Many people choose to create an income stream by renting out a room, an apartment or a home. With it being such a common occurrence these days, and with the platforms such as VRBO and Airbnb, it may seem like a straightforward process, however, most insurance policies do not cover for loss, damage or liability when the home is left to what is essentially, strangers.
Many of the online short-term rental companies offer insurance, but it should not be considered as a replacement for tenants’ insurance.
Be sure to have a frank discussion with your insurance broker BEFORE listing your property for rent.
To minimize your risks, here are some tips:
- Establish rules for guests’ behaviour and security
- Request a security deposit
- Ensure your personal valuables are removed or secured to help prevent damage or theft
- Carefully screen each guest
- Be sure your home’s security system is up to date and that your smoke and CO detectors are in good working order
- Let your guests know the location of your fully stocked first aid kit and local emergency contact numbers and locations
- Keep your home well-maintained and perform regular inspections of its condition and safety systems as a preventative measure
We invite you to contact EasyInsure for more information on minimizing your risks with the proper insurance:
info@easyinsure.ca