With major events such as The Royal Wedding at the end of the month and the London Olympics next year, homeowners living in a house that’s conveniently located for these events may be tempted make some money by letting out a room or their entire home.
Short-term, one–off letting may have its attractions, however there are insurance implications to consider. Most home insurers will continue to cover properties while they are being let temporarily, but with certain exclusions.
Rebecca Holmes of Aviva says it is the duty of policyholders to inform their insurer of any plans they have to let a room or their property .
She said: “Aviva would offer cover, provided the customer tells us the dates the home will be rented. Loss or damage caused by theft, malicious or accidental damage by the temporary occupants will not be covered during their stay. Different insurers will have different policies and some may not cover policyholders if they let rooms or their property, for example during the Olympics, so consumers should always disclose their plans to their insurer.”