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FOR RELEASE ON RECEIPT
May 5, 2016
Hosting Platforms Should Tell Clients About Insurance Coverage
California Legislature considering bill requiring insurance disclosure to homeowners and renters active in the sharing economy
SACRAMENTO, CA - As more and more California homeowners and renters offer rooms for rent on hosting platforms like Airbnb and Home Away, one vital question to consider is insurance, says ACIC, the California voice for the Property Casualty Insurers Association of America.
Senate Bill1092, authored by Senator Bill Monning (D-Carmel), requires hosting platforms to disclose to the homeowner or renter host, what insurance coverage they are providing to protect the host's property.
“As homes and apartments are used in new ways in the sharing economy it is important that everyone involved understands what insurance coverage is available and who is providing it," said Armand Feliciano, ACIC vice president. “SB 1092 is a common sense next step to make sure everyone involved in the sharing economy rental process is informed and aware of the insurance coverage issues.”
The California Senate Judiciary Committee voted to approve SB 1092 on a bipartisan vote of 6 to 0. The bill will next be considered on the Senate floor.
“A home is generally someone’s most valuable asset that should be protected by insurance,” said Feliciano. "To provide peace of mind that there is a way to recover if the unexpected happens, homeowners and renters need to understand what insurance coverage is available from the hosting platform or what their personal homeowners policy will cover."
ACIC is part of the Property Casualty Insurers Association of America (PCI). ACIC is PCI’s California Voice representing 363 property casualty insurance companies doing business in California. These members write $20.2 billion in premium in California insuring 36 percent of the property casualty insurance sold in the state. California members write 44 percent of personal auto insurance, 29 percent of homeowners insurance, 33 percent of commercial lines business insurance and 40 percent of private workers compensation insurance sold in California.