- The 2010 Olympic and Paralympic Winter Games will be taking place in British Columbia in 2010.
- Many British Columbians will be helping to house the more than 200,000 visitors that are expected for the Games. However, they may not be aware of the risks involved in doing so.
- Insurance Bureau of Canada encourages consumers to contact their insurance representatives to make sure their home insurance provides adequate coverage, and that no exclusions apply to their specific situations.
- This applies to all Canadians who rent out their homes in whole or in part.
RENTING OUT YOUR PRIMARY RESIDENCE
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A major sporting or cultural event is coming to your city. You decide to rent your home to visitors for a few weeks and take a holiday. When you return, you discover that a burglary has occurred and your jewellery has been stolen. You call your insurance carrier to make a claim. Are you covered? |
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SUBLETTING YOUR APARTMENT
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You rent a small apartment downtown. You are planning to travel overseas for an extended vacation. With your landlord’s permission, you sublet your apartment to a friend of a friend. When you return, water damage from an overflowing toilet in your unit has damaged not only your apartment, but the apartment below. You do not have tenant insurance, and you were not in the country when the damage occurred.
Are you responsible? |
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RENTING OUT YOUR SECONDARY RESIDENCE
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In addition to owning a home in the city, you also own a summer cottage. Normally, you use the summer property, but this year you decide to rent it out. You find some suitable renters online. One morning, one of your renters accidentally starts a grease fire in the kitchen. Fortunately, no one is seriously injured, but your cottage is gutted. You phone your insurance representative to make a claim. Are you covered? |
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