Unless you’ve been living under a rock for the last five or six years, you’ll know that the Olympics are coming to London in the summer of 2012. And if you live in or around London, this presents a brilliant opportunity for you to make some of money on your contents insurance without really doing much work!
More and more people are taking an interest in renting their home to visitors during the Games. Hoteliers in London are notably taking advantage of the fact that the Games are coming to the city, with some of them increasing their rates by four or five times. This presents a bit of a problem for people who already have tickets to an event or two but can’t afford any of the accommodation on offer.
Well, if you put your house on offer for rent, you’ll not only help out some distressed travelers but you’ll also pocket yourself a good lump sum of cash. Before you dive into the world of temporary rentals, though, take the time to do some in-depth research on what the whole process involves.
The first thing you should do is check with your mortgage and insurance providers that renting your home out is OK and that it won’t void your contents insurance or buildings insurance. The idea of letting strangers live in your house for a week might make both you and your insurers anxious, but some policies do, or can, cover against this kind of thing. Just be sure to lock away all your valuables before you give them the keys.
It is important that your home is safe even when you live in it, but it is especially important if you’re letting somebody else live in it because, if something does happen as a result of poor security while they’re there, you could be liable for any injuries or losses they might sustain.
As long as you’re completely checked and safe to go ahead and rent, you can potentially make a fortune and possibly even pay for your holiday. You never know, it might just even get you hooked after the Olympics and you’ll have found a way to pay for your holidays every year!
Would you consider renting your home for a special event to make some extra cash?
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