Insurance coverage is also something to consider when deciding to homeshare. It is important for new residents to have renter’s insurance. Additionally, it's important for homeowners to speak with their agent or broker as they approach home sharing to understand what may or may not be covered. For example, liability coverage should be part of a homeowners’ package. Be sure to know how your policy applies to damage by pets–your own, and your housemate’s.
There are some tax implications because rental income is taxable, so talk to your tax professional about specifics for your situation. You may have deductions that reduce or eliminate taxable income.
Comments