Check home insurance before renting out for Indy 500, says expert

SPEEDWAY, Ind. – We are just a week away now from Indy 500 weekend and if you’re thinking about renting out your place, we’ve got some tips so you don’t wind up losing cash.

We caught up with local realtor Kendrick Davis with Century 21. He’s putting a one-bedroom area in his garage up for rent over race day weekend. If you want to do the same, he said his biggest piece of advice is calling up your home insurance rep and making sure you are covered for any losses if your guests leave a mess.

“Just say here’s my scenario. I’m either renting something out that’s detached from the house, or if it’s the house or it’s a room in the house– or how am I covered? Is there anything I can get short term? I’m sure they have some things to offer.”

After that, make sure you take all your valuables with you when you leave. Don’t forget the smallest valuables.

“You need to take all your personal stuff. Any IDs, passports, money, anything else valuable in the home, whether it’s jewelry, whether its guns,” he said. “Just expect the worst. Prepare for the worst.”

Also set some house rules. If you don’t want any loud partying, then make sure your guests agree to that before you hand them the key.