If you receive compensation for listing your home or partial home to others, take a good look at your home insurance. With the popularity of home-sharing through third-party platforms like VRBO, Airbnb, and others come the risk for damage, vandalization, and liability. Even though you may make some extra money from renting your home, analyze the risks too and make sure you have the right coverage.
When Renting Out your Home…
- What happens if the contents of your home are damaged or vandalized by a guest?
- What happens if a guest gets injured on your property?
- What happens if a storm causes significant damage to your home, and you lose rental profits while it gets repaired?
Residential Home Insurance does not Cover Rental Properties
If you are renting out your residential home, and your insurance company is not aware, it puts you at risk for not being covered (even if the damage is not related to the home-sharing activity, such as water or storm damage). Make sure that you talk to your insurance agent to make sure you have adequate insurance to cover your current situation – such as if you decide to rent your home. Here are other reasons to talk to your insurance agent.
MG Insurance Agency can talk to you about your options for adding a home-sharing host endorsement. Insurance companies such as State Auto Insurance Companies have great options for maximum protection that could include:
- Protection for landlord’s furnishings
- Cover loss of rental value due to a covered loss
- Liability protection if a guest in inured on your property
- Theft of items from areas not being rented out (i.e. personal areas of the home, garage)
- Damage to the personal property of others by Home-Sharing host
Important: Even if you don’t rent your home out frequently, when you advertise and offer any part of your home for rent, be sure to tell your insurance provider right away.
Let’s Talk! Our Agents are Here for You.
Looking for the best insurance rates on your home or home-sharing business? We are here to answer your questions and help guide you in the right direction. Needs change and the agents at MG Insurance are ready to talk to you about finding a policy to match where you are at today. Call us directly at 320-235-9394 or fill out this form to make an appointment to review your insurance needs.