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Rent out your property?

Jan 10, 2019
3 min reading time

What about insurance when you start renting out your home?

In principle, your home contents insurance and buildings insurance are designed for private use. Once you start renting out your home and making money from it, it is no longer private use, but business use.

Rental rules

If you are planning to rent out your home, you should notify the insurer. You may have to start paying a higher premium for building insurance because it is assumed that the risk of damage is greater when renting out.

Even if you start renting out your home, the property remains in your possession. Because of this, it is wise if you have a homeowners insurance policy that also provides coverage when renting out.

There are some rules associated with buildings insurance (including rental). There is a maximum number of days per year on which you may rent out the property. You must have daily supervision, with outsourcing often not allowed.

Drafting a lease

It is wise to make proper arrangements with the tenant(s). You can record these agreements in a rental contract signed by both you and the tenant(s). Furthermore, it is smart to include in the rent an amount for insurance.
If you are going to rent out the property permanently, your belongings are probably not in the property.
If they are, you can include this in the lease.

Any rental of your contents should be carefully agreed upon with your insurer.

Glass insurance

Are you planning to rent a property? Then check carefully what the landlord has mentioned in the lease about insurance. Does the rent include an amount for insurance? Also check carefully whether window damage to the house is included in the insurance. If it is not clear, ask the landlord if glass insurance is included to avoid confusion and extra costs.

To rent or not to rent?

Renting out your property can make you quite a bit of money. It can also cost you a lot of money if you don't have your insurance in order. Usually you only find out after a damage

So it is very important to check carefully in advance exactly what you are insured for and change it if necessary. This way you know exactly what you are and are not insured for and you will not be faced with unpleasant surprises afterwards.

Are you insured through Alpina? Always contact us if you have any questions! We will be happy to help you.

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