Wealth Solutions Inc. specializes in wealth management and financial planning for retirement, estate, and trust. The company provides plenty of resources on insurance, tax, money management, and other financial planning topics. Insurance is complicated when homeowners and property owners rent to tenants on a short or long term basis. Individuals who rent their properties for vacationing or short term without required insurance coverage may be at risk. Richard Blair, the founder of Wealth Solutions knows this to be factual and reveals some of the issues pertaining to insurance and provides advice to property owners.
The internet is used today to rent rooms, apartments, studios, and houses on various online platforms, such as Airbnd and VRBO. Mr. Blair believes those type of websites comes with risks and doesn’t provide enough protection for the property owner. Homeowners who rent rooms to tenants are more likely to experience insurance issues. Often, they don’t realize that tenants aren’t covered in most home insurance policies and commercial coverage is a required to protect the tenant and property. When occupants pay for lodging using any of the rental platforms on the internet, the property owner should notify the insurance agent immediately.
Assume an occupant caused damages to the owner′s property or was hurt on the property, the insurance company will deny the claim if there isn’t a commercial policy. Homeowners insurance normally covers accidents that happen to visitors and family members. The policy also covers theft, property damages, and lawsuits. For coverage protection for short term paid occupants, the property owner has to possess a commercial insurance policy. Wealth Solutions Inc. provides insurance resources to help property owners with estate financial planning, insurance, and taxes.
Wealth Solutions Inc. Founder, Richard Blair is one of top investment advisory firms in the State of Texas. Mr. Blair has two decades of experience in the financial advisory industry and providing financial planning services. He is registered and certified as an advisory and specialist for estate, trust, fund, and annuity.
Richard Blair informs property owners to be aware of possible insurance problems, personal liabilities, and legal consequences using online renting websites. Before actually renting to occupants short term, inform the insurance company to create a commercial policy and inquire with city governance concerning license, inspection, and taxes. The bottom result is a peace of mind for all parties involved in short term rental transactions.