Here’s how to rent out your home or property safely

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Looking to rent out a room, a flatlet or even your entire home? Be positive to speak to your insurance coverage firm first to be certain that you’re lined for any further dangers. That’s the recommendation from King Price Insurance’s shopper expertise companion, Wynand van Vuuren, who says opening your property to paying visitors can expose you to a spread of dangers and liabilities which you’ll not even have thought about, and sometimes aren’t lined by normal householders’ insurance policies.




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“It’s turning into more and more frequent to see folks sharing areas and renting out rooms to save on dwelling prices. And with the vacation season developing, many rent out their houses or flats on platforms like Airbnb to generate earnings. But they want to assume about the results this can have on their insurance coverage,” says Van Vuuren.



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The dangers embody lack of, or injury to, your personal belongings; lack of visitor belongings; third-party legal responsibility if paying visitors are injured on your property; and even injury precipitated to the buildings themselves by tenants.

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When must you speak to your insurer?



Even should you’re solely renting out a room, you want to let your insurer know, as there could also be circumstances on your cowl. For instance, many insurers will exclude cowl for communes and boarding homes, as the danger is just too nice.

When working an Airbnb, it will get a bit extra sophisticated, as you’re really running a business. This signifies that the dangers are solely completely different, and as such, the circumstances of canopy – and your premium – may even differ.

Renting out a ‘granny flat’ on your property might not have a big affect on your buildings insurance coverage, nevertheless it’s nonetheless advisable to test with your insurer. You must also test in with the tenant commonly to be certain that the circumstances of canopy are being met – it’s your asset, in spite of everything.

Whose duty is it to insure home contents in rental conditions?

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Home contents must be insured by whoever owns them. So, should you rent out a furnished flat, it’s best to take out cowl for the constructing and the furnishings. If you’re simply renting out the constructing, the tenants ought to have their very own home contents and moveable possessions insurance policies for his or her belongings.

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“And, as at all times, the golden rule right here is to insure contents for his or her present alternative worth – not what you paid for them,” stated Van Vuuren.

If an Airbnb visitor’s belongings are stolen from the property, who’s liable?

The landlord would usually acquire insurance coverage for his or her paying visitors’ belongings beneath business insurance coverage cowl. This cowl would usually be restricted to a pre-determined worth.

“Renting out a property, or running an Airbnb, is a great aspect hustle, or even a major earnings stream, for a lot of South Africans. Just ensure that you and your visitors are adequately lined if something goes flawed,” stated Van Vuuren.

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