Renting Out Your Home
With the rise of services like Airbnb, 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 agent 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.
- Ask for references from potential renters, especially those that will stay for a while.
- 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.
- Advise your agent at, The Buren Insurance Group, that you plan to rent your home and ask about how this may affect your current coverage.
- Consider hiring a property manager to look out for your home if you are renting for a long period of time.
- Have your mail forwarded or held until your return.
- Provide your contact information to both the renters and your neighbors in case of an emergency.
Safety First! Check the references of potential renters is vital when determining if you will open your home to strangers. 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. For more information or questions regarding renting out your home or another house, please call us at (888) 281-6191.