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Renting Your Home For Sporting And Other Events

Dec 16, 2011 3:21:00 PM

Do you rent out rooms and/or your entire home for Notre Dame or Colts football games?  Maybe you’ve thought about doing it but weren’t sure where to start? Our recommendation would be to begin by making sure you’re protected.

Many insurance companies will exclude coverage for liability and theft for this situation. However, there are several insurance companies that will cover this exposure. It’s important to tell your insurance advisor if you are, or are planning to, rent out your home or rooms in your home. Your advisor will want to know how many rooms you are renting out and how many weekends a year you plan to rent.

You will want to make sure you have coverage for:

  • liability
  • personal property
  • the rental operation – which often requires a separate endorsement on your homeowners policy
  • personal umbrella coverage - further protecting your assets

We know people who have been renting out rooms and/or their home for over 20 years. It is a lot of fun and can be very lucrative. Make sure you have proper coverage in place from the start. It would be a shame if an unfortunate incident happened and it isn’t covered by your insurance program.

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Gibson

Written by Gibson

Gibson is a firm of advisors and consultants that help clients get to the proactive side of insurance. We specialize in working with companies looking to find their edge—where they are growing as an organization, differentiating themselves in the marketplace, and preparing for current and future risk. Together we will find the perfect combination of insurance and consulting.