Are you intrigued by the idea of renting a room in your home toearn extra income? You may be thinking that it’s easy money, andyou can rent a room for a short time or your entire house for along time. But before you sign that rental agreement, here are sixthings the National Association ofInsurance Commissioners (NAIC) wants you to know.

What are home sharing websites?

There are several online solutions available that let you rent aroom or your home to a stranger you meet by using an app or awebsite, called home-sharing solutions, explains NAIC. Home-sharingor peer-to-peer rentals (P2P) are sites like Airbnb, Roomorama, VRBO (Vacation Rentals by Owner) and HomeAway that connect hosts with guests. Guests find aproperty and pay for the stay just as they would in a hotel. Thedifference is that the property is not a licensed hotel or bed andbreakfast and is often a privately owned apartment, condo or house.Anyone can register with the sites as a host or guest.

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Rosalie Donlon

Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].