Renting a Bedroom in my Home

[Troy T. Felder Sr.]

Good Afternoon BPF,

I was approached today by a friend of mine who would like to rent out a room in my home. My question to the group is, what is the best way to do this and cover myself. Is this the same as leasing the entire house? Do I need to make a change on my insurance and provide them a room rental lease? Thank you in advance.

Troy F.

[Jeff Fox]

As mentioned above, I would highly recommend renters insurance for the room mate.  There is a good chance that your policy won't cover his belongings.  If something happened to the house that resulted in his stuff being lost or damaged, he may expect you to cover this even if you are on good terms.  I moved in with a friend for a while and asked my insurance agent specifically about this and he wrote me a renters insurance policy to cover my belonging for really cheap.