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May 2016 (630) 655-2410
Is It Safe To Rent Out Your Home?

At first glance, turning your home into a short-term rental seems like a great idea. You get to meet new people. You make some extra money. What could be better than that? However, before you turn your home into a weekend Airbnb or nightly rental, consider this: Renting out your home creates commercial risks. That’s why, before you book any overnight guests for a short-term stay, you need to make sure you’re properly protected.

How to Safeguard Your Home as a Rental
If you’re thinking about renting out part or all of your home for profit, be sure to take these precautions first:

  • Get proper insurance to make sure you’re covered during rental situations.
  • Draw up a rental agreement that clearly states the terms, restrictions, liabilities and occupancy guidelines of the rental.
  • Check out potential renters before agreeing to a stay — ask for references if possible.
  • Require a security deposit, which you’ll refund when there is no damage to the property after a stay.
  • If you’re going to be away, assign someone to help manage the property and its renters while you’re gone.

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Mavco is an independent insurance agency located in Hinsdale, Illinois. We provide personal and business insurance solutions, and specialize in supporting the complex needs of high net worth individuals and their families.

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