The world has changed a great deal in the last 10 years. The iphone launched, apps were invented and almost everything we do, is different.

You want a taxi? Order one up on your phone. You want a place to stay in Manhattan? Select a place on your phone and book it. This has also changed the way insurance companies insure.

These are new risks with limited data to dig into. Insurance companies love lots and lots of data. It is still unclear on how much more of a risk it is to rent out a room in your house to a stranger. Or how much more of a risk it is to turn your car into a weekend taxi.

What this means for you is, you need to make a phone call to your agent to make sure you are covered. Every company works at its own speed. Some have “rideshare endoresements” that will cover a gap in insurance that is found if you are an Uber or Lyft driver. Other don’t have that endorsement yet.

Some companies have endorsements if you are starting to Air BNB. There are also different kind of Air BNB’s. Do you rent your primary home out? Or do you rent just a room in your house? Do you rent a separate structure out and live in the main house? All of these are different risks and some companies won’t cover any of it, and some may cover all of them.

It is ultimately up to you, if you are choosing to take place in the shared economy, to make sure you have the proper coverage in place.

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