Thinking of Renting Out Your Home?
Renting your home to potential vacationers through AirBnB, HomeAway, VRBO and others, has become increasingly popular over the last couple of years; especially here in the Kawartha Lakes and surrounding areas. And whether you are the Host (renting out YOUR home), or the Traveler (the renter), we highly recommend that you call your broker BEFORE you hit that accept rental button, and here is why:
Making a little extra money by listing your property on a Home-Share website can be a fantastic way of financing that dream vacation you've always wanted. But whether you are looking to rent your home as a one off, a few times a year, or simply just one room in your house, call your broker (or any of us here at Stewart Morrison Insurance) first. Your broker will be able to inform you if your home insurance (or tenants insurance) will cover you for liability, theft and other damages that have been reported to happen from time to time. Even if you do not frequently rent out your property, and your home insurance policy provides adequate coverage, giving your insurance company the heads up on the rental situation could be the difference of being reimbursed, or not, in the event of a claim.
Keep in mind:
Be careful when Home-Sharing websites boast protection in the event something goes awry and damages are incurred from renting your residence to guests. Quite often this coverage is not actual insurance and excludes liability, and contents such as jewelry and art. Furthermore the "protection plan" may state that you will first be expected to try and resolve the situation and collect damages, if not resolved; then you must go through your home insurance, and only after those avenues are exhausted will the "protection plan" be reviewed.
Thinking about booking a vacation, and either can't find a cottage, or there are few choices within your price range? Searching for a Home-Share is often a great way of finding beautiful properties, at a reduced rate. Win, Win! Your home or tenants insurance will cover you for any unintentional damages you may cause while traveling - if you have any additional questions regarding the coverage while renting, definitely ask your broker, or call us here at Stewart Morrison Insurance.
Keep in mind:
If your Home-Share is out of the country/province, you'll definitely want to ask about travel insurance!
Home-Sharing is a fantastic trend we don't see slowing down any time soon. If you have been thinking about it, call us. We'd love to help you decide by making sure you are covered for whatever comes your way.