Los Angeles, CA, Aug. 04, 2022 (GLOBE NEWSWIRE) — Los Angeles homeowners can benefit from using Airbnb to rent out a portion of their homes, and a local insurance company, Broadway Insurance Services, is launching a service to help them.
William Lemmon, managing director and owner of Broadway Insurance Services, works closely with clients to develop the best solutions for their insurance needs. With many years of knowledge and experience in the industry, they offer the best strategies, policies, and practices for those who want to enter the rental market.
Lemmon offers his own plans that reduce the risk of homeowners while maximizing their income by increasing their profits. “In Los Angeles, condominiums, also known as ADUs, or small ADUs, have become popular because of the availability of housing in all styles for renters and homeowners looking for additional income,” says Lemmon. “I provide the expertise necessary to manage the complex insurance policies that are important to homeowners when they borrow.”
Customization is an option that many homeowners in Los Angeles want. As the city and surrounding areas see an increase in demand for renting out space, whether it’s a house, room, or hideaway on the property, Airbnb has become a source of income for many.
Lemmon, being one of the biggest authorities on Airbnb and home sharing insurance, is an expert on the subject who can offer advice on how to avoid insurance pitfalls. “We offer a flexible account and risk management system for landlords in the short-term rental business. Our line of insurance can be customized to fit the rental properties they own,” he says.
Home sharing is booming, but listing a property on Airbnb isn’t without its challenges, so insurance is important. Airbnb offers coverage to landlords if a renter damages the home, but Lemmon says the general rule does not cover a wide range of risks. “In California, there are only about ten carriers that allow short-term occupancy, and I work with all of them,” he adds, making him the best insurance provider for owners in Los Angeles or beyond. they would prefer to rent a part of their houses.
Although Airbnb offers an insurance policy called “Aircover,” there are some gaps in the program. Airbnb also states, “It’s not a substitute for homeowner’s insurance or a regular loan. Keep in mind that everyone’s situation is different and you may need more protection.”
Lemoni explains this, saying that “Airbnb’s Aircover is a product designed to protect your home from damage by guests only, it is not a substitute for homeowner’s insurance. By not having the right plan in place when hosting, you are leaving yourself open to all kinds of external threats. “
Lemmon has over ten years in the insurance industry and has been based in Los Angeles since 2007, founding and building Broadway Insurance Services from the ground up. The business currently protects thousands of properties in and around the city, both affordable and high-end, using earthquake insurance—a must-have in the area.
Regardless of the value of the property or the size of the rental, the team ensures that each of their customers receives the same high level of service consistently. “I have a track record of identifying the risks these clients face at the right rates,” he says. This personal approach helps make every event memorable.”