March 3, 2014 in Insurance

Home insurance if I rent out my basement?

Dear Insurance Adviser,

I am thinking of renting out my basement. Would this cause my home insurance rate to go up substantially? Is there any way of estimating how much my rate would increase?

Thanks.

— Jean

Dear Jean,

Good news! You can rent out your basement without jeopardizing your insurance coverage or even paying an extra premium. You can qualify for the same home insurance as long as you don’t have more than two roomers or boarders.

Here are some risk management tips.

Good luck!

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