If you post your own home or another property for short-term rentals on a site like Airbnb, for example, you need to protect yourself with Airbnb insurance. You should also be aware there are mortgage implications too.
Your home insurance policy does not provide adequate protection should you decide to rent your property to someone else. You need to notify your insurance broker or provider if you begin to rent out your own home or a second one to bring in some additional income. Guests staying in your home or other property for free is one thing but as soon as you charge money for their stay, they become renters or tenants. This scenario applies to the following:
Tenants or short-term renters do add potential risk to your property, such as:
Airbnb insurance will give you appropriate coverage if you do decide to list your property on any short-term rental site. Similarly, your home insurance policy can be adjusted to allow you to rent out your home or a room in it. In either case, you should also contact your lending institution regarding any mortgage on your property, since lenders are also concerned about additional risk caused by changes to the intended use of the property.
Before you post your home for any type of rental, talk with an insurance expert to be sure you are properly protected. For free advice and no-obligation quotes, contact the insurance professionals at Mitchell and Whale Insurance Brokers at 1-800-731-2228 or by email at firstname.lastname@example.org. We’ll be happy to help you and answer your questions.
Mitchell & Whale Insurance Brokers was recently voted #1 in Ontario by the Insurance Business Canada magazine. Read more