Owners are realizing that, in a soft economy, their vacation homes can be a welcome source of extra income. Here’s what you need to know to become a successful landlord.
Photo: Michael Hanson
Call your insurer and explain that you will be renting your vacation home. “If you don’t, your claims may be deemed uninsurable,” warns Christine Karpinski, author of How to Rent Vacation Properties By Owner (Kinney Pollack Press). Ask about adding a renter’s liability rider to your homeowner’s policy. If a tenant becomes injured on your property and sues you, the rider should protect your financial assets. Rider policies are generally inexpensive.