If you’re like many people, you have a second home in Aspen, Basalt or another nearby community. If you rent it while you’re not there, you may be making a smart investment decision – but does your homeowners insurance cover the house while you have temporary tenants?
Does Homeowners Insurance Cover Your House if You Rent it Out?
Once you rent out your home, it could technically be considered a “business.” That means you need to call your insurance company and let them know you have tenants – even if they’re only temporary tenants, such as Airbnb renters.
Many homeowners policies aren’t intended for commercial use, and your insurance company may have an issue with you renting out your home without letting them know or making a policy switch.
If your tenant damages or vandalizes your property, you could end up paying to have it fixed. If you rent out a condo in Aspen and your tenant causes issues in common areas, such as near the pool, you could be responsible for those, too.
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