Read this quick guide before renting out your home for short stay.
The new trend of renting out your home while you’re away on holiday or business can be a great way to make some additional cash, but what are the potential liabilities?
Online real-estate portals allow almost anyone to put up a room, their home or holiday house for rent and short term stays.
However most of us don’t stop to think about the consequences if someone is injured or even dies while staying at our house.
Here are a few handy tips about potential liabilities and how you can help reduce your risk of potential liability:
- Be upfront about any potentially dangerous conditions which guests may not recognise for example, a garden path which gets slippery when wet.
TIP: Put warning signs on your property advising of potential danger and hazards.
- Most standard homeowner insurance policies do not cover commercial activities such as renting out your home for short-stays. Therefore if someone is injured during their stay your insurance may not cover it.
TIP: Check your insurance policy and make sure it covers commercial enterprises.
- As a host, be mindful of features of which guests may not be aware such as home surveillance and security.
TIP: Detail the location of any security cameras or surveillance equipment in your online property listing.
- Minimise hazards where possible.
TIP: Provide instructions about operating heating/cooling, ovens and stoves.
TIP: Be mindful of potential hazards to small children such as stairs and sharp edges. Remove same, or mark clearly.
TIP: Mark, or if possible remove, tripping hazards such as hoses prior to renting out your property.