Rent out all or part of your home? You need to change your insurance policy.

Posted 30th June, 2017

Rent out all or part of your home? You need to change your insurance policy..

The so called sharing economy is really starting to gain momentum across the world, with everything from cars, boats and even Kayaks shared by people in return for some income. The likes of AirBnB have proved really successful in linking tourists with locals, but how does sharing your home effect your insurance?

  • If  you have home insurance and are renting your property & haven’t told your existing insurer, it could result in a claim not being paid or could invalidate your policy.
  • The likes of AirBnB have insurance cover built in, but there are a lot of limitations to this cover. Make sure to read to the T&C’s carefully and note just because AirBnB have some cover for home owners, this won’t stop your main insurer invalidating your overall claim.
  • Have you reviewed your security and fire prevention procedures in your home to allow for guests?
  • If you have additional cover such as accidental damage cover on your policy, sharing your home may invalidate this.
  • If your existing insurer does not want to insure you, make sure that you organise alternative cover before they cancel your policy. A ‘forced’ cancellation will have to be notified to any new insurer.

What can I do to make sure I am covered?

AirBnB insurance can be a mine field.

First of all, contact your existing insurer. They may agree to cover your temporary tenants, or at the very least not deny a claim on your home because you are renting out your property. If they are refusing to cover you, contact a specialist insurer (such as!) and try and obtain a quotation first as you do not want a forced cancellation on your record.

Is there anything I can do to make my property less of an insurance risk?

Of course, not having a claim or incident in the first place is the best way of avoiding a claim. Here are some ideas that may help:

  • Know your tenant: Get to know who is going to be sharing or using your property. Younger people or students may be an issue in certain areas, whilst in other areas they maybe very welcome. Does the tenant have a track record of using shared home services?
  • Prevention is better than cure: Even with the most conscientious of tenants, accidents happen, so try and remove anything of great value before you rent out your home, especially items that are expensive and by removing them won’t effect the tenants experience.
  • Make sure fire prevention and intruder alarms are working and that your tenant know how to use them. Leave emergency contact numbers in the event of an issue.

When it comes to sharing or renting out your property, insurance can be a mine field. Contact the experts on 0818919699 for a quotation today or visit our property insurance page for further details or to complete a submission form. We will be happy to help.