Home exchange is a solution that many individuals willingly use to avoid enticing burglars into their homes during the holidays and at the same time to have someone who takes care of plants, pets, mail, etc.
But what are the risks of home swapping?
What are the risks of home exchange?
If home swapping is a great way to prevent your home from being burgled, other risks may remain. Domestic accidents can indeed occur and in particular: fire, water damage, vandalism, broken windows, etc. These are all reasons why it is important to be well covered by your online home insurance in order to ability to be compensated for damage.
Be aware that home insurance allows you to get compensation in market value or replacement value new of your property according to the formula offered by the insurance company. The family who will come to live in the house during the exchange is in fact legally considered as a guest at your home. Therefore, any damage occurring in your home during their stay must be covered by your home insurance, hence the importance of contracting one before making the exchange.
Note that the exchange is only possible if the family with whom you are exchanging justifies a liability insurance.
Home swap: who to lend to?
The choice of the people with whom you will exchange the house should not be trivial! It is very important to choose people you trust who will not intentionally cause damage to your home.
Today there are platforms on which people who wish to carry out a home exchange can meet and discuss at length before deciding on the loan. This will allow you to make known the rules which will have to be respected at home and especially to find people who have roughly the same vision as you in terms of respect for others, cleanliness, cleaning, etc.
Under what conditions to lend your house?
We have previously expressly emphasized the importance of purchasing home insurance before lending your home. In order for the exchange to take place in good conditions, you must also remember to notify your insurance of the current loan.
In addition, you will have to establish a home exchange contract with which you will be able to specify the loan conditions as well as the rules to be observed in this context. This document can also specify the amount of the deductible and the methods of coverage in the event of damage or claims. Everyone will normally have to pay the deductible charged by their insurance.