The new homeowners coverage options and accompanying rating provisions have been filed on a multistate basis to enable insurers to address a number of exposures that home-sharing hosts face, including: liability; theft; vandalism; and damage to guests’ property. New coverage endorsements provide added protection for homeowners and renters who choose to participate in home sharing.
In recent years, a number of incidents have been reported involving excessive property damage, theft of valuable items, and even bodily injury to guests on the homeowner’s premises as a result of participation in home sharing.
"Home sharing has created a new source of income for millions of people who’ve turned their empty homes and spare bedrooms into short-term accommodations for visitors from around the world,” said David Cummings, senior vice president, insurance operations and analytics at ISO. “But it’s also created new risks for insurers, who historically didn’t consider home sharing when underwriting homeowners policies. Our new endorsements provide insurers with the tools to address the growing trend in the sharing economy.”
To learn more about ISO’s home-sharing insurance options, visit www.verisk.com/homesharing.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.verisk.com/iso and www.verisk.com.
Giuseppe Barone/Colleen Finley
MWW Group (for ISO)