How do I insure my home when I rent rooms out to students?

How can I insure my home and belongings when I rent out my extra bedrooms to students? I have a four-bedroom house in Connecticut and live in a busy college town. To make extra money, I started renting out two of the spare rooms that I have. What changes do I need to make to my homeowner's policy?

Answer
“Renting out the extra space in your home is a great way to earn extra money!
Make sure to speak with your insurance company because you may need to turn your homeowner’s policy into a landlord’s policy.
A standard homeowner’s policy will cover the belongings and liability for you and resident relatives, but not borders. Any guests that the boarders bring home, you will have liability responsibility for.
A landlord’s policy will help protect your assets from unique situations that can arise from sharing a space with a boarder.
Another way to protect yourself is to require any tenants to have their own renters policy. If anything happened to their belongings, they would have a policy to cover them, rather than putting a claim on your insurance.
The same would apply for liability. If they have a guest who gets hurt, the liability claim would be on their policy, not yours.
Since you need to shop for a new home policy, now is a great time to look for a better auto policy! By bundling both your auto and home insurance together, you can save on both policies with a multi-line discount.
Use the free Jerry to help you get the lowest rates from over 50 companies, delivered to your phone in minutes.”
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Shannon Martin
Answered on Jul 27, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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