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How Renting Out a Room in Your Home Affects Your Home Insurance

If you have an extra room in your home, you might think about renting it out to provide someone with shelter and make some extra cash. Before your start your search, it’s a good idea to contact the agent who handles your home insurance in Alpine to see if and how renting out a spare room can impact your policy.

In most cases, insurance companies are perfectly fine with homeowners renting out a spare room as long as they still occupy the home. That being said, there are limits to the number of tenants you can have in your home. What’s more is that your new tenant needs to have her or his own renters insurance policy while remaining in your residence. That way she or he is covered in the event that something happens to his or her belongings while residing on your property. You should also draw up an official lease with the tenant so that you can take advantage of rental income coverage should anything unfortunate happen to your home, such as a fire.

And there you have a few tips about how renting out a room impacts home insurance in Alpine. Know that the above stipulations differ from insurance company, so be sure to ask yours for specifics on how it handles renters.