1/31/2014 - Are you ready for the Super Bowl?
On Sunday, some 82,500 fans will pack MetLife Stadium to see the NFL's finest battle it out for the league's top prize, the Vince Lombardi trophy. While the vast majority of Americans will be watching from the comfort of their own homes - an estimated nine out of 10 spectators will be at a private residence or a friend's, according to The Nielsen Company, and tens of thousands will pack the home of the New York Giants and Jets for an experience that they'll likely not soon forget.
While most who will be in attendance are likely from the area, many will be flying in from out of town. And, among those who haven't already secured a hotel - which can be pricey, given their high demand - the rest will need a place to stay for however long they plan to be in town.
This may serve as an ideal opportunity for homeowners to rent out their residence, enabling them to make some easy money. However, there are some important property insurance tasks to take care of before advertising one's abode as being available for rent.
"Before renting out all or part of your home, tell your insurer about your plans first to make sure you're covered if your property is damaged or if someone is injured," said Jeanne Salvatore, senior vice president of public affairs and consumer spokesperson for the Insurance Information institute.
Depending on the insurer, some carriers may permit their policyholders to rent out their residence for special occasions, the III stated. At the same time, though, while this may be allowed, certain qualifications may need to be satisfied first, such as the carrier being informed well ahead of time or purchasing a businessowners insurance plan, seeing as how homeowners insurance doesn't cover business ventures.
For more information on renting out a residence for unique events and what may be required, speak to your local Selective agent.