The Super Bowl is coming to Minneapolis, Minnesota on February4, and with it, a wave of football fans attending the big game.

With this influx of visitors, the Minnesota Commerce Department(MCD) is urging homeowners who may be renting out their home for the weekend to makethemselves aware of the insurance implications.

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“Minnesotans need to consider if the benefits outweigh the risksof opening up their home for Super Bowl spectators,” CommerceCommissioner Jessica Looman said in a statement.

“We encourage homeowners to read the fine print of theirhomeowners insurance policy and check with their agent or insurerto determine if additional coverage is needed to cover the risk ofrenting to short-term guests.”

Evaluating the risk

The Minnesota Commerce Department poses important questions forhomeowners to consider who may be looking to put their homes on themarket for Super Bowl weekend: what if your guest vandalizes yourproperty, the common space in your condo, or even your neighbor'slandscaping? What if your guest gets injured on your property? Who pays?

The MCD wants you to know it may be you who pays, not yourinsurance company, because many homeowners insurance policies willnot cover property damage caused by paying guests or the costs ofinjuries they suffer.

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Accidents happen, and while most homeowners policies coverinjuries, many will not cover injuries to paying guests on aproperty offered as a short-term rental. If you decide to list yourproperty on a short-term rental site, talk to your agent or insurerto make sure you are protected.

The MCD is also warning homeowners to review the terms of theirhomeowners association (HOA) bylaws, if applicable, and check iftheir local community has an ordinance regarding short-termrentals. Both Minneapolis and Saint Paul recently adopted newregulations, anticipating an increase in short-term rentals duringthe Super Bowl.

Protecting yourself and your home

Homeowners policies often exclude or provide limited coverage forhomeowners running a business in their home. If you list yourproperty for short-term rental with any frequency, the MCD warnsthis activity may likely be defined in the policy as a home-basedbusiness.

Many policies contain a business exclusion that eliminatesliability coverage of bodily injury or property damage for businessactivities. It is typical for a policy to include language allowingan owner to take in boarders on occasion, but “occasional” isgenerally not defined.

The MCD suggests alternative options for homeowners to protect themselves inthis circumstance. One option is to purchase a landlord policy thatcovers your home, structures on the property, property contents(such as appliances and furniture), lost rental income due tobuilding damage, legal fees and liability claims.

A second option is to rent only to guests who can prove theyhave homeowners, renters or personal liability insurance, as guestsmay have coverage under their own policy. However, homeownerspolicies often provide minimal liability coverage (for example,only up to $1,000) for damage to property of others. Additionalcoverage may be available.

What are your options?

For Airbnb users, the online platform currentlyoffers a host protection insurance program providing $1 million inliability coverage. This coverage does not include medical expenseor personal liability. Airbnb also has a host guarantee thatreimburses hosts for property damage caused by guests due toaccident or fault, if the guest does not otherwise reimburse thehost.

Another online option, HomeAway (a subsidiary of Expedia Inc.),does not provide insurance coverage automatically for hosts. Itrecommends that hosts purchase a customized policy through aninsurance broker.

For any Minnesotans thinking of getting coverage from a companyother than your current insurer, check to be sure the company islicensed in Minnesota by using the license lookup tool on the CommerceDepartment website and confirm that it is a “surplus linescarrier.” This type of insurance covers risk that are consideredunique.

The MCD warns that Minnesotans should be aware that surpluslines carriers are not covered by the Minnesota guaranty fund. Thismeans that if the company has financial problems and goes out ofbusiness, policyholders would not have the protection of theMinnesota Insurance Guaranty Association, which would pay thecompany’s outstanding claims.

For Minnesota residents seeking more information, contact theMinnesota Commerce Department’s Consumer Services Center by emailat [email protected]or by phone at 651-539-1600 or 800-657-3602 (GreaterMinnesota).

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