Los Angeles, CA, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Homeowners in Los Angeles could stand to benefit from using Airbnb to rent out part of their homes, and one local insurance firm, Broadway Insurance Services, is launching an initiative to help them.
William Lemmon, the principal agent and owner of Broadway Insurance Services, works one-on-one with clients to develop the ideal solutions for their rental needs. With years of knowledge and experience in the industry, he provides the edge on the best strategies, policies, and practices for those looking to join the rental market.
Lemmon presents personalized plans that minimize homeowner risk while maximizing their potential extra income through improving their bottom line. “In Los Angeles, building accessory dwelling units, also known as ADUs, or junior ADUs, has been popular due to the affordability of housing in all respects for renters and for property owners seeking additional income,” says Lemmon. “I provide the go-to expertise needed to navigate the often complicated world of insurance that is essential for owners when renting.”
That highly customizable and personalized approach is just what many homeowners in the Los Angeles area are looking for. As the city and its surroundings see a spike in demand for renting out properties, whether part of a house, a room, or a detached property on site, Airbnb has become a source of income for many.
Lemmon, being one of the foremost authorities on Airbnb and home-sharing property insurance, is an expert in the field who can provide first-hand guidance on how to avoid insurance pitfalls. “We provide an entirely customizable account rounding and risk management solution for property owners in the short-term rental industry. Our insurance product line can be modified to fit any host's rental scenario,” he says.
Homesharing is on the rise, but listing part of a property on Airbnb is not without its perils, so insurance is vital. Airbnb provides some coverage to homeowners in the event that a renter damages the property, but Lemmon says this broad policy doesn’t account for varying risk levels. “In California, there are only about ten different carriers that allow short-term rental occupancies, and I work with all of them,” he adds, making him the ideal insurance point of contact for any owners in the Los Angeles area or beyond that might be interested in renting part of their homes.
While Airbnb does offer insurance called “Aircover,” there are some gaps in the program. Airbnb even states, “It is not a substitute for personal homeowner’s or liability insurance that may cover you all the time. Keep in mind that everyone’s situation is different and you may want even more protections.”
Lemmon expounds on this, stating “Airbnb's Aircover is a product designed to protect your home directly from guest damages only, it's not a replacement for your actual homeowner's insurance. Without having the correct policy in place while you're hosting guests, you're leaving yourself open to gaps in coverage for all kinds of other outside hazards.”
Lemmon has more than a decade of experience in the insurance industry and has lived in Los Angeles since 2007, founding and building Broadway Insurance Services from scratch. The business currently insures thousands of properties in and around the city, both low-value and high value-homes, with a particular use of earthquake insurance– a must in the area.
No matter the value of the property or the scale of the rental, the team ensures that each and every one of their clients receives the same consistently high quality of service. “I have a track record of decoding unusual risks these clients face within a responsible pricepoint. ,” he says. “I take a one-on-one approach with each client and solve complex issues in a close setting. This personal approach helps to make each experience memorable.”
