Inform insurers about tenants, home exchanges

By Staff | July 25, 2013 | Last updated on July 25, 2013
2 min read

More Canadians are participating in home swaps. It’s helps them vacation around the world on a budget.

They’re also offering their houses to international renters looking to save.

But before clients list their houses on home-sharing exchanges, tell them to speak with their insurance providers. They need to ensure any potential guests or renters are covered under their property insuance policies.

Daniel Mirkovic, president and CEO of Square One Insurance, offers the following tips to those considering joining a sharing program:

  • From a home insurance perspective, home-sharing guests are considered boarders, roomers or tenants. If they steal, most policies won’t cover lost items.
  • Typically, policies won’t cover damage to a guest’s belongings while they’re in your home. They would need to make a claim under their own coverage.
  • Intentional damage caused by guests is excluded under most policies.
  • The liability coverage included in home insurance policies doesn’t extend to guests.
  • Some policies require that people have separate entrances for renters.
  • If people plan on renting out their entire house for long periods, they need to switch from a standard home insurance policy to a rental property insurance policy.

Further, when participating in a home-sharing program, he says to take extra precautions like:

  • Thoroughly interviewing all potential guests or renters by obtaining copies of their identification, securing damage deposits and asking for references.
  • Requiring that guests have their own home insurance policies that include personal liability coverage. Get copies.
  • Checking if the home-sharing service you use offers any protection guarantees.


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The staff of have been covering news for financial advisors since 1998.