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I just got my homeowner’s insurance renewal policy from USAA and they have added a “Sharing Economy Endorsement” which covers short term rentals for home-sharing. I’ll call them for more details, but it looks like it’s automatically included at no cost, and there won’t be a need for any supplemental insurance such as Slice. Has anyone else seen this or gotten more details from USAA?
"A new Sharing Economy Endorsement has become part of your policy at no extra charge to you. This new endorsement provides some additional coverage for home-sharing activities.
We recognize that home-sharing is an increasingly popular way for homeowners to supplement their incomes by renting a spare bedroom or other space in their home for short periods, often facilitated by online or smartphone-based platforms. The purpose of this endorsement is to better protect you if you engage in home-sharing or home exchange as defined in the endorsement.
The table below outlines your new Sharing Economy Endorsement and provides an additional explanation of the changes. These changes are effective with this renewal."
I’m not with USAA but this is good news. More insurers need to get with it. Airbnbing homeowners are no more risk than those with a pool or a second story floor.
Thanks for sharing this. Please do post more details after your call. Others in the past said that USAA approved them but I believe it was over the phone, and I am a USAA member and love the company…but sometimes insurance companies can unintentionally misquote information. After being told my their insurance companies that they will cover short term rentals, many owners have found that they actually are not covered after being led to the fine print by others.
But the fact that USAA now has a “Sharing Economy Endorsement” section is excellent news!!
A USAA customer service agent told me in 2016 and again in 2018 that my homeowners policy covered my AirBnB since I live on site. I’m glad they’ve gone official. I’ve been with USAA since I was a teenager and they’ve always had excellent customer service.
I just tried to sign up, and if you are not in the military, or have a close family member who is, ( i.e. not a nephew) they won’t write you a home policy.
Yes, I believe you have to be the spouse or child of someone who is active duty, a reservist, or a veteran. Or be the spouse or child of a USAA member.
USAA told me verbally last year that I was covered for short-term rentals (I didn’t use the word AirBnB), but I was always nervous since it wasn’t specifically mentioned in the Declarations, and it excludes business use. Glad they officially cover it now.
I joined USAA as the granddaughter of a service member but was only able to join because my father also had a USAA membership (my father wasn’t in the military, but I could join since he was a USAA member). The only way to join if you aren’t in the military is if your parent, grandparent, or spouse is a USAA member.
I joined today and will be looking to switch my home over from Allstate if they have a competitive rate. I tried online but got a message that I need to call. It’s probably related to the answers I provided online about having a home business.
You likely won’t find a better rate anywhere else. I’ve had it for decades and when I have occasionally taken up companies’ offers to get me a better rate the convo ALWAYS ENDS once they ask who I have now. They flat out say they can’t beat USAA.
It’s interesting because they use Liberty Mutual, or at least they do for people who are members by relation, not active duty. I’m looking forward to seeing if they will insure my home.
I love USAA for my auto and home insurance. I had renter’s insurance with them before I was a homeowner, and it was ridiculously cheap (like $6 a month) and covered personal liability. I was in a bike accident when I was a renter, and they were ready to advocate for me when the driver’s insurance was being difficult.
The only negative is that USAA doesn’t have the cheapest management fees on investment accounts.
That’s great! Their website says parents can’t get membership of their children are active duty, but I didn’t look into it since that wasn’t my situation.
I have USAA and got my renewal on 02/19 and I don’t see a sharing economy announcement in the renewal or under the coverages on their website. It must be different in my state.
Been a USAA member for 46 years. Also had AMICA for a while for a couple of vacation cabins, since USAA at the time didn’t cover cabins in the woods.
Now that I’m renting out a room to a traveling nurse, I was worried I would get in trouble. After I move in June, I’ll contact them about this. Thanks for the heads up!
p.s. My stooopid ex husband, as of Valentines Day, even gets to keep his membership, even tho my Dad was in the Air Force for over 30 years. Grrrr.
