Summer brings some great attractions in Alberta: the Jazz Festival, the Calgary Stampede, Westerner Days and more again. People who travel to these events can get expensive and difficult to find housing. In previous years we have seen a surge of people open extra rooms in their homes for short-term tenants, or even renting their entire apartment or house for the duration of the major events. For the host, this puts a little extra money in their pocket; for travelers, it offers a place to rest your head after a day of discovery of our cities. However, there are some things you'll want to consider before temporarily renting rooms this summer
Some property insurance companies allow a short-term rental at a major event (eg: . Vancouver Olympics). However, you will not know if this applies to you until you call your broker to discuss. When you talk to your broker about your intentions, they can check if your insurance company has officially approved locations of this nature; otherwise, your dealer may seek approval for your own specific plans, allowing the insurance company to change your policy and charge a premium for the increased risk of occupancy tenants.
If your insurance company has not widely granted this kind of permission, your policy probably excludes loss or damage caused by tenants and / or occurring while they are local -. leaving you unexpectedly at risk of financial consequences if the damage claims by your tenants are denied
Second, by providing your house freely to others on a short-term rental (including services like Airbnb) may be a reason for insurers to cancel your policy unless you have given that exposure in your application and have been approved by the insurance company. some insurance companies will hire highly of this nature, so that all those who do this without first facing severe enough coverage implications.
Our best advice? Call your broker before you offer rental of any kind. The rental can save you some money, but excluded claims due to the use of rent to black could end up costing you much more.
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