Renting Your Home Out to Super Bowl Visitors
Legalities or Risks of Renting Out Your House for Major Events
Jan 23, 2009
Super Bowl is a massive event involving civic planning for months. Streets are paved, decorative and seasonal trees are planted and trimmed. Bike paths are created. Strip joints are interviewing and hiring. Restaurants are gearing up for large crowds flush with cash. Visitors are looking for places to stay and willing to pay for private home stays.
If working with an agency, check their legitimacy despite the dollar signs dancing in your head before signing your home, your largest asset over to them. Be sure to read the fine print and in fact, be sure you, the homeowner are a part of that fine print. The agency typically gets a percentage up front. If no one rents the home be certain the agency is locatable after the event and some payment refundable. Most likely there wont be 100% refunded since the agency has done work on your behalf. Criminal checks should be done on the renters and may be done on the rentor.
Insurance Questions to Research
What if someone damages your home? Regardless of waivers and signatures, check with homeowner’s insurance. Is it water damage, wind damage, vandalism, etc. Many homeowner’s insurance wont support an impromptu absentee landlord in a primary residence. Many insurance companies aren’t covering using a primary residence as a rental property to strangers via a 2nd agency. Floridians already pay a hefty amount for past ill winds in the form of hurricanes. Texas,Alabama, California, Mississippiand Kansas also have higher rates. Being insurable is important. Will personal property coverage be applicable for a rental home that is a primary residence? Not losing homestead status is also important.
Evaluate Personal Liability
Be aware of responsibility should a paying guest fall and break a leg or if the allergy to a cat or dog sends the paying guest to the hospital. What if the renter is unable to leave on the departure date? If there is later litigation, be sure everyone is aware it will fall in the host city.
The Home Must Be Made Guest Ready for Strangers
The bed will be slept in and the kitchen and bathrooms used. Bed tax is payable to county government. These people are paying a lot of money with a deposit to use the home, the pool, dishwasher, dryer, etc.
The refrigerator must be cleaned out and perhaps stocked. Liquor is available or removed. Utensils must be made available. The television is part of the home along with digital TV, AC or heat. Clean the fireplace if the guest wishes to turn up the AC and get a fire going.
Do they need maid service? How many keys are given out and will the locks be changed after the event? How soon after? Is the pool safe or the pond or the boat or the gulf? What if the party gets out of hand and neighbors call the police?
If the Car is Part of the Deal
Check with the automobile insurance carrier about letting strangers use your car. Driving and picking up from the airport may require a chauffeur license. Pretending out-of-state paying visitors are family is insurance fraud.
Renting Out One’s Home During a Major Event
Renting out for Super Bowl visitors can provide a financial windfall with an opportunity to meet some wonderful new people. Or it can be a nightmare for the unlucky. Being prepared will help both the homeowner and the renter sleep well. It’s a win-win situation.
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