Should you rent out that extra room or two in your home now that the kids are gone? Many people are signing up to rent out a room or two in their home to temporary roomers who may be visiting the area. If you do, what are the consequences for your insurance policy?
Are you covered for that horrific accident that could happen on your premises and that may injure your roomers? If you are renting to two or fewer people, it’s possible that the Liability component of your policy does protect you. With more than two it may not.
The common Exclusion language in a homeowner’s policy excludes more than two roomers at one time, but does not exclude up to two.
However, while all insurance companies normally use the same or similar insuring documents, many change them with endorsements that alter the language and permitted use.
So, as always, if you are thinking of or already renting out that extra room or two, you should check with your agent and make sure that you are properly covered. If you are not, find out what you might be able to do to eliminate that risk.
The time to figure out whether you are covered or not is before, not after that liability incident takes place.
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