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:
- 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.