Antony Osborne, head of product at Paymentshield said:
“Renting out your home could be an easy way to make some money this summer, but home owners should ensure they don’t put their homes at risk before committing to anything.
“Many people don’t realise that their policies could be void if they don’t notify their insurance providers ahead of any changes. The worry is that people will only realise this at the point of making a claim, which could mean they end up covering the cost of any damage or losses.”
In line with this, Paymentshield is offering tips for would-be Olympic landlords.
Check your policy
Read through your current insurance policy tocheck how the usage of your property is defined and to what level.
Seek advice
If you’re unsure about anything or need help understanding your policy, seek free advice from a financial adviser or mortgage/insurance broker to see how you may need to change or update your policy to make sure you are covered for short-term rentals.
Inform your provider
Let your insurance provider know you’re going to have someone staying in your home for an extended period of time even if you don’t intend to charge them to stay with you.
Protect your valuables
If you have anything you wouldn’t want a stranger to break or take, remove them from the property. It’s better to pay for storage than lose them forever.
Sign a contract
Be sure to get a tenancy agreement drafted and signed outlining the responsibility of any tenants. You may want to seek advice from a professional letting agent for added peace of mind.
