Ask the insurance expert, featuring Amarjot Behniwal from Envision Insurance, a division of First West Credit Union

Are there any insurance considerations if I want to have a vacation rental?

Yes, without a doubt. It’s quite common for homeowners in our stunningly beautiful region of Canada to want to make some extra income as an accommodation, especially if they’ve had a long-time renter move out recently. But, it’s best not to assume that your current homeowner policy provides coverage for short-term tenancy. It’s likely that the policy does not cover use of the property as a short-term rental—even if the current policy provides coverage for use as a rental property/dwelling.

If you plan to rent your home short term, before you even list it online, you should talk with your local insurance provider. Renting your home short term constitutes a material change to how your home is used and who is occupying it. Using your home in different ways presents different risks, so the policy coverage should match the intended use. An insurance expert can review your current policy, consider how you plan to use the property and determine what your coverage needs are, and get quotes from different insurance companies. Before you list your rental property anywhere online or start word of mouth advertising, check with your local insurance provider to ensure you’re adequately covered.