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Renting Out Your Home or Cottage

The Toronto Pan Am games (July 10-26) and Parapan games (Aug 7-15) are right around the corner, and it may interest you to know that many Torontarians are actually moving out to let the athletes move in! With a projected number of over 250,000 visitors for the Pan Am games alone, all of whom are looking for lodging, renting out your home temporarily could bring a heavy return. This is not permanent, of course, just a savvy way for some locals to capitalize on the Pan Am and Parapan games coming to their fair city.

This heavy return financially does come with a certain amount of risk to the home insurance owner as most policies have an exclusion clause for this scenario. Your home insurance policy is designed to cover the needs of you and your immediate family living in a single family dwelling. So, if you are thinking of renting out your home, even just for a short period of time, or renting out your cottage for that matter, your insurance company needs to know.

This may require a simple extension of your policy in order to cover the increased risks and liabilities of having renters. Or, it may be the case that your provider does not extend coverage to renters – better to know that ahead of time, before any claim may need to be filed. Check with your insurance broker to be safe and for peace of mind.


  1. Protect your privacy. Remove everything that is private – even family photos should go.
  2. Sign a proper lease agreement – with clear terms and signed by all adults renting your home.
  3. Don’t set the rent too low – this attracts renters who solely focus on the money – short term always comes with a higher price tag.
  4. Know the law – there are rules around such a rental agreement – know them. This will be beneficial in the long run.
  5. Contact your insurance broker!

If you are considering home insurance or tenant insurance or cottage insurance property, the first call to make is to us! We can help you along the way. To speak with a licensed professional about your rental property, please call us at 1-800-361-0941.


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