Insurance for hosts - check with your provider
Please check with your home insurance provider to ensure you are covered to receive paying Guests.
Your home insurance company may allow you to have a lodger or two for longer stays (you should still inform them) but it seems fewer providers offer a policy which covers Hosts for 'occasional' paying Guests - contact your provider to find out.
If your own cover is not suitable you may like to request a quote from these companies:
Or you may wish to look at obtaining extra insurance to supplement your existing home insurance:
www.pikl.com/theatredigs have products targeted at the sharing economy, to cover you for things like loss or damage caused by your guests, theft of items from your house/room and covers you for liability to them amongst many other things.
Or call our local Broker in Coventry to see if they can help to arrange cover for you: James&Browne 21 Queen's Rd, Coventry CV1 3EG Tel: 02476550311 - ask for John.
What about my Mortgage?
Check with your mortgage provider to be sure letting a room does not invalidate your agreement e.g.
some lenders may impose restrictions on the number of weeks a room can be let per year
some lenders may restrict the type of guests you choose e.g. undergraduate students. Most of our academic visitors are post-graduate researchers or visiting staff members so may be considered to be professionals rather than students.
For studios which are not located within your own home - you may find some mortgages (e.g. buy-to-let) require the property to be let only on an Assured Shorthold Tenancy. The minimum term for this is 6 months. We can help to find a suitable tenant if required.
Peace of mind
We find it very rare that a Guest damages something, but occasionally cups break, toasters go bang, lamps get knocked and bulbs fail. You might consider these things to be normal wear and tear but many guests may offer to replace something if they had broken it (they are in your home after all). We tend to advise showing the same generosity you would hope for if you had an accident at a friend's house.
However, if you have any concerns we are happy to communicate on behalf of a Host - generally we find that on the rare occasion an incident involves minor damage, guests (or their agents) have always offered to make good and a Host only mentions it to us anecdotally. In fact, we have intervened for only 1 incident (in almost 20 years arranging stays!) and the damage was paid for in full.
Hosts can take some comfort in knowing that we ask all applicants for a UK home address (or agent address for visiting performers) so that we know where to find them should the need arise. For long stays and overseas guests we always ask for photo ID so you can be confident in their identity.
