South Florida will welcome thousands of visitors for Super Bowl LIV and some homeowners are looking to cash in on those visitors.
Paola Ugolini is an Airbnb Super Host who uses a small cottage behind her home as a short-term rental most days of the year.
“We are lucky to be close to the Biscayne corridor and so many other places when they drive here, they travel and they feel good,” Ugolini said.
In anticipation of the Super Bowl bringing large crowds she is raising the rental’s daily rate. She normally gets around $100, now she plans to charge more than $200.
If you want to cash in by using your home as a legal short term rental, there are steps you will need to take.
According to the Department of Business and Professional Regulation, “a vacation rental, which is a whole unit, condo, apartment or dwelling, is required to have a license with the division.”
This goes for homeowners who rent their entire residence out “more than three times in a calendar year for periods of less than 30 days or 1 calendar month, whichever is less, or if it’s advertised or held out to the public as a place regularly rented to guests.”
“They will get caught and the homeowner will pay fines and liens,” said North Miami Beach Mayor Anthony Defillipo.
In North Miami Beach, homeowners using houses or townhomes as short-term rentals could face fines if they don’t register with the city and follow specific guidelines. For example, in North Miami Beach homeowners can’t rent more than three times a year.
Mayor Defillipo warns homeowners to check with their local municipalities about what guidelines are in place.
“Homeowners need to be aware of these laws and ordinances that we have here in our city. They should take an interest and say; how should I do this in the proper fashion,” Mayor Defillipo said.
Insurance experts also suggest you check your insurance policy.
“If you are thinking about renting out your home to other people, your homeowner’s insurance may not be adequate,” said Janet Ruiz with the Insurance Information Institute.
She recommends reviewing your current coverage to find out if you need extra insurance. Typically, risk increases with renters under your roof but paying a little extra could cover you in case of an emergency.
“These coverages aren’t expensive, but they save you a lot of money if you have a loss,” Ruiz said.
You should also check to see if the platform you are advertising on has its own property damage insurance.
According to Airbnb, during last year’s Super Bowl nearly 11,000 visitors opted to stay in Airbnb rentals and a quarter of the hosts were hosting for the first time.