Home Sharing and Your Home Insurance

In our house there are not a lot of folks lining up to “home share” with us.  Could be the kids, the bird or just me, but as of this posting, no inquiries have been made.

I do realize that there are a number of people out there who are using home-sharing companies to make some extra money.  That is why I think it is important to review a few facts about most home insurance policies.

Home insurance policies were designed BEFORE home-sharing was a “thing”.  On the standard home insurance policy provided in our office there are several provisions that may exclude certain coverages when you participate in a home-sharing service.

Here are a few things that may be EXCLUDED on your home insurance policy:

Loss to a structure (other than your residence  ( garage, barn, carriage house) that is rented to others

Loss to personal property of your roomers, boarders and tenants.

Theft or your personal items from part of your residence that you rent

Your liability for bodily injury or property damage to others if rental is longer term

So if you do decide to home-share please contact your insurance agent to review your home insurance policy and any potential coverage gaps that need your attention.