Renting Your Home This Season

With the rental season upon us now, many people are renting their homes. If you are considering this, be aware that your homeowner policy may have coverage limitations or exclusions. The duration, frequency, and way in which you rent are all factors that may affect your insurance protection. Each insurance carrier takes a different position on the rental of a primary or secondary home. Many homeowner policies provide continuous coverage for monthly or even seasonal rentals (Memorial Day through Labor Day) when it’s rented to the same tenant. On the other hand, frequent rentals to multiple tenants can be considered a business exposure that may exclude coverage by your policy.

Here are a few tips and things to be aware of:
  1. Clearly communicate with your insurance broker about your rental plans.
  2. Be aware that renting to multiple tenants through websites like Airbnb and HomeAway may trigger coverage exclusions or limitations.
  3. Failure to notify your insurance carrier before renting may result in the denial of a claim and potential cancellation of your policy.
  4. If you decide to rent, be sure to require your tenant to provide proof that they have their own liability coverage while in your home.
  5. With renting comes increased liability exposure. Please review your personal liability limits and increase this important coverage.

Protect Your House in the Fall and Winter

The fall season is a good time to take measures to protect your home for the cold months to come. Here are several tips to help avoid loss to your property during the fall and winter:

Fall & Winter Tips
  1. Clean your gutters regularly to prevent clogging and potential water damage to your home.
  2. Have a tree expert remove dead or damaged branches or trees that could fall and damage your home or your neighbors’ property.
  3. As winter approaches, drain and turn off outdoor water to avoid freezing and water damage.
  4. If you have fuel delivery for your heating system, be sure to arrange automatic delivery to avoid running out of fuel.
  5. Have your heating system serviced and tested.
  6. Install systems that will help protect your home while you’re away such as a low temperature monitor, water leak detector and an automatic water shut-off valve.
  7. For secondary homes that will not be used during the winter, consider having a plumbing contractor drain the pipes and winterize your home.
  8. Review your homeowner and flood insurance policies so you are aware of your coverage limits and deductibles. Know your agent’s cell phone number in case you need to report a claim over the weekend.

If you have any questions about your personal insurance coverage please call me or email me and I will be happy to advise you.