You may be considering renting out your home for extra income while you’re away for an extended period of time. Though this seems like an ideal solution for homeowners with extra room to spare, it can also pose significant liabilities. If you are thinking about renting out your home, consider this guidance to minimize your risks.
Secure Adequate Coverage
In addition to taking these precautions, be sure to advise your insurance agent that you plan to rent out your home and ask about how this may affect your current coverage.
Keep in mind that standard homeowners insurance policies typically don’t cover losses related to renting out your property. That being said, you may need to secure additional, specialized coverage before renting out your home—such as rental property insurance (also known as landlord insurance).
For more personal risk management guidance and insurance solutions, contact us today.