More surveyed U.S. homeowners would rent someone else’s home for vacation than rent out their own

A survey of more than 1,000 adults south of the border indicates 36% of respondents would rent someone else’s home for vacation, but just 20% would rent out their own homes, Chubb Group of Insurance Companies reports.

The Chubb Sharing Economy Survey was conducted by independent research firm Caravan ORC International, notes a statement from Chubb, which provides property and casualty insurance products to customers around the globe.

The survey explored several fears that might prevent respondents from letting others rent their homes, including the following:

• renters leaving lit candles that could burn down the house, reported by 76% of those polled;
• bedbugs, cited by 73%;
• theft of silver, antiques or family heirlooms, noted by 70%;
• someone getting hurt on their property, reported by 70%; and
• breakage of valuables, mentioned by 69%.

Chubb reports that several economic and societal factors have fuelled the growth of the sharing economy, in which people rent, borrow, share and swap items they might have purchased 10 or 20 years ago. What is being overlooked, however, are the risks to those on both sides of the transactions, Kathleen Tierney, chief operating officer of Chubb Personal Insurance, cautions in the statement.

“In this brave new world where laypeople — not business people — are making the deals, many owners and renters are not adequately considering or managing all the risks,” says Tierney, who advises that any plans to share homes, cars or boats should be discussed “with their insurance agents or brokers and legal advisers to fully assess what exposures they may have.”

Poll results also indicated almost a quarter of respondents would rent out their vehicles, and a third of boat owners would rent out their boats.