Brookfield Wisconsin Insurance - Philleo Agency Insurance

Premium Service for Your Premium Dollars

Philleo Agency Insurance
12555 W Burleigh Rd
Brookfield, WI 53005
Phone: 262-432-4200
Facebooklinkedinyoutube
  • About
    • Insurance Companies
    • Career Opportunities
    • Client Services
    • The Independent Agency Advantage
    • Commission Disclosure and Transparency
    • Five Reasons to Have One Agency Take Care of Your Personal and Business Insurance
  • Personal
    • General Personal Insurance
    • Auto Insurance
    • Home Insurance
    • Condo Insurance
    • Renters Insurance
    • Flood Insurance
    • Motorcycle Insurance
    • ATVs, RVs, Campers and Trailers
    • Boat Insurance
  • Business
    • General Business Insurance
    • Motel and Hotel Insurance
    • Contractors Insurance
    • Rental Property Insurance
    • Landscaper Insurance
    • Restaurant Insurance
    • Tavern, Nightclub, and Bar Insurance
  • Life
    • Life Insurance Explained
    • Life Insurance Proposal
    • Life Insurance Quote Form
  • Team
    • Sunny
    • Amy Slye
    • Emily Meyer
    • Gina Marszalkowski
    • Jeff Olson, LUTCF
    • Jeanne Grisetti
    • Laura Popies
    • Ron Philleo
    • Tim Fraedrich
    • Donny Chartier
    • Lori Chartier
    • Jessie Bamberger
    • Jessica Beaman
    • Brian W. Grogan ChFC, CLU
    • Shannon Dieringer
    • Brianna Ubert
    • Stephanie Obst
    • Buddy
  • Blog
  • Reviews
  • Contact
    • Client Services
  • Real-Time Quote!

Renting Your Home to Others

June 22, 2018 By Ron Philleo

Renting Your Home to Others

Renting homes on sites like FlipKey, Airbnb, or HomeAway offers residents way to make passive income from property they already own. But if you have been considering renting out your home, there are probably several questions you’ll need to be answered first — especially those related to insurance coverage.

Below, we’ll touch on some of these questions and answer them so you can feel more prepared should you decide to go forward.

Have a Question? Give Us a Call!

FAQ About Home Rental With Sites like Airbnb

Can anyone rent out/host their home?

For the most part, yes. As long as you own the property, you can definitely sign up on a site like Airbnb, HomeAway, FlipKey, or VRBO. You’ll be required to follow the rules and regulations of each site.

Keep in mind that if you are renting an apartment or home, you must first look at your lease or speak with your landlord if you’re thinking about renting it out. Most leases dictate that subletting is prohibited; however, it’s possible you may be able to work out an agreement with your landlord in which you pay a higher rent or split your hosting earnings with them.

What’s important to remember here is that you want your renting experience to earn money for you, not cause you to go bankrupt. If you’re losing all the money you earn paying your landlord and buying added insurance, and you’re spending all your time cleaning and organizing the space for renting, you probably won’t be getting a beneficial return.

What type of insurance do I need if I rent out my home just once?

If you’ll only be renting out your home once, it’s possible your homeowner’s insurance policy may cover you. However, you’ll still need to speak to your insurance agency directly to ensure this is the case.

Request a Free, No-Obligation Quote!

Furthermore, even if you’re sure your policy will cover a one-time home rental, you should speak with your insurance agent anyway. All insurance companies are different, and all policies are unique.

What if I want to rent out my home on multiple occasions?

If you plan on renting your home consistently on Airbnb or an alternative site, you’ll need to plan on getting additional insurance. It’s unlikely that any insurance company would allow your homeowners plan to cover you when renting out your home like this as the scenario presents many more risks.

In select cases, you would simply need business insurance as your practices would be business-related. But more likely, if you are renting your home (or another property you own) on a long-term basis, this would mean you are essentially acting as a landlord. Therefore, you’d need to obtain landlords insurance or a rental dwelling policy — both of which will cost you.

Why won’t the Airbnb/host platform insurance cover me?

Many homeowners assume that they can simply use the insurance provided by the hosting platform to cover them in the event of an accident or emergency. Unfortunately, if you read the fine print, you’ll see that these insurance plans are only good for liability claims. In other words, they protect you if someone is injured while staying in your home and decides to sue you.

While this is certainly helpful for liability situations like this, it’s far more likely that the coverage issues you’ll face when renting will have to do with damage to your property or theft. And in these situations, host platform insurance will not protect you, leaving you with large coverage gaps.

Ask Your Insurance Agent About Your Options

What we hope you take away most from this article is that renting out your home can be a lucrative endeavor (if you’re ready for the challenge); however, making sure you’re covered insurance-wise will be something you’ll need to look into.

We advise that you speak directly with your insurance agent to find out more. At Philleo Agency, we would be happy to sit down with you and discuss your options at any time.

 

Filed Under: Homeowners

Insurance can be confusing at times and everyone's needs are different. If you have questions regarding coverage, pricing, or anything else related to insurance, send us an email or give us a call.

If you'd like to get a free, no-obligation quote, all you have to do is ask!

Contact Philleo Today!

About Ron Philleo

Ron Philleo is the owner and an agent at Philleo Agency Insurance in Brookfield, Wisconsin. He can be reached at 262-432-4200.

Request a Proposal
Refer a Friend!

Like Us!

Free Newsletter!

Testimonials

I found the Philleo Agency online for our business insurance as we were in process of relocating. Gina got us a policy that covered our needs and assisted with modifications as needed. When we found o…

Holly Henninger

Tim Fraedrich at Philleo Agency is great! Prompt, friendly service. He will explain everything thoroughly and go over all the options. He truly works for the clients….not the insurance companies!

Kelly Rueckly

Everyone I have worked with at the Philleo agency has been knowledgeable, prompt and professional. They got my family the coverage we needed and answered every question we had (which was a lot). Outst…

Matt B

Super people providing superior service! I’ve recommended many delighted colleagues, friends and family – and I’m the hero? Philleo Rocks it!

Mark Rowbottom

Tim is constantly searching for ways to lower our payments while ensuring that we have the appropriate coverage.  Our needs our constantly changing and Tim ensures that we are covered.  Great Job Ti…

Chris Julka

We have been well cared for by the people at Philleo Agency. They are very responsive and have been helpful with issues we’ve had to deal with–a daughter living overseas, a couple of accidents, and he…

Maryanne Zawlocki

I was initially just shopping for the best price, which was all I was ever really concerned with, I got the best price, but, not only that I’ve always had great interaction with staff, communication a…

Gene Hagen

Incredibly easy to work with each and every time! Tim is a great down-to-earth guy. Incredibly knowledgeable and able to meet me on my level when communicating insurance terms and options. Highly reco…

T J Ebert

Tim is awesome. If you need an insurance agent, Tim is the man you want to get the job done. Keep up the good work.

May June

Thank you Philleo Agency for always having great customer service, staying connected with your clients, and drive to find the best prices around!

Michael Carstedt

Contact

Philleo Agency Insurance
12555 W Burleigh Rd
Brookfield, WI 53005
Phone: 262-432-4200

Our Hours

Monday - Thursday 8:30 - 4:30
Friday 8:00 - 4:00
Saturday & Sunday Closed
By Appointment

Member of

Copyright © 2019 - Philleo Agency Insurance, Inc. - Terms and Conditions - Privacy Policy - Sitemap - Commission Disclosure
Standalone Homeowners Market Alert
Learn More