Home Insurance Expert Launches Effort to Help Los Angeles Homeowners Benefit from Airbnb

Broadway Insurance’s mission is to uphold the values ​​of quality service, transparency and independence by helping you get the protection you deserve.

/EIN News/ — Los Angeles, Calif., Aug. 04, 2022 (GLOBE NEWSWIRE) — Los Angeles landlords could benefit from using Airbnb to rent out part of their home, and a local insurance company, Broadway Insurance Services is launching an initiative to help them.

William Lemmon, Principal Agent and Owner of Broadway Insurance Services, works one-on-one with clients to develop the ideal solutions for their rental needs. With years of industry knowledge and experience, he provides the edge on the best strategies, policies and practices for those looking to join the rental market.

Lemmon presents customized plans that minimize owners’ risk while maximizing their potential additional income by improving their bottom line. “In Los Angeles, the construction of accessory dwelling units, also known as ADUs or junior ADUs, has been popular due to the affordability of housing in all respects for renters and for income-seeking homeowners. extra,” says Lemmon. “I provide the expertise to navigate the often complicated world of insurance that is essential for landlords when renting.”

This highly customizable and personalized approach is exactly what many Los Angeles area homeowners are looking for. As the city and surrounding areas see a surge in demand for rental properties, whether it’s part of a house, a room, or an individual property on-site, Airbnb has become a source of income for many.

Lemmon, being one of the leading authorities on Airbnb and shared property insurance, is an expert in the field who can provide first-hand advice on how to avoid insurance pitfalls. “We provide a fully customizable account rounding and risk management solution for landlords in the short-term rental industry. Our range of insurance products can be modified to fit any host’s rental scenario,” he says.

Colocation is on the rise, but listing part of a property on Airbnb is not without risk, so insurance is vital. Airbnb offers some coverage to landlords in the event a tenant damages the property, but Lemmon says that general policy doesn’t take into account different levels of risk. “In California, there are only about 10 different carriers that allow short-term rentals, and I work with all of them,” he adds, making him the ideal point of contact when it comes to insurance for all homeowners in the Los Angeles area or beyond. may be interested in renting out part of their home.

Although Airbnb offers insurance called “Aircover”, the program has some shortcomings. Airbnb even states, “It is not a substitute for personal home or liability insurance that can cover you all the time. Keep in mind that everyone’s situation is different and you may want even more protections.

Lemmon explains this, stating that “Airbnb’s Aircover is a product designed to protect your home directly from damage caused by guests only, it is not a replacement for your current homeowners insurance. Without having the right policy in place while you’re hosting guests, you’re opening yourself up to gaps in coverage for all sorts of other outside risks.

Lemmon has over a decade of experience in the insurance industry and has lived in Los Angeles since 2007, founding and building Broadway Insurance Services from the ground up. The company currently insures thousands of properties in and around the city, both low and high value homes, with particular use of earthquake insurance – a must in the area.

Regardless of the value of the property or the size of the rental, the team ensures that each of its clients receives the same consistent quality of service. “I’m used to decoding the unusual risks these customers face in responsible pricing,” he says. “I take an individual approach with each client and solve complex problems within a narrow framework. This personal approach helps make every experience memorable.

William Lemmon
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