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The Russell Agency, LLC Blog

All You Ever Wanted to Know About Insurance

Coming or going, ensure your short-term is insured

If you plan to rent out your home, you should check that you have certainty of coverage to protect yourself and the
property. Homeowners policies are not intended to cover business or commercial use of your home, which includes renting
it out for a few nights. This requires extra coverage, either in a separate policy designed to protect your house when
rented, or an endorsement added to your existing policy.
You need your own insurance protection, even if the service you use to rent out your home promotes backup
coverage for anyone using its service. Typically, these policies will not reimburse for more than the actual cash value of
property damaged by guests. For example, the policies will not pay for fire damage caused by electrical wiring. Additionally,
covered property may exclude valuable items in your home, such as jewelry or artwork. Generally, liability coverage
offered by these companies is limited to injury or damage caused by guests, not liability caused by you or your family.
Before you rent out your house, make sure you comply with applicable Connecticut laws. Currently, the state
does not have restrictions on short-term rentals. However, the state charges a lodging tax on rental properties that the
rental service may collect. And, your city or town may use zoning laws to limit short-term rentals.
If you choose to rent a house or apartment for your upcoming travels, be aware that most homeowner policies
cover your property and liability when you are traveling. However, other people’s property that’s in your care at the time
of the loss is covered only for fire, smoke and explosion. Some of the property you own and take with you may need a floater
policy to provide optimum protection. Additionally, travel insurance can protect you from cancellations or health care expenses while traveling.
Want to rent your property out for travelers? Are you a traveler? Give our office a call today to make sure you
are covered.