Do I Really Need Home Sharing Insurance?
Thousands of homeowners in Ontario are offering their homes to travellers as a way to earn some extra cash. If they already have a homeowner’s insurance policy in place, is there really any need for home sharing insurance? To help make that decision, here are some questions to consider.
Isn’t My Home Insurance Enough?
If visitors are staying at your home free of charge most home insurance policies will provide sufficient coverage in case there is a fall or a fire in your home. However, if you are charging your guests to stay in your home that is a different situation and chances are you are no longer properly protected. Even if you are renting your home out for a very short term, you need to let your insurance company or broker know about the additional risks at the property.
I am just renting out my second home or cottage, do the same rules apply?
If you are renting out or home sharing your principal residence, then you will likely be able to simply add some extra coverage onto your existing home insurance policy. If it is a secondary residence or cottage you may need a separate rented dwelling policy which provides coverage for short term rentals.
Doesn’t My Home Sharing Company Provide Insurance?
There are many home sharing companies now such as Airbnb, HomeAway, and Flipkey to name a few. Some of these companies do include insurance but even then it would be wise to investigate adding it to your own policy. Either way you will need to inform your insurance company or broker that the home is being used for rental and your insurance representative will let you know what your options are.
Whether it is your own home, a secondary dwelling, or a cottage make sure you protect yourself with the right coverage. If you are currently using a home sharing program for your home or are just exploring your options contact Absolute Insurance Brokers today at 1-877-941-2266 or firstname.lastname@example.org.