Liability Insurance When Renting Out a Home
A liability insurance is a type of insurance that covers you if you cause damage to another person or their property. In principle, this is insurance for you as a private individual. However, once you rent out your home , in many cases you are no longer considered a private individual. This means that your personal liability insurance may not provide sufficient coverage, which could have serious financial consequences for you.
Terms and Conditions of Liability Insurance for Rental Properties
The moment you rent out your home and earn money from it, you are no longer considered a private individual by the insurer. This may mean that your personal liability insurance does not provide sufficient coverage. The first thing you should do, therefore, is inform your insurer that you are going to rent out your home. They can tell you whether your personal liability insurance (AVP) still suits your situation. Every insurer has specific terms and conditions regarding the rental of homes. You may have to pay an additional premium on your personal liability insurance. Or you may need to take out a commercial liability insurance policy (AVB).
Significant Risks for the Landlord
Of course, the tenant’s belongings may be damaged. That’s property damage—it’s annoying, but likely manageable. You may also be held liable if the tenant suffers a physical injury caused by your belongings or your home.
Suppose a tenant falls down your stairs because a step isn’t secured properly and sustains a permanent injury as a result. Or suppose the tenant suffers carbon monoxide poisoning or is injured in a fire. As you can imagine, in these cases, the financial consequences would be incalculable.
Rental Property and Other Home Insurance Policies?
What about other home insurance policies when you rent out your home? This can have implications for both your contents insurance and your home insurance. As soon as you rent out your home, you must notify your insurer. This also applies if you rent out your home temporarily—for example, when you go on vacation.
What You Need to Do When Renting Out Your Home
Do you own a home and rent it out? If so, please contact us to check whether your liability insurance still meets your needs. You can reach us Monday through Friday during business hours via chat, or by phone at 088 – 688 3700.
Never Underinsured
Create Your Own Package
A wide selection
We compare all insurance companies for you, saving you time
Help from our experts
Can't figure it out? Our experts are always ready to help you
We'd be happy to help you right away
Having trouble figuring it out online? We're happy to help you via chat or WhatsApp.
We are open Monday through Friday from 8:00 a.m. to 6:00 p.m.