Allstate is now offering a home-sharing endorsement in Michigan for homeowner insurance customers who rent out their homes on a temporary basis.
With participation in the home-sharing economy expected to quadruple over the next few years, Allstate said it is preparing to help customers be better protected when they choose to be home-sharing hosts.
Allstate said its HostAdvantage endorsement helps fill some of the personal property protection gaps that may exist in a typical homeowners policy for customers who occasionally rent out their homes to temporary renters.
The homeowners deductible still applies, but hosts are covered for their personal property up to $10,000 per rental period, subject to the policy terms, conditions, limitations and exclusions.
HostAdvantage protection can be added to an Allstate homeowners policy for around $50 per year.
Allstate anticipates making this protection available in additional states in 2017.
Source: Allstate
Topics Michigan Homeowners
Was this article valuable?
Here are more articles you may enjoy.
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
US E&S Outlook No Longer Positive: AM Best 
Litigation Finance Hits a Wall After Bets on Huge Gains Falter 
Owner of Historic Minnesota Resort Charged With Arson, Insurance Fraud 
