International Home Exchange 105 – Insurance Assurance

Insurance Assurance.

It may comfort you to know that your existing homeowners or renters insurance and car insurance may already provide all the security you need to be comfortable entering into a home exchange agreement.

If not, many  home exchange websites offer  additional home exchange ‘specific’ insurance either for free or for purchase through their site. At this time, I know of two types of insurance that are offered. 

Home Exchange Accommodation Insurance

This insurance may go by different names, depending on the home exchange website/insurance company; but the insurance is designed to cover some portion of the loss that could ensue in the event that your home exchange partner cancels the home exchange.  The pay-out would then be used to help cover the cost of alternate accommodations to complete the trip.  The policy will pay a certain amount per person per day for the duration of the original home exchange.  Make sure to request specific details before purchasing the insurance, as insurances vary.

Home Exchange Damage Insurance

This insurance may also go by different names, depending on the home exchange website/insurance company; but the insurance is designed to cover damage to your home or property caused by your home exchange partner. Be careful to find out what the conditions are.  I’ve seen the word “accidental” damage in the description for one such policy.  I assume your interest in this type of policy may lean more toward concern that an exchange partner may purposefully be negligent in caring for your home and property.  Check to see what the pay-out limits are. Make sure to request all the specific details before purchasing the insurance, as all such insurances will vary.

If one or both of these insurance plans is important to you, please see Popular Home Exchange Websites Explored to see which websites offer the insurance(s) you require, and join one of those sites.   But first do this…

Contact Your Insurance Company

Before you buy any additional damage Insurance, check your existing home owner/renters insurance policies.

My insurance company reminded me that all insurance company policies will vary widely for different reasons including their  geographic location; It is therefore not possible for me to give you specific advice; however, here are some things you can ask your insurance provider.

First, explain to your provider that you will have guests in your home for a period of time and ask them what happens in the unlikely event that your guests damage anything in your home.  You need to know the specifics of what is or is not covered, and under what conditions are they covered or not covered.

Once you find out your exact coverage, you can decide if you are satisfied with that coverage.  If you are not satisfied, ask them what you can do to increase your coverage.

I am told that there are various levels of coverage and that there are various options to upgrade your home coverage to better protect you and satisfy your comfort level.

It is often possible to include specific endorsements on your policy for specific items of value – like antiques.  Note: it also may be possible to upgrade the coverage just for the duration of the exchange, which would be a benefit in terms of cost.

The bottom line, check with your insurance company before buying additional insurance that you do not need.. 

Car Insurance

If you are considering exchanging your car, you can likewise contact your car insurance provider to make sure your home exchange guests would be covered; they generally are; but make sure  and see if you are comfortable with the level of coverage.  If you are not, see if you can upgrade your car insurance for duration of the exchange.

Those are the only insurances, home and car, that would warrant specific attention due to your engaging in a home exchange.

I really hope that this weekly bloginar series is having the desired effect.  I so want you all to take advantage of the wonderful benefits of International Home Exchange.  Please continue to follow this series every Wednesday.  If you have missed any of my weekly posts, please find them on http://www.trustingtraveler.com

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About Kerry Ascione

Past business and IT professional turned travel writer, blogger, speaker and coach. Huge supporter of the Peer Sharing Movement, especially as it relates to making the lives of families richer in culture and travel. Author of Have Home Will Travel, The Ultimate International Home Exchange Guide for Families.
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