Renting and Homeowners Insurance

For Rent sign outside of house.Renting out part of one’s home is a popular way for homeowners to make extra money during mega events in their local area, or over an extended period of time. While the home sharing market is quickly growing due to companies like AirBnB, one thing that homeowners must consider is their insurance – specifically, their homeowner’s insurance. Homeowner’s insurance protects the structure of the home, personal possessions, the cost of living elsewhere during repairs, and liability to others in case of damage to one’s property or others. But, homeowner’s insurance does not cover the costs of renting out part of one’s home to paying guests. Learn how renting and homeowners insurance interact.  [Read more…]