If you’re planning on making your millions by renting out your assets to football-mad tourists, make sure that you’ve made the necessary calls to your insurer. 

Disclosure

Your current insurance policy covers you for a specific set of circumstances. So if these circumstances are going to change, you need to disclose this to your insurance company. For example, cover for house contents insures you, the owner, and your family members – not tenants and their belongings. Furthermore, if tenants move in and cause any malicious damage to your home, or steal items of value, don’t count on your insurer to pay out the claim. Ordinary house contents cover generally excludes malicious damage, and theft only applies in the event of forced entry.  

Using your vehicle

If you’re going to lend your car to your tenants, as part of the accommodation package, and without any remuneration so to speak, make sure that you add them as nominated drivers on your policy and that they are in possession of valid drivers’ licenses. If you’re going to the hire the car to them, you may well need to amend the vehicle’s “class of use”. If this is not done, your cover may be completely invalidated. Furthermore, if you’re going to transport them around, for a fee, they will be deemed as, “fare-paying passengers” and you’ll need to apply for a Public Driving Permit (PDP). You may have to register your vehicle for this use with the authorities.  

Paying out

If you do amend your insurance policy to include tenants’ belongings, be advised to make the insured sums higher than usual, as if a foreigner makes claims against you it could be in dollars or pounds, which would be significantly inflated.  
 

Making the most of the business opportunities that the World Cup presents is undoubtedly worth your while. As always, it’s just remembering to play by the insurance rules that will guarantee the big score!