Friday, 13 June 2014

Do You Rent Your House Out? Is Your Insurance Correct?

At this time of year many of you will have rented out your properties on short term holiday lets, which is fine, but did you remember to advise your insurance company of the change of status?

For your home insurance to be valid you need to advise your agent or insurer of any changes that occur, which includes renting out whether short or long term. Generally the status of your property can be changed without a problem when you start to rent out and again when you finish. Whilst the premium might adjust slightly, it is worth it to ensure that you have proper cover.  You don't want to give the underwriter a reason not to pay your claim!

Always make sure that you check the terms of your insurance whilst renting, as you may find that some of the covers are not the same as they are when it is a permanent home.  One change that springs to mind relates to your valuables. Don't leave any valuable items in the property when you are renting, as generally theft by tenants won't be covered.

You also need to check that you have third party liability cover included, and the value of this cover. Whilst Spain doesn't in itself have a culture of suing for every small thing, other nationalities might have different views and it is better to be safe than sorry. Who knows when an accident will occur.

If you are renting out long term, ask us about a special policy that provides additional cover for you.

If you need us to help you with your home insurance, please contact us on 96 649 3762 or email: