Potential risks ranging from bedbugs to theft would keep one-in-five Americans from renting their homes, but nearly one-third say they would rent someone else’s home for a vacation

Thirty-six percent of American’s surveyed said they would stay at someone else’s home for vacation, according to a new survey sponsored by the Chubb Group of Insurance Companies, with 33 percent saying they liked the idea of staying in a home they could never afford to own.

While only 20 percent said they would rent out their own homes to others, more would rent their out vehicles and boats—nearly a quarter saying yes to vehicle rentals and one-third for boats.

Why not share their homes with others?

Risks selected by survey respondents were:

  • Bedbugs as a parting gift from renters, 73 percent.
  • Theft of silver, antiques or family heirlooms, 70 percent.
  • Breakage of valuables, 69 percent.

Fifty-six percent simply don’t like the idea of someone sleeping in their beds

Other significant fear factors included:

  • Renters leaving lit candles that could burn down the house, 76 percent.
  • Renters throwing a wild party, 75 percent.
  • Someone getting hurt on their property, 70 percent.

Kathleen Tierney, chief operating officer of Chubb Personal Insurance, noted that there are risks on both sides of deals in which people rent, borrow, share or swap their homes and possessions.

“As more people turn their homes into hotels and their cars into cash, many are relinquishing some of their personal privacy while relying largely on trust to make deals with strangers they’ve met online,” Tierney said.

“In this brave new world where laypeople — not businesspeople — are making the deals, many owners and renters are not adequately considering or managing all the risks. It would be wise for them to discuss their plans to share homes, cars and boats with their insurance agents or brokers and legal advisers to fully assess what exposures they may have,” she said in a statement about the survey.

The Chubb Sharing Economy Survey of more than 1,000 adults was conducted by Caravan ORC International, an independent market research firm, on behalf of Chubb.

Source: Chubb

Topics Homeowners Chubb