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?

“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.”
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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