Updated over 2 years ago on . Most recent reply
AirBnb Management Liability/Insurance
I have a friend that wants to use one of his properties as an Airbnb rental. As he is moving out of state, I offered to manage it for him to see if STR is an investment strategy that I'm interested in. I'm a realtor and so have an LLC for my real estate business. My question is as the co-cost/listing manager what protections do I need? Will the LLC that I have extend to Airbnb management? My questions are assuming that the owner will maintain homeowners insurance to cover STRs.
Most Popular Reply
I'm not an expert but based on my personal knowledge. I would open a separate LLC or fill out some type of paperwork stating that you are working with Airbnb now. Your current LLC falls more into the Real Category while Airbnb deals more with Hospitality. Two different professions.
Also as a Host, you are protected in 3 different ways:
1. Airbnb $1 million host guarantee
2. Renter's Policy Insurance
3. Homeowner's Insurance ( Update your insurance; inform your insurance that you are doing Short Term Rentals.