Richard Blair recently offered readers some important financial advice about insurance and other considerations in opening up their homes for rent on Airbnb. While this site has become an extremely popular option for people to make some extra money on the side by renting out all or part of their homes, Richard Blair cautions that there are important liabilities to keep in mind in the event that all does not go as planned with your rental experience.
Perhaps one of the most important things to keep in mind before listing your home to rent on Airbnb is that most homeowner’s insurance policies do not cover incidents related to short term rentals. According to Blair, you could be held personally liable for any expenses incurred by your short term guests as a result of any incidents that may occur during their stay. Also, this does not necessarily mean that the coverage provided in the Airbnb agreement with renters will provide the coverage you need in these situations. The catching in the Airbnb agreement, according to Blair, is that any coverage offered by Airbnb does not apply until all of your other sources have been exhausted.
In addition to providing advice on how to manage risks in personal and business endeavors, Blair offers a wide range of services for general wealth management. Blair is the founder of Wealth Solutions, which is a Registered Investment Advisory firm located in Austin, Texas. In structuring his financial planning services for clients, Blair takes into account overall market trends and his in depth knowledge of the financial markets. Blair makes sure that his clients are equipped to weather any financial storm and come out ahead at the end of it.
Blair regularly works with clients in the field of retirement planning so that their long term finances are as secure as possible. Blair takes the time to analyze each client’s unique situation and find the right solution for them. He prides himself on having incredible attention to detail and commitment to helping his clients build a more secure financial future for themselves and their families. It is his sincere goal to make a real positive difference in the lives of his clients and their families through effective financial planning services. Blair has been making headlines in the financial services industry since he founded his own independent firm in 1994 to give his clients superior, unbiased financial advice.