If you still want to rent out your place for the Olympics it's best to talk with your insurance provider.
Broker Jim Ball surveyed 10 major insurance companies and found only one will charge a premium to owners who are renting out their homes during the Games.
"Of those ten only three are going to endorse the policy specifically -- put something in writing for that period of time," he said.
But if a renter steals something you are not covered under your policy.
"All of them, in fact, have that exclusion for tenants no theft coverage for tenants because you are giving tenants access to your house," Ball said.
Access Vacation Group has listed 300 Olympic rentals for tourists. Manager Tim Bonner says homeowners should protect themselves before guests arrive.
"Anything that has high intrinsic or sentimental value the owners know to put them away," Bonner said.
He says to remove all your valuables and contact your broker to confirm you've met all the conditions of coverage with your specific insurance company.
Other tips:
- Carefully vet the renters
- Ask for references
- Ask for a damage deposit
- Get 100 per cent of the money up front and don't accept a cheque
"It's credit card, cash or wire transfer," Bonner said.
If you discover some damage after they are gone contact your broker right away.
Extra insurance isn't necessary if you have friends or relatives staying over and you're not charging rent.
With a report from CTV British Columbia's Chris Olsen
