Traditional home insurance will protect your property and belongings against theft, fire and weather damage. Renting out a room is different and will not fall under your home insurance policy.

If you rent out any of the following, it must be declared to your Insurance Broker:

  • Cottage
  • Basement apartment
  • A room in your house
  • Listing your full house or just a room under organizations like AirBnB

When you list renting a part of your home under your home insurance, your rates will increase but you will have the right coverage in place to protect you in the event of a claim. Many factors are taken into consideration when we work with you to ensure you are properly insured. Are you opening your home to renters on a short-term or long-term basis? Is it a one-time occurrence or will it continue over an extended period of time?

In the event of a home insurance claim, the insurer will conduct an investigation. If there is evidence found of a room being rented you could face the claim being denied.

We have seen an increase in the number of people renting rooms or basements in their homes. This can be a great source of revenue but if you are renting a space in your primary residence, you must declare this to your home insurance provider. Before you open your home to temporary guests, you need to protect you and your assets against personal liability and damage.

We understand that every situation is unique. We look forward to working with you to find you the right coverage that is suited to your needs. Contact us today to discuss your insurance needs.