home-letting

Earn Money, Stay Protected - How to Responsibly Let Out Your Home

by Alix Carman | 2 min read

August 27th, 2019

You might be considering earning a little extra cash by renting out your apartment or house. However, it’s vital to protect your home and yourself with the appropriate cover. We’ve got you covered with the do’s and don’ts and essential tips that can earn you a little extra money this summer.

Here’s what you need to know:

  1. If the house/apartment is your primary residence, a standard Allianz home insurance policy will cover your contents for rent up to 6 paying guests.
  2. If it’s not your primary residence, i.e. a holiday home (where you reside part time and rent part time) you need to change to a “to let” policy, which will increase your premium somewhat.
  3. If you do not reside in the premises at any point but want to rent it out, you need Landlord Insurance to ensure your property, contents and guests are covered.

House Swaps

Cut costs and live like a local on your trip. These arrangements can work well for everyone involved but there’s always a chance of disaster.

  1. A standard Allianz home insurance policy will cover your contents for up to 6 paying guests.
  2. It’s best to notify your insurer when your house swap is taking place, the duration of the swap, and how many guests will be staying.
  3. Check if your house swap company has an official contract outlining liability in case of accidents.
  4. Be sure to notify your alarm company and your neighbours that unfamiliar faces will be moving in.

Renting Your Spare Room

Have a spare room that’s not getting much use? Consider renting it out to make a little extra money.

  1. You can rent a spare room tax free once income generated is under €14,000 per calendar year.
  2. It’s important to have adequate insurance to protect your belongings and to cover your personal liability in the event of an injury to a house guest.
  3. Replacing damaged household items such as a television, computer, or sofa has the potential to be very costly. Home insurance can ensure that your personal liability and contents are covered in the event of theft (or attempted theft), damages (i.e. due to fire, flood, fallen branches, etc.), or an unfortunate accidental guest injury.

Holiday Homes

Renting your holiday home when you’re not using it? Take precautions to help prevent having to fork out in the event of contents or building damage, burst pipes, theft, fire, or injury to a guest.

  1. If you decide to start renting out your holiday home part-time, you’ll need to notify your insurer to change the policy from Holiday Home to Holiday Home Let Out.
  2. If you transition to letting out a holiday home full time, you’ll need to switch to Landlord Insurance.

Visitors to Your Home

With lots of visitors coming and going during the summer or holiday season, your home can feel like a busy B&B. Have you given thought to what might happen in the unfortunate event of an expensive breakage or an unintentional injury?

Visitors to your property are covered up to €1,300 for loss or damage caused by an insured event to their property while they are staying in your home under an Allianz home insurance policy.

 home-insurance-infographic


This publication is for general information and guidance purposes only and does not constitute the rendering of any professional legal or financial advice by Allianz. Such professional advice should always be taken before acting on any of the matters discussed. The guidance provided in this publication relating to Allianz Home Insurance is accurate as of August 2019. Allianz accepts no responsibility or liability for any losses that may arise from any reliance placed upon the information contained in this publication.

Love your house and live your life with Allianz Home Insurance, offering Home Insurance with flexible cover options.

About the author

bio image for Alix Carman
Alix Carman