Financial Advice

Wealth solutions: Insurance And Other Considerations When Renting On Airbnb

***UPDATE: August 24th, 2016***

Richard Blair’s Wealth Solutions has changed locations in Austin! You can find them at

Contact them today!

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For many people, renting part of or their entire house on Airbnb seems like a quick and easy way to make money. It can make it possible for home owners to get the cash they need to pay for their property by simply hosting travelers for a short period of time. But as some recent incidents have shown, there can also be a number of unexpected problems. These temporary renters can do damage to your property that your homeowners insurance may not cover. This can leave these amateurs hoteliers with legal and financial issues that they had not anticipated. These issues can end up costing more to address than the amateur hotelier made by renting out their property.

Issues To Consider

There are a number issues to look at when you are considering renting your property through Airbnb and other organizations. Some of the major ones include:

1. Risks

There are many risks when you have tenants. When you take in tenants, you are potentially liable for any injuries to the guests, damage to your or your neighbors property, theft, illegal activities, and even lawsuits based on their actions. Plus sometimes the tenants refuse to pay.

2. Insurance Coverage

Short-term rentals are not covered by many homeowner’s insurance policies. That means you are personally responsible and liable for expenses incurred by your paid guests.

3. Protection

The protection offered by Airbnb and others is secondary coverage. It doesn’t kick in until you’ve exhausted your resources.

Once you’ve looked at these issues, you can decide if you still want to take in short-term guests. It’s strongly recommended people speak with a qualified insurance professional or wealth and investment manager. One such person is Richard Dwayne Blair of Wealth Solutions, Inc. Blair can help you review your options and offer advice customized to your situation. The sole owner of the Austin, Texas based company, Blair has been involved in securities for 22 years.

Blair and Wealth Solutions offer advisor services, financial planning, information on funds and more for high net worth individuals. Through companies like United Global Securities, Worldwide Ventures Gp LLC, Blair Insurance Group LLC, Crownbridge Wealth LLC, and Wealth Solutions, Inc., he has helped many people attain their investment goals. His areas of expertise include estate tax and planning, integrated financial planning, securities, asset protection, insurance, employee benefits, and more. He has over $55 million in assets under management.

https://www.wealthminder.com/financial-advisors/TX/bee-cave/richard-blair/326407

The Innovation of Wealth Solutions and Richard Blair

Reaching wealth management goals and achieving personal financial goals are the key objectives of any financial planning process. It involves in-depth research and financial data collection before creating a professional investment portfolio and to implement this, you need to understand where your finances are currently and be able to project where or what you want your portfolio to look like in the future. We would expect our financial professional to develop a diversification strategy that would accent our lives by meeting and exceeding our financial goals. Wealth Solutions works to deliver these results to its clients. While working to develop relationships with affluent clients, Wealth Solutions offers them secure, comprehensive, and proven wealth management strategies.

Wealth Solutions, founded by Richard Blair, is a professional investment advisory firm that offers wealth management solutions by using time tested advanced technology to deliver innovative products and services to its clients. Richard Blair is certified and registered as an Estate and Trust Specialist, an Investment Advisor, an Annuity Specialist, a Funds Specialist, and a Retirement Income Professional. Along with Richard’s expertise, Wealth Solutions can provide its clients with innovative investment options that deliver optimum results by creating a diversified portfolio with minimum risks and impressive results.

Wealth Solutions considers its clients partners in financial management and uses the latest insights and technology from various studies to ensure each partner’s success and keep them on track. This offers value to the relationship by ensuring that each partner is a vital part of the collaborative efforts to deliver:

• Expert, professional and trusted financial advice.
• Personalized and unique investing goals.
• Customized valuable solutions.
• 24 hour access to investment options.
• Accounts that offer excellent security measures.

Retirement Planning
Retirement planning is something that should be considered just as important as disability and social security. Wealth Solutions believes that you should begin retirement planning early. They work with clients throughout the several stages required for retirement planning. Richard Blair is professionally trained to develop a custom roadmap to help with those stages. They include building, developing, investing and managing wealth, to the final stages of transitioning into retirement and living off of your retirement portfolio. Whether those steps include a 401(k) plan, mutual funds, IRA investments, or annuities, Richard works to identify those opportunities that would build wealth in the most feasible methods for each individual client.

Financial Planning
Richard Blair has a vast understanding of the market trends associated with developing a comprehensive financial. Financial planning requires determining the correct measures to optimize your current finances while developing means to create more wealth. The appropriate decisions concerning your wealth portfolio is detrimental and should be treated with necessary details. The Financial planning process involves several stages that incorporate a variety of investment strategies. Using Richard’s professional knowledge and expertise, creating your financial plan can be accomplished by evaluating your assets and liabilities, establishing your goals, and developing a plan of action. These actions may include a college savings plan, real estate investing and planning, tax savings strategies, and of course, a comprehensive retirement plan. Wealth Solutions can develop and implement different strategies that focus on your specific objectives and goals.

Richard Blair’s commitment to financial and investment planning has compelled him to continually educate himself on the trends and advanced techniques offered within the industry. Since his early years in college, he has had a passion for educating and assisting others in their personal financial endeavors. This passion inspired him to enter the financial services industry immediately after graduation from college and led him to create Wealth Solutions in 1994. Wealth Solutions offers innovative professional strategies for financial investment portfolios, minimizing taxes, optimizing benefits, real estate investing, and creating viable income streams.

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