Winnipeg Insurance Brokers Ltd. Unit 106-2565 Portage Avenue, Winnipeg, MB R3J 0P4
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Long gone are the days of people renting traditional venues for all their events. There has been a rise in the popularity of backyard rentals, whether that be for weddings, photo shoots, or other events. So, if you have a nice yard and like the idea of earning some extra cash (which, who doesn’t?!), then you’re probably wondering what you need to know before you take the leap and rent out your backyard in Manitoba.
We’re not going to beat around the bush; from an insurance perspective, renting out your backyard is an idea covered in caution tape and warning signs. That’s not to say you can’t do it, but if you do, you’ll definitely want to make sure you purchase the right insurance (and enough of it!). Without proper protection in place, your rental could turn from a money maker to a money pit. Yikes.
So whether you’ve considered renting out your yard or know someone who has, listen up. This is a post you cannot afford to skip.
Already committed to renting out your yard? Reach out to our team. We’ll help ensure you’re protected from every angle so you can rest easy knowing that if something goes wrong, you’re covered.
There are many reasons why someone may look to book out a yard, especially if they need a venue but don’t need a lot of space or amenities.
Weddings are expensive! The cost can add up quickly between the food, beverages, photographer, dress, planner, etc.! As such, many couples have found ways to help cut costs when planning a wedding– and as the venue tends to be one of the most expensive aspects of a wedding– locking in a cheaper (or free) option can help couples save some serious cash.
Whether you have a friend asking to use your beautiful backyard to host their wedding or have considered renting your outdoor space to a couple, backyard rentals can be an excellent option for wedding hosters.
Brands, influencers, and even couples are always looking for cute places for their photo shoots. Whether it be to showcase a new product, create brand photography, or even rent a space for a couple of family photos– yards are getting rented for photo shoots and, in some cases, film shoots.
Be aware that if you rent out your yard for a photo shoot or film shoot, lots of equipment and people are usually involved and, therefore, can take a toll on your nice lawn.
In addition to people looking for a yard to rent for their weddings, they also look for yards for their special events. Yards are getting rented for engagement parties, birthday parties, retirement events, and more! There are plenty of reasons someone would look for a gorgeous outdoor space for their next event. This is especially true if you live in a great, easily accessible location.
Renting a backyard has grown in popularity over the past few years, and we totally get it! Renting a yard instead of a venue can allow people to save money while still getting a beautiful venue. Especially with the rise of Airbnb and Vrbos, it makes sense that people are open to a new way of renting space.
If you just so happen to own a beautiful yard and don’t use it as much as you’d like, why wouldn’t you at least consider renting it out? Extra cash without much work? Count. Us. In. Unfortunately, like most things in life, it sounds too good to be true; it just may be.
Before you decide to rent out your backyard, we recommend considering what house rules you may want in place. We suggest listing these in your ad and getting them agreed upon before the property is booked.
Some things to consider include:
Before renting your backyard, we recommend looking at local zoning rules and permitting. You may have restrictions on how and when you can rent your yard. Plus, you may be required to apply for a special-event permit before you sign a rental agreement.
Also, don’t forget to consider any Homeowners Association (HOA) rules that may apply. And even if you aren’t part of an HOA, you should still consider your neighbours.
When determining your yard rental pricing and house rules, you need to consider the wear and tear that will most likely occur from having a large group of people in your yard.
If you’re concerned, you can space out your yard rental booking to give your lawn time to recover or ask that people bring in/ rent flooring to protect your lawn.
Last but not least– you should always ensure that you are protected and covered with the right insurance policy. We recommend you take to your home insurance policy before you decide to rent out your house so that they are aware. When it comes to insurance, being open and honest is the best policy. Plus, you’ll want to make sure renting your yard doesn’t go against your property insurance coverage rules.
In addition to talking to your insurance company, your renters will need coverage in place to protect themselves (and you) in case something occurs while they are at your property.
Once again, we don’t recommend renting out your yard because it can get messy from a liability standpoint. But if you decide to go down the yard rental path, we’re here to protect you.
So, if you plan to rent your backyard, we highly recommend that the person renting it secures an event liability policy in their name. Unfortunately, your home insurance will not cover damages or injuries that happen as part of the rental. So, additional coverage will need to be secured.
We are also here to assist you in developing a policy that safeguards your interests, allowing you to refer potential renters to us during the rental process. This will simplify the rental process for everyone involved and reassure you that the protection they receive will adequately cover you and your property. If you’d like to speak with one of our Insurance Consultants about this, please don’t hesitate to reach out.
Make sure to purchase an adequate policy before the event, regardless of where you obtain it. If the coverage is insufficient, as the homeowner, you could potentially face liability in the event of an accident during the rental period.
Renting out your backyard can be a great way to get extra cash. However, there are many things to consider before taking the leap and renting out your yard.
And even though we wouldn’t recommend renting out your yard, if you decide to go down this path, do future you a favour and ensure the right coverage is in place.
At Winnipeg Insurance Brokers Ltd., we are here to help you lock in the policy you need at a great rate, but more importantly, we’re here to help you. Whether that is getting you the right policy or raising a flag when something spells out trouble, if you want more tips and advice, sign up for our newsletter! We’re constantly breaking down ways to save on your policy and giving you tips to ensure that you don’t get stuck in some sticky– and expensive– situations down the road.
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We are committed to the communities where we live and work, and we demonstrate our commitment by taking part in sponsorship and volunteer programs.
We love it here, too.
We are committed to the communities where we live and work, and we demonstrate our commitment by taking part in sponsorship and volunteer programs.
Winnipeg Insurance Brokers Ltd. Unit 106-2565 Portage Avenue, Winnipeg, MB R3J 0P4
Winnipeg Insurance Brokers Ltd. serves our clients and operates on Treaty One land; homeland of the Anishinaabe, Cree, Oji-Cree, Ojibway, Dakota, and Dene Peoples, and the homeland of the Red River Metis. Our drinking water comes from Shoal Lake 40 First Nation, in Treaty Three territory. We respect the treaties, the land, and the water that sustain us.