The home sharing community is a popular option for travellers and those looking for short term rental options.
Home sharing is a way to bring in extra income by renting out a portion, or the entirety, of your home, condo or seasonal property. Recognized home rental apps like Airbnb offer a secure way to list your property and assess prospective tenants. Some short term rental platforms even offer insurance programs, but they don't always provide coverage for everything you'll need.
Our Short Term Rental coverage is an easy way to protect your belongings and property in the event of loss or damage, and can be added onto your existing Wawanesa Insurance policy.
Wawanesa Short Term Rental insurance covers you for:
- Theft and attempted theft caused by tenants and their guests
- Damage caused by tenant vandalism
- Theft of, or damage to, your tenant’s property (up to $1,500)
- Fair rental value
It is critical to notify your broker if you rent out your property, as it may impact your standard home insurance policy regardless of whether you have Short Term Rental coverage.
Tips to keep your property safe
Even though insurance can offer you peace of mind, it’s always wise to be prepared and take additional steps to make the home sharing experience a positive one for you and your guests.
- Lock it up: If you’re renting out a space you occupy frequently, or you plan on keeping any personal items on the property during your guests’ stay, store them in a spare room, closet, shed, cupboard or similar area that can be easily locked off.
- Change your passcodes: It can be necessary to share passcodes for areas your guests need to access while they stay on your property – like garage doors, alarm systems and even WiFi. Take care to change them immediately after every checkout.
- Take an inventory: Make time to document all the contents in your rental space or property in the event of a claim.
- Leave a guide: Sometimes, even the best guests can cause damage if they unintentionally misuse household appliances, amenities and electronics. Consider leaving a quick reference guide for renters, which includes what to do and who to call if something goes wrong.