I intend to rent part of my basement, but when talk to my insurance company, they said they won't insure me any more if I have boarders. Now I am wondering, would they come and check whether I have any boarder? Do they have the right to check? If they do, can I refuse to let them in if no notice given?
Thank you!

April Reg said:

I intend to rent part of my basement, but when talk to my insurance company, they said they won't insure me any more if I have boarders. Now I am wondering, would they come and check whether I have any boarder? Do they have the right to check? If they do, can I refuse to let them in if no notice given?
Thank you!

Click to expand...

They likely won’t physically come and inspect your property but not a good idea to try and hide things from your insurance company. They will always look for reasons to deny a claim in the event of a loss. Talk to an insurance broker and they will find an insurance company to cover you, likely with a much higher premium.


Sent from my iPhone using myREINspace

Thank you! I think so too, maybe not rent out any room until renew my home insurance next year, by then I can find a new company to insure. Now I am just curious, so if the insurance company won't come and check, the owner who conceal the information just run the risk of no compensation, right?

The risk is more than just no compensation. If your mortgage company finds you have no insurance, they will likely call the loan. If your insurance is cancelled, you may be refused by other companies who deem you a high risk. It is better to play by the rules rather than risk the problems.


Sent from my iPad using myREINspace

Rob Clarke said:

hey likely won’t physically come and inspect your property but not a good idea to try and hide things from your insurance company.

Click to expand...

stuartjmac said:

It is better to play by the rules rather than risk the problems

Click to expand...

Agreed!

Totally!!!

Thank you all very much. I agree that cheating on insurance is not only unmoral but also foolish. I've already decided not to rent out until next year when I renew my insurance, by that time I can find an insurance company who would allow me to rent.
I am now just curious, since I already asked my insurance company for renting and told them I would not rent becuase they do not allow, is it possible that they distrust me and want to come into my home and confirm I've not rented out? Do they have right to do so? Although there is nothing for me to hide, I don't feel comfortable under inspection.
Again, thank you!

I have not had the experience of my insurance company sending an inspector to verify the details of my rental properties or personal residence.