
Five practical ways to elevate guest convenience, comfort and more importantly, your airbnb profits.
Can you still insure the property, and what factors should you consider? This article explores the key considerations and steps involved in insuring a home you own but don’t personally live in.
Typically, homeowners insurance is designed for owner-occupied properties, meaning the person who owns the home also lives there.
However, when the situation involves family members living in the home, the insurance landscape changes slightly.
The level of risk can change based on whether the home is occupied by the owner, family members, or tenants.
For instance, if the owner does not live in the house, the property might be considered a second home, which could influence the terms and costs of the insurance policy.
While it might seem similar to what is needed when a family lives in the home, it is essential to clarify that the property is not rented out commercially.
This situation often requires a different type of policy, especially if the house is left unoccupied for extended periods.
Some insurers might require a different form of coverage, like second home insurance, depending on the occupancy status and how often you visit or maintain the property.
Even with family members, accidents can happen, and you want to be protected from potential claims.
They might need to take out separate contents insurance to protect their personal belongings.
It can also be useful if there are any disputes or legal issues.
Not all standard home insurance policies will suit non-traditional living arrangements. Non-standard home insurance providers, like the one offering this advice, specialise in tailoring policies to fit different and unique scenarios.
By working with a specialised insurance provider and keeping clear communication with all parties involved, you can ensure that your property and loved ones are well protected.
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