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Planning to make extra cash from your home? Then tell your insurer

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Hot on the heels of the Airbnb trend - where you rent out a room in your home to paying guests - an article in a national newspaper  (2nd November) suggested additional ways that property owners can make extra money from their home.

They cited examples of a typical homeowner who could earn up to the following each week:

  • £49 from storing other people’s boxes in her cellar;
  • £250 by renting out a living room to people during the day (such as homeworkers fed up working from coffee shops);
  • £140 by renting out her garden as a micro-campsite;
  • £50 for the use of her piano;
  • £140 for letting out her kitchen for would-be bakers who don’t have a large enough space at home; and
  • £350 for hiring out her personal car.

While for cash-strapped Brits, the ideas may be useful, there are concerns, which our MD, Steve Bradley, has voiced. He says: “Apart from a small mention on the car insurance side of things, nowhere else in the piece was the fact that carrying out these activities without informing your insurer could compromise your home insurance. 

“By having paying guests in your home, you are leaving yourself vulnerable to loss or theft of - and damage to - personal possessions. Not only that, but if they suffer an injury or loss while on your premises, the guest could claim compensation from you.

“In both these cases, your standard home insurance typically will not cover you in the event of a claim, because you had not disclosed your activities.

“If you are planning on renting out any part of your home – even for the day – you need to advise your insurer so they can provide the extra cover needed. As an aside, this also applies to homeowners renting their properties out via Airbnb.”

You can read the full press release here.

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