According to a 2016 report by Pew, 72 percent of Americans have used some type of shared or on-demand online service.

As a result, you have probably heard your clients talk about such on-demand services, including short-term vacation rentals like AirBnB and Home Away, ride-hailing apps like Uber or Lyft, shared office spaces like WeWork, short-term clothing rentals and more.

According to the same Pew report, 11 percent of adults have used a home-sharing platform. If your clients decide to share their secondary homes, unused apartments or vacation condos with the public, it will be increasingly important to ensure they have sufficient insurance protection in place. Why? Because many may overlook significant liability and property exposures and therefore unknowingly put their personal finances at risk. Fortunately, there are a number of strategies and risk mitigation best practices to help protect your clients.

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Home sharing 101

While there are pluses to sharing one's home, it does come with risk. Take the situation where your clients decide to rent out their mountain home in Aspen. During the stay, guests adjust the home's temperature, causing a water pipe to rupture and flood the home. Is your client covered? The answer could depend.

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