Home Insurance Rules When Subletting in Sweden
When you rent your property, one of the first questions that comes up is: "Do we need to keep our home insurance?". Yes, you do and we recommend that you contact your insurer since it varies between providers regarding how your policy is affected. When we last benchmarked (summer 2016) the major home insurance providers in Sweden we presented the following scenario when asking below questions: "I have a house insurance (in this case we said we owned a free standing house with a deed) with you. I am going to rent it to either a company or a private individual and want to check that current insurance plan is sufficient."
Do I need additional insurance when renting out my property?
1. IF Försäkringar: IF said that if the tenant was a corporation, the co-pay increases to SEK 5.000 and a 20% increase in Premium if you rent to a private individual.
2. Trygg Hansa. No additional insurance needed and no changes are made to the policy.
3. Länsförsäkringar. No additional insurance needed and no changes are made to the policy.
Naturally, you should always call your insurance company and see what is the specific case for your policy. You should also be wary of rental agents that sell you landlord rental insurance, this is equivalent to buying an extra insurance for your new laptop. Most likely completely unnecessary as your home insurance that you need to keep covers the same liability.
What happens to the travel policy that is part of my home insurance when renting out my house?
A home insurance generally has a couple of different parts of the insurance, one part that insures the property and another that gives you coverage when traveling. As the policy holder, the travel insurance covers you even if you are not a resident of the address of the property. However, it does not cover your family members unless they are registered with Skatteverket as being a resident of the address (folkbokförd).