Munich Re unveils new personal lines homesharing product in US
Munich Reinsurance America (Munich Re US) has launched a new personal lines homesharing insurance product for hosts who rent their homes out for a profit in the US.
The coverage will help enhance a personal lines homeowner, renter or condo insurance policy by filling in certain coverage gaps when a home is being rented out.
“Homesharing has become a popular lodging alternative for millions of travelers worldwide every day. But typical personal lines homeowner policies weren’t built to provide coverage for the homesharing activities of someone who is involved with more frequent for-profit rentals," said Jason Dunn, strategic product development manager, reinsurance division, Munich Re.
“From the specter of a bed bug infestation to excessive utility usage, water damage to a neighbor’s property or an accidental fall down the steps of the covered dwelling by the homesharing guest, a homeowner/host can face costly property damage or an expensive liability lawsuit when they rent their home," Dunn added.
"Munich Re’s new endorsement will help bridge the insurance gap between personal and commercial coverages and provide additional benefits to help address the needs for this commercial risk.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Tokio Marine buys US cyber specialist, Lloyd’s coverholder NAS
Monument Re buys €140m Irish portfolio from Rothesay Life
Allianz names new motor damage strategy manager
Willis Towers Watson appoints new head of Romania business
Beach attracts Marsh and Miller talent to expand London operations
