Property money making ideas could end up costing you warns home insurance specialist
An insurance industry expert has slammed a national newspaper article for being “irresponsible”.
The article, entitled: Renting out your cellar, garden and even your patio: How YOU can make £1000 a week - from your house in yesterday’s Daily Mail, suggested renting out a cellar for storage, a living room for homeworkers who don’t want to work from coffee shops, and even the kitchen for aspiring bakers.
Steve Bradley, MD of one of the UK’s leading insurance broking websites, UKinsuranceNET.com, explains: “While the article is useful in giving examples of how to make money from your home, it is also extremely irresponsible not to mention the insurance angle.
“Nowhere in the piece (except for the tip relating to hiring out your personal car) was insurance mentioned. Anyone who rents out ANY part of their home – even just letting someone come in to the kitchen and bake a cake, or someone else sitting in your front room using your wi-fi – MUST, at the very least, inform their insurer.
“Having a stranger in your home is high risk. It potentially leaves you open to compensation claims if they are injured whilst on your premises, or they damage your property.
“Not only that, as they are a paying guest, you are in effect running a business from your home – which your standard home buildings and contents insurance typically won’t cover you for.
“By letting your insurer know of your plans, you can make sure that you still have adequate insurance protection. The insurer may or may not charge you an additional insurance premium to cover the extra risk, but either way, at least you’ll have the peace of mind that you are protected.
“Failure to inform your insurer could see any claim rejected – even a claim unrelated to your money making enterprise”.
Mr. Bradley adds that homeowners should also inform their mortgage company or landlord and get their approval, as not doing so could break the terms of their contract.
Ends
Contact:
Steve Bradley, MD, UKinsuranceNET.com
Email: SteveBradley@UKinsuranceNET.com
Telephone: 01325 346 324
About UKinsuranceNET.com:
UKinsuranceNET is one of the UK's leading online insurance websites, having grown at an incredible rate since the company was started in 2001.
The company is now recognised as one of the leading independent brokers offering bespoke products for landlords insurance, unoccupied property insurance, home and all other property protection products for both residential and commercial property.
Wherever possible UKinsuranceNET is able to offer online and immediate quotes and cover for virtually every type of property risk.
From the outset, the goal was to offer superior service - on both the internet and phone - while using technologically advanced back office systems and underwriting to keep costs and premiums low.
The company now has tens of thousands of customers and its range of websites continues to grow and attracts thousands of new customers every month.
UKinsuranceNET is authorised by the Financial Conduct Authority to act as an Insurance intermediary. Our FCA registration number is 300859. The company is also a registered member of the British Insurance Brokers' Association (BIBA).
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