BURLINGTON, Vt. (WCAX) – As the countdown to the great American eclipse continues — and some Vermont residents prepare to rent out their properties to visitors — experts warn of the risks that come with those rentals.
Though renting out your home or backyard could bring in some financial gain, with that comes financial risks. Experts say liability, property damage, and loss of use are three major factors to consider, and that depending on your homeowners insurance policy you may or may not need additional coverage.
“The big message is to contact your insurance company so that you know what it is that I’m paying for, what’s covered and what isn’t. And it’s important to have that conversation ahead of time, instead of after, when you might be dealing with a claim and dealing with the stress and the pressure of having to deal with it,” said Andrew Femath with USAA.
He says it’s not too late to jump on the rental bus but it’s important to reach out to your insurance provider to stay covered.
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