Tips for Renting Out Your Home
Homeowners Insurance | Personal Insurance
By Nina C.
February 9, 2020

You may be considering renting out your home for extra income while you’re away for an extended period of time. Though this seems like an ideal solution for families with extra room to spare, it can create issues for those who don’t properly prepare.

To get the most out of renting out your home, keep in mind the following:

  • Review the terms of your insurance policy closely and talk with your insurance broker about renting out your home.
  • Draw up a rental agreement that defines the terms of the rental, including restrictions, liabilities, and occupancy guidelines.
  • Request a security deposit. Explain that this deposit will be refunded if there is no damage to your home.
  • Set aside a secure place in your home to store personal items, such as clothing and valuables.
  • Take pictures of all areas of your home before the rental takes place in case damage occurs while you are away.
  • Regularly inspect your property for potential hazards.
  • Make sure your house rules are clear to your guests, prohibiting activities that may increase the risk of damage or injury.
  • Instal smoke detectors, fire extinguishers, and security systems.

If you uncover any red flags while checking references, do not agree to rent your home. Your first priority should be to protect yourself and your property.

 

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