Airbnb Insurance: Essential Guide
The essential Airbnb insurance guide to make sure you get the right cover
Everywhere around us there are assets that aren’t being utilised. The goal of the sharing economy is to put these assets to good use so that you can boost your income. Here are some easy ways to make some extra cash.
Share your car.
According to the website, Getaround, the average car sits idle for 22 hours a day. Why not share with someone who needs it instead? Depending on how much you charge, you could make hundreds of pounds a month if you choose to rent it out.
Drive people around.
On the other hand, those that drive regularly may want to try their hand as an Uber driver.
Using the GPS in your phone to track your location, Uber allows you to connect with people looking for a lift. Often undercutting the fees of taxi drivers, Uber is an attractive alternative for the price conscious traveller and is a lucrative avenue to earn extra cash
Before you hop into the car you’ll be required to get a taxi licence from your local council and you may be required to take some form of taxi driving test. Once you’ve done this, you’ll then need to do driver training with Uber. In addition, you will also need to make sure you are driving an Uber approved car and have clean licence with no claims history.
Rent out your parking space.
Live next to a city or close to a popular area? If you have a parking space that isn’t being used, consider renting it out to other vehicle owners. Many cities have strict parking restrictions and commuting can be expensive. Renting private parking spaces are a popular alternative that could net you hundreds of pounds.
Share your property.
If you have a spare room gathering dust or an empty property, consider renting it out to other people. Sites like Wimdo, Airbnb, Sparerooms.com and Homeaway offer guests around the world a cheaper alternative to staying in a hotel. Not only could you potentially make thousands of pounds a year, it could be a lot of fun too.
Host a cooked meal in your home.
If you fancy your skills in the kitchen, you could open your door to world travellers looking for an authentic, home cooked meal. Websites like BonAppetour and Grub Club provide such a platform. Guests simply need to book online, make a payment and turn up on your door. As a host, you get to visit people from all over the world, show off your cooking skills and make some money on the side.
Monetise your domestic skills.
For those that struggle putting together newly bought furniture at home, people who find garden work a chore or hate cleaning the house, sites like TaskRabbit connect you to people willing to lend their skills. If you have domestic skills, you could put them to good use and earn hundreds of pounds.
Store other people’s things.
For those with free space, websites like Storemates and Stashbee can put you in touch with people looking to storage their things. This can be an alluring alternative to traditional storage businesses that charge a higher premium.
Have stuff lying around? Rent it out instead.
Flat Lama is a website that puts in touch with people looking to rent items they need. They cover a wide variety of items from clothes and designer items to electronics, DIY tools and musical instruments. Before selling things you don’t use, consider whether you might make more money in the long term renting them out instead.
Do your homework and manage the risks.
Remember that whilst there are ample ways to make extra cash, with this comes increased risk. Sharing your assets puts you in contact with strangers so remember to do your homework before you take the plunge. Take steps to verify your customers where possible and make sure to secure your property.
Think about insurance.
With the increased risk that comes with sharing your assets, consider taking out insurance. For those who are already covered, bear in mind that most insurers don’t cover activities related to the sharing economy as they are likely to class this as commercial use and exclude cover from their home or car insurance policies. If you rent out a room and your items are stolen by a guest or if you crash your car driving passengers around then you may not be covered and could be operating in breach of the law. Check the cover with your primary insurer first or consider taking out specialist insurance instead.