Taking a lodger 'may affect insurance'
Homeowners may risk invalidating their home insurance if they do not inform their insurers they are sub-letting their properties or taking in lodgers, it has been claimed.
Malcolm Tarling, spokesperson for the Association of British Insurers, said insurance advisors should always be informed if Britons are planning to take on a lodger.
"If you have got an existing policy and you take in a lodger you should also advise your insurance company because it may affect the policy," he added.
Mr Tarling went on to note that any change to the risk of a property should be passed on to a cover provider.
Britons may have considered taking on a lodger in order to meet their mortgage payments.
However, people who are struggling may find that it is more affordable to look for property to rent in Eltham and other parts of London, rather than taking on a mortgage.
Some insurers, including esure, do not provide insurance to people taking in lodgers, whilst others, such as Aviva, do offer cover, but require the homeowner to disclose if anyone, including lodgers, has a criminal conviction.
Written by Chris Price
Published 24th September, 2009
© 2009 Estates IT Limited
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Britons looking to boost their income by taking on a lodger may find the decision impacts on their insurance, which could mean renting a property instead is cheaper.