While hotels may have been the accommodation of choice in the past, the home sharing community is becoming an increasingly popular option with travellers and those looking for interim rental options.
What is home sharing?
Home sharing is also an excellent way to bring in extra income by renting out a portion, or the entirety, of your home, condo or seasonal property. Recognized home rental networks like Airbnb, HomeAway and VBRO offer a secure way to list your property and assess perspective tenants, but are your new guests covered under your homeowners policy? Chances are, they probably aren’t.
Wawanesa Insurance's Short Term Rental insurance is an easy option to give you piece of mind that your belongings and property will be protected in the event of loss or damage, and can easily be added on to your existing Wawanesa Insurance policy.
What does it cover?
Wawanesa's Short Term Rental insurance ensures you’re covered in the event of:
- Theft and attempted theft caused by tenants and their guests
- Damage caused by tenant vandalism
- Theft of or damage to tenant’s property up to $1,500
- Fair rental value
I have my Short Term Rental Insurance! What else can I do?
Even though insurance can offer you piece of mind, it’s always better to be prepared and take additional steps to make the home sharing experience a good one for you and your guests. Here are a few quick tips to help keep your home and contents safe when renting:
- Lock it up: If you’re renting out a space you occupy frequently, or plan on keeping any personal items on the property during your guests’ stay, store them in a spare room, closet, shed, cupboard or similar area that can be easily locked off.
- Change your passcodes: It can be necessary to share passcodes for areas and resources your guests will require access to while they stay on your property – like garage doors, alarm systems and even WiFi. Take care to change them immediately after every checkout.
- Take an inventory: Wawanesa has a Property Inventory sheet is a handy resource to keep track of all the contents in your rental space or property, and can be easily referenced in the event of a claim.
- Leave a guide: Sometimes, even the best guests can cause damage if they unintentionally misuse household appliances, amenities and electronics. Consider leaving them a quick reference guide for your home and property, which includes what to do and who to call if something goes wrong.
Ready for worry-free home sharing? Contact one of our brokers to add Short Term Rental Insurance to your policy!