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Renting out your property? If you think you are covered by your regular home insurance, think again:
[an extract from an Article by: Vernon Pillay – Digital Journalist – IOL Business – 5 November 2024]
Thinking about renting your property out in order to make some extra cash?
Well you should know your insurance liabilities.
A number of South Africans have taken to renting out a room, flatlet, or their entire house to earn extra income, especially during the holiday season.
Homeowners have flocked to platforms like: Airbnb, Roomies or Roomster to rent out their homes and or rooms to potential guests.
The idea of extra money can be enticing but Wynand van Vuuren, client experience partner at King Price Insurance explained that your home insurance risks change when you rent out a living space for income.
“Your personal buildings and home contents insurance covers loss, damage and liability, but the addition of paying guests brings additional risks and your insurer may reject claims if you don’t have the correct cover in place,”
Building vs personal
Van Vuuren noted that personal insurance for your property and all the structures on it typically included cover for the loss of, and damage to, the buildings themselves, as well as the permanent fixtures and fittings, such as built in stoves and cupboards, fitted carpets, light fixtures, and taps.
He added that this cover is specifically excluded when a building is let or sub-let, unless there are visible signs of forced entry. Cover for loss and damage due to acts of nature may also be voided
The Original, Full Article can be Viewed here → https://www.iol.co.za/property/residential/renting-out-your-property-if-you-think-you-are-covered-by-your-regular-home-insurance-think-again-209931cd-cb81-4201-9151-004f16210b21