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
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