Due to the rise of the home-sharing economy and online peer-to-peer leasing services like Airbnb, HomeAway and VRBO, it is easier than ever for home and condo owners to earn rental income by renting out their homes or rooms.
While home- and room-sharing can be lucrative for homeowners, it exacerbates typical homeowner's risks. In response, Lexington Insurance Company, Big “I" Markets' partner for non-standard homeowners, offers a series of enhancements to LexElite® homeowners insurance.
As the sharing economy reshapes the home and condo rental market, LexShareSM HOME Rental Coverage is explicitly designed to extend homeowners protection where short and long-term landlords need it—providing coverage certainty with an expanded definition of "residence premises" and raising the roof on protection for losses from property damage, theft and more.
Additional endorsements include Lex CyberSafetySM Coverage, Upgrade to Green® Residential, Eco-Homeowner® Mandatory Evacuation Response Coverage, and LexElite® Pet Insurance. Each enhancement is designed to help consumers keep pace with the fast-moving risks of today's world.
LexElite® Homeowners Insurance is available all in states except Hawaii. To learn more, visit Big "I" Markets.