Attention: Vacation (Any) Property owners. Thinking about renting all or part of your home?
Property "sharing" is gaining in popularity these days as evidenced by many of the popular "vacation" rental websites. Regardless of the rental situation being considered - one or two separate rooms, sharing your space or renting the entire property, there are very important legal and insurance considerations which need to be addressed.
Imagine allowing visitors from another country to rent your place for a few weeks while you vacation. Upon your return and after their departure you discover that $25,000 of goods have been "stolen" or worse, your home has sustained serious damage from vandalsim, water, fire or other causes. Do you think your insurance company, who has been insuring your home for you and your family, will just step up and pay this loss? Think again. They may deem this as being a "material change" in your risk and decide they wouldn't have insured the situation had they known and now certainly won't, leaving you with an uninsured and possibly disastrous situation. Rely on the insurance provided by the web referrral site? Read the fine print and good luck.
Before any thought is given to renting all or part of your home (or for that matter, any material change in any risk situation), please call us to discuss the details and consider your options to ensure the proper coverage is maintained.