WEALTH SOLUTIONS: Tips on Insuring Properties and renting them through AIRBNB

Financial success is a property of individuals who are willing to adhere to the financial success principles strictly. Many people look for easy ways to make money and invest in low-risk areas. For instance, homeowners may decide to rent out either part of or their entire property to travellers. Although this method may produce satisfying returns to the property owner, chances of unexpected problems occurring are high. Temporary tenants can cause damages that even the homeowners’ insurance policy cannot cover.

Aspects to consider

Below are some of the factors every homeowner should consider before renting his or her property via Airbnb as well as other organizations.

Amount of risks

There numerous risks associated with having temporary tenants. For instance, the homeowner will be liable in case the guest sustains an injury within the premise. Other risks include theft, payment default, illegal activities, and property damage.

Insurance coverage

Many homeowners insurance do not cover temporary rentals. The lack of insurance coverage means that the property owner is liable for any damages or expense incurred by the tenants.

Lack of definite protection

Organizations search as Airbnb offer secondary coverage. They chip in when the homeowner has exhausted all the resources. After thoroughly reviewing the above issues, property owners can make informed decisions on whether to invest in short-term rentals. It is imperative for people to seek advice from a competent insurance expert or wealth investment manager before investing their hard-earned money in temporary rentals. Richard Blair can assist homeowners to review available options and provide advice customized for their unique situations.

Investment Prowess of Richard Blair

Richard Blair established Wealth Solutions with a goal of bettering the lives of individual investors, families, and owners of both small and middle-sized businesses. With his grandmother, mother, and spouse being teachers, Blair was drawn to the education world. Combined with extensive knowledge of financial principles, Blair knew he could professionally advise people on how to manage their finances and investments. He ventured into the financial world in 1993 after completing his college studies.

In 1994, Blair launched an independent company, Wealth Solutions to provide expert advice on financial management. Learning is a continuous aspect in the life of Richard Blair. Apart from accumulating unmatched experienced in the financial sector, he has undertaken additional courses to earn prestigious designations like the Certified Financial Planner. His main goal is to help clients prepare for retirement and enjoy their pension during their retirement period.

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