FOR IMMEDIATE RELEASE
New York Press Office: (212) 346-5500; media@iii.org
NEW YORK, January 22, 2014 鈥 Homeowners and renters looking to make extra money by renting out their homes to visitors in town to watch the Broncos play the Seahawks in Super Bowl XLVIII are urged to first contact their insurer, according to the
探花精选 Information Institute (I.I.I.).
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鈥淏efore renting out all or part of your home, tell your insurer about your plans to make sure you鈥檙e covered if your property is damaged or if someone is injured,鈥 said Jeanne M. Salvatore, senior vice president, chief communications officer and author of the I.I.I.鈥檚
Fine Print Blog.
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This is the first time the Super Bowl is being held in the New York City metro area. As a result, the market for rental properties near the game鈥檚 venue, Met Life Stadium in East Rutherford, New Jersey鈥攋ust eight miles west of mid-town Manhattan鈥攊s red-hot. Peer-to-peer rental websites such as Airbnb are letting consumers tap into this demand, potentially earning a 鈥減ostseason bonus鈥 by making their homes available to the thousands of football fans and visiting Seattle and Denver faithful.
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Some insurance companies may allow policyholders to use their property as a rental for a one-time, special occasion like the Super Bowl, as long as the insurer is informed about it ahead of time. Other insurers, while allowing this type of arrangement, may insist on other criteria being met, such as the homeowner acquiring additional insurance coverage.
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Keep in mind that there are some insurers who will consider any rental of your home to be a business venture, requiring the purchase of a business policy鈥攕pecifically either a hotel or a bed and breakfast policy鈥攂ecause a standard homeowners insurance policy excludes losses arising from the operation of a business.
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鈥淭echnological advances have allowed for the growth of the sharing economy鈥 said Salvatore. 鈥淏ut, if you participate, it is your responsibility to make sure you鈥檙e adequately insured. And, if you are a renter also talk to your landlord or look at your lease to make sure you are allowed to rent out your home.鈥
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The I.I.I.鈥檚 free mobile apps can help you create a disaster plan, learn about selecting the right insurance for your needs and budget, and create and maintain a home inventory. Learn more about our suite of apps here.
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The I.I.I. has a full library of educational videos on its . Information about I.I.I. mobile apps can be found here.
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THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
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探花精选 Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500;