Thinking about renting space for the eclipse? Make sure you’re covered
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Erie, PA (WJET/WFXP)– The Total Solar Eclipse is a once-in-a-lifetime event with countless opportunities for local businesses and others to make some extra money renting out that extra space or property.
With more than 50,000 visitors expected to make their way to the Erie area for the Total Solar Eclipse, some may see it as a chance to make some extra cash.
While the idea of bringing in a few extra bucks can be tempting, USAA Spokesperson and former claims adjuster Andrew Femath said to check with your insurance first to avoid any steps back financially.
“Just like that, it’s a good opportunity to make some extra cash but it does present some opportunity for folks to take an extra look at their insurance policy. And really what we want to do is educate on three bigger risks that we tend to see on the insurance side,” Femath said
Femath said if someone is hurt you could be responsible for their medical bills without the right coverage, not to mention any damage to the property and items in them.
“We tend to see accidents involving fire damage, water damage, again costly but it’s really the inconvenience of having to bounce back from that,” he explained.
While there can be unforeseen issues with short-term renting, Femath said there are still ways to keep yourself and your investments protected though there is a catch.
“So if it’s a rental property that can’t be rented, you’re missing out on income. If it’s your home that you can’t live in, you’re suddenly coming out of pocket for a hotel or a short-term rental. All of that equals loss of income,” he explained.
That protection comes through homeowners and rental property insurance (RPI), also known as landlord coverage.
“The big message here is you really need to contact your insurance company and just ask them ‘What type of policy do I have? What does it cover? What does it not?'” Femath went on to say.
Femath also said while it’s not too late to get coverage, the clock is ticking to get it done and to talk to your insurance agent if you haven’t done so already.
