District of Columbia Insurance Commissioner Thomas E. Hampton of is warning residents wanting to cash in on the Presidential Inauguration festivities by renting their homes, that they may not have full insurance coverage.
“DISB is contacting major insurance companies that underwrite homeowners’ insurance to determine how they will adjudicate any claims emerging from rentals during the inauguration,” Hampton said. “Most insurance companies may deny claims if the insureds do not notify the insurance companies of risk changes in advance.”
Hampton said he issued this warning in light of the number of D.C. residents seeking to take advantage of the estimated three-to-four million visitors heading to the District for the historic inauguration of President-elect Barack Obama for the weekend of Jan. 17 to 20.
Recently, D.C. Mayor Adrian Fenty temporarily suspended business licensing sanctions on homeowners who want to rent to visitors during that time.
Hampton urged residents to contact their insurance providers to find out what coverage may be allowed with renters in the home.
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