Wealth Solutions Advises Against Airbnb

On March 16th of 2016, a registered investment advisory firm called Wealth Solutions released a blog post that advises homeowners interested in leasing rooms, homes or apartments to short-term tenants in order to supplement their income against using Airbnb as well as other online rental platforms. This recent blog post explains that the $1 million host guarantee that Airbnb offers is secondary to insurance as it specifically excludes certain losses. This guarantee is not sufficient enough to cover liability risks that are of importance to homeowners such as: property damage, theft or personal injury. A lack of proper insured coverage for a homeowner that leases their home could potentially result in unexpected law suites and loss of income not to mention possible cancellation of their current homeowners policy in the event of a claim. Wealth Solutions advises that in order to protect yourself from these potential damages a homeowner interested in leasing their home should either upgrade their existing insurance, add short-term rentals coverage to their current policy or obtain a business liability policy.

If the homeowner is interested in providing a bed-and breakfast service they are most often required to submit to inspections, pay taxes as well as hold a commercial license. This is why it is important to seek professional legal advise through a qualified attorney and also a qualified financial adviser.

Executive and sole owner of Wealth Solutions, Inc., located in Austin Texas,
Richard D. Blair, specializes in Risk management, Finance, Investments and retirement. He is certified in RICP (Retirement Income Certified Professional) and CEP (Certified Financial Planner). CEP designers are exposed to approximately 100 topics on integrated financial planning including insurance. Other major topics include but are not limited to: Estate Tax and planning, Asset Protection, State and Federal Tax, Employee Benefits and Securities.

Richard Blair earned his Bachelors Degree in finance through the University of Houston. He developed his firm in October of 1996 with the goal of providing objective financial advice and customized investment, retirement and wealth preservation strategies. Richard Dwayne Blair’s qualifications and experiences have granted him the professional ability to act as a financial adviser in business, real estate matters, as well as other financial areas of expertise.

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