To safely rent out your home, be aware of the potential risks and the insurance options to protect your property. Here are some precautions to take before hosting short-term renters.
- Understand city and town specific laws and regulations
- Review HOA bylaws about short-term rentals if you are part of a condo or apartment complex
- Get answers to insurance questions before listing your property
- Explore tax implications for rental income
- Warn guests they’re responsible for all damages (have terms in writing)
- Set your house up like a hotel
- Remove all personal items and valuables
- Alert neighbors short-term renters will be occupying your home
- Leave instructions for appliances, alarm system, garage door, etc.
Call your insurance professional and find out whether your policy covers occasional short-term rentals. You might need to purchase additional coverage depending on your situation.
This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem.
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