individual rooms, all while making a little extra cash.
If you own a home you're not living in, odds are you've considered turning it into a rental property or even a vacation rental.
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