Vacation Property Rentals….Risk vs. Reward

Scenic view of a calm lake and the reflection of the surrounding trees as seen from a vacation property rental.

With the increase in use of sites like Airbnb.com and VRBO.com, renters and property owners are connecting all over the globe!

Renting your vacation home or cottage can be a great way to help cover some of your ownership costs but…..

Are you insured? In some cases insurance companies will not insure you if you are renting your property…or, quite possibly, you will experience a significant rate increase.  In any case, make sure you have the proper insurance, especially for third party liability.  The last thing you want when you take on a renter is a personal injury on your property resulting in a law suite.

Is your property in good rentable condition? Be sure to take all precautions to protect your personal items.  Have you removed all hazardous goods?  Does your home or cottage and property meet standard safety codes (this will be very important if there is ever an insurance liability claim).

Renting can be a very positive experience for both the renter, and the property owner.  Be sure to take the time to ensure you know the risks vs. rewards.