With permission from iii.org
Before you consider renting out your home, your room – or even your sofa – first contact your insurance staff so that you understand the financial risks and can take appropriate precautions. Here is general information to start your insurance call.
If you are considering renting out your home, guest room or even your sofa, your first step should be to contact your insurance staff. Peer-to-peer sharing opportunities like Airbnb can be a great way to raise extra money and become increasingly popular; however, they can also leave you financially vulnerable. If your tenant starts a fire and damages your property or is injured while renting your home, will you be protected? and can be a great way to raise extra money. But they can also leave you financially vulnerable. If your tenant starts a fire and damages your property or is injured while renting your home, will you be protected?
Standard insurance for homeowners and tenants is designed for personal risks, not commercial risks. Some insurance companies now offer liability insurance that can be purchased from month to month, but there may be exceptions and limitations, so read the insurance carefully. If you plan to rent all or part of your home regularly, many companies will consider this a business use and you may need to purchase a business policy ̵
If you are the one who uses a peer-to-peer network to rent a space from someone else, check your own homeowners or tenants insurance. In most cases, if your personal belongings are stolen or damaged abroad, you can simply file a claim with your own insurance company. And if you accidentally injure someone, you should also be financially protected. local hotel space. In these cases, it is quite common for people to rent out their home or part of it for the extra cash that it takes with it. , will extend your coverage to the tenant once. Other insurance companies may require the purchase of a recommendation for the insurance to provide tenants with wider coverage in your home.
Be sure to notify your insurance company in advance so that you can be prepared.