Insurance Considerations When Renting Out Your Home
Responsible homeownership requires you to take stock of risks and exposures, particularly when allowing others to live in a home you own. When renting out your home, you should generally ensure you have insurance that includes coverage for the following:
⦁ Buildings—This may include the primary dwelling and outlying structures, such as garages and sheds.
⦁ Possessions—This may cover equipment and furniture left at the home.
⦁ Liabilities—If a tenant is injured or otherwise suffers losses for which you are at fault, this may help limit financial consequences.
⦁ Lost income—If your rental cannot collect rent, this part of your insurance can compensate you.
Protect Your Home From Burglaries and Break-Ins
Even if you live in a relatively safe neighborhood, the threat of crime cannot be completely ignored. Unfortunately, there may be a time when a criminal sets their eyes on your home.
To limit the risk of a bugler entering your home or even being tempted to try, consider the following strategies:
⦁ Always lock your doors and windows, even if you are home or leaving only for a short time.
⦁ Keep valuable items, such as jewelry and electronics, out of sight.
⦁ If you are going to be away, have the post office hold your mail or ask someone you trust to collect it for you so it does not pile up.
⦁ Consider installing security features, such as surveillance cameras, automatically timed lights or alarm systems.
Vacation Rentals by Owner (VRBO) is an online marketplace where property owners and managers list their vacation rental properties for rent. VRBO allows travelers to find and book accommodations directly from property owners, often providing unique stays that differ from traditional hotel offerings. Here are some key points about VRBO:
Wide Range of Properties: VRBO offers various types of properties, including houses, condos, villas, and cabins, catering to different preferences and group sizes.
Direct Communication: Guests can communicate directly with property owners or managers, which can help in clarifying details, special requests, and getting personalized recommendations.
Reviews and Ratings: Properties on VRBO usually have reviews and ratings from previous guests, providing insights into the quality and experience of the stay.
Booking Security: VRBO provides secure payment options and guarantees to protect both guests and property owners, such as their Book with Confidence Guarantee.
Search and Filter Options: The platform offers robust search and filter options, allowing users to find properties based on location, amenities, price, and availability.
The right insurance for renting out your home may vary depending on your location, the type of residence you own (e.g., condo or house) and how long tenants typically stay. Standard home insurance may not be sufficient in all cases. Contact us today to learn more about your options. Call our office today at 423.541.1111 to learn more Renters insurance and Risk Management Solutions.
