How to protect your home when temporarily renting your property

Renting out your home during a major event can be a great way to make some extra cash.

But when you're inviting strangers into your house, it's important to make sure you're covered in case your home is damaged, a valuable goes missing or you are unable to rent your home due to a covered loss.

So if you’re thinking of temporarily renting your home, here’s a handy list of tips and resources for you to consider.

• Familiarize yourself with provincial and municipal laws and restrictions, as well as your strata by-laws if you live in condo or townhome. Canada Mortgage and Housing Corp. has a helpful list of resources to get you started.
• Talk to an accountant or contact the Canada Revenue Agency about tax implications.
• Before renting, take a personal property inventory of your possessions.
• Use a rental agreement.
• Ensure you have adequate insurance coverage. Read your policy carefully, or contact your insurance specialist.

For more tips and what to consider when renting your home, visit bcaa.com/short-term.

Stay protected with BCAA's Short-Term Rental Insurance for as little as $55*

Introducing BCAA's new Short-Term Rental Insurance. Our new insurance protects your most valuable asset when you're not there.

With our short-term insurance you get:

• Liability coverage up to $2,000,000
• $5,000 in vandalism and theft coverage
• Coverage for loss of rental income

Your package also includes:

• A sample rental agreement
• Tip sheet for protecting your home
• An emergency phone number list for your out-of-town guests

Call 604-310-2345 or toll-free 1-877-325-8888, stop by your nearest BCAA office, or learn more at bcaa.com/short-term.