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Thinking Of Renting Out Your Basement? Here’s What You Need to Know

Renting out Basement

Empty nesters, singles and young couples sometimes choose to rent out a room or their basement to gain a little income from unused portions of their residence. If this is your plan, you need to consider the insurance implications.

Some homeowners insurance policies automatically cover a small number of live-in tenants, but others place limits on such situations. In all cases, you should notify your agent of additional extended-stay residents. You may be asked about the living situation, such as if the renter is a relative, if the space has its own entrance, and if it’s in a separate structure, like a guesthouse or a garage.

If your homeowners insurance doesn’t cover your rental situation, you can look into landlord insurance, which protects you from both liability claims and property damage caused by your tenant.

Allan Block Insurance, Professional Service with the Personal Touch

We are located in Tarrytown, NY, in the heart of Westchester County, a key business district just north of New York City. We write auto, home, renters, condo, co-op, personal, business, life and group insurance for clients locally and in NYC, CT, NJ, PA, MA and many other states. For more information or answers to your insurance questions, please contact us.

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