Football season is upon us and in college towns and major cities throughout the state and country, homeowners insurance agencies see many of their customers participating in short-term home rentals to out-of-town football fans.

Approached the right way and with the right homeowners insurance policy that covers this type of arrangement, it can be a good way for homeowners to make a little extra income with their personal property or a second home.

Home owners insurance companies also know that it can be an open invitation for various risks, too.

Before getting involved with short-term renting over football season, homeowners should be well aware of these notable risks and take steps to reduce them.

1. Property Damage Is Common

Property damage occurring to rental properties is common, as many people do not treat a rented property as they would treat their own.

Having a good homeowners insurance policy that includes using the home as a rental is crucial.

From broken furnishings or appliances to more severe issues like water damage and fires, rentals are frequently affected, leaving the owners to deal with the problem.

Extensive damage can result in lost income for dedicated rental properties as well while repairs are being made and home owners insurance may not cover all of the damage.

2. Liability for Personal Injuries Is Increased

Another major concern for rental hosts is guests getting injured while occupying the property.

Homeowners insurance agencies find that properties with amenities like pools, hot tubs, fireplaces, sporting as well as gym equipment, and other features tend to face a greater liability risk of guests getting hurt.

Liability insurance must be sufficient to protect against everything from someone slipping in the bathroom to injuries incurred using these desirable amenities.

3. Theft by Guests Does Happen

Another problem common with rental properties is having personal items go missing.

A good rental agreement should include a conduct policy that specifically addresses theft and how it will be handled.

Still, homeowners insurance companies find many hosts filing claims on their rental insurance policies for the replacement of stolen items.

This can all add up to a higher-risk, more expensive policy.

4. The Possibility of Squatters

As unlikely as it may seem, some rental owners have been forced to deal with squatters who rented their properties and then refused to leave.

This can become not only a homeowners insurance issue but also a legal nightmare, as many states force homeowners to go through an actual eviction process to rid squatters of a rented property.

These situations go from generating income to costing the rental owner money in legal fees, damage done to the home, and more.

Home owners insurance agents recommend limiting guest stays to well below 30 days to avoid any situation where a renter can be assumed a legal resident, which happens after 30 days of residence in one place.

Be Prepared For Football Season Renting!

With the proper homeowners insurance and rental coverage, there is nothing wrong with renting a property during football season to earn a little extra income.

Homeowners must simply acknowledge the possible pitfalls that can come with renting their home and protect themselves accordingly.

The best way to do that is to discuss plans for short-term home sharing and renting with a homeowners insurance agency that has experience covering these types of properties and can recommend the appropriate coverage.

Rental home owners insurance policies with the right supplemental or umbrella coverage are essential for necessary property and liability protection.