With the onset of COVID-19, tourism has been impacted in Windsor and Essex County and across Canada. Families are not only looking to take a vacation, but many are renting out their cottages and properties to generate an income. With our current travel restrictions, this type of rental is booming.
The explosion of companies like Airbnb, VRBO (Vacation Rentals by Owner) and B&B associations, makes it easy for all homeowners to promote their properties to interested vacationers.
However…
If renting out your cottage or property is a consideration for you, it’s essential to know that when you use your home or cottage to generate an income - any income - you start to get into a very complicated area regarding insurance.
It is an absolute must to clearly discuss your intent with an insurance professional before committing to rent out any part of a home or property which you own or lease, as there are unique and distinct risks involved and specific criteria to be met.
While the company you may choose to advertise your property may offer insurance for minor damage, it’s important to note that a "normal" home owner’s policy will not cover even a modest claim related to the business operation; which could result in financial devastation to the property owner.
Speak to an insurance broker who is well versed in this unique type of coverage. If we can help you, please reach out to us: 519-736-8228