So I'm renting out a few rooms in my house that I own and also live in. I live in Delaware, because that might make a difference. Is there additional coverage I should have, and how much? If one of the renters screws up something little, that would be covered by the rental deposit. If they really did serious damage (like started a fire), I think that would be covered by my current policy. And they would be legally liable.
Also, I'm sure someone will bring this up. I was told by my insurance company that I don't need to worry too much about personal liability related to someone getting injured in/on my property. In their words, "Delaware law tends to side with the homeowner in the case of frivilous personal injury lawsuits. For example, if someone falls down the stairs at your house and breaks a leg, they won't be able to successfully sue unless they can prove willful negligence. Like, if your stairs were rotting out, inherently unsafe, you knew about it, and didn't warn the person before they used them. Or if you were setting bear traps in a suburban neighborhood. But in that case, you have bigger problems than just needing more liability insurance." I assume the insurance company was giving me good intel (or else I don't know what they were trying to do). The point is, I don't think I need to be too concerned about the renters getting hurt and trying to sue. I'm willing to be proven wrong though.
That's more or less right in any state MrT. You may want to ask about additional coverage for letting people rent rooms, it probably won't be more than like $100 a year tops.
bowen on
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
This sounds like you should call up your insurance company again and ask them explicitly about it. Similarly, you should encourage your renters to have their own renters insurance policies.
Being proven wrong means you lose huge amounts of money and gobs of time. Get insurance to cover it - call a property management place and ask who to go through if your insurance company balks.
We had to take out Landlord's insurance, it covers fixtures, fittings and contents for accidental damage and some other stuff. Has really paid off - we had a water burst last winter, that would have cost is £shed-loads if we hadn't had the insurance - we needed new pipework, new ceiling, new carpets, decorating - worth every penny. It also covered us for loss of rent as the renters had to move out.
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