NAIC Adopts Home-Sharing White Paper

Dec 13, 2016


The National Association of Insurance Commissioners (“NAIC”) announced today, December 13, 2016, that it has adopted a white paper on insurance coverage issues in the sharing economy for home rentals.

“Home-sharing companies like AirBnb and HomeAway offer consumers the ability to rent out a personal residence or home,” the NAIC explained in its press release.  “Short-term home rentals by home-sharing companies present new insurance challenges.”

The new white paper, Insurance Implications of Home-Sharing: Regulator Insights and Consumer Awareness, outlines insurance considerations regarding home-sharing rentals.

“We know more and more people use home-sharing companies to find vacation housing as well as rent out their homes,” said Dave Jones, California Insurance Commissioner.  “As insurance regulators, we examined the insurance implications of this emerging trend.  This white paper outlines the insurance issues and risks regulators need to understand to help consumers navigate this fluid marketplace.”

Commissioner Jones chairs the NAIC Sharing Economy Working Group that developed the paper.

The paper discusses various coverage options for homeowners, unit-owners, dwelling and renters policies. Limitations for each type of coverage are discussed as well as legal restrictions.  It also focuses on the need for consumer outreach and education regarding these new services.

“It’s critical that we urge all parties in the transaction to understand the risks involved and the laws governing home-sharing rentals,” Commissioner Jones added. “Where there are insurance coverage gaps, regulators, legislators, consumers, home-sharing companies and insurers need to work together to close those gaps and better protect consumers.”

To access the paper, click here.



Should you have any questions or comments, please contact Colodny Fass.



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