A Tauranga insurance broker is warning people they must read the fine print of their insurance agreements before trying to make money from renting their homes to foreigners during the 2011 Rugby World Cup.
Tauranga Insurance Services broker/ manager Keiran Vlietstra says many house insurance contracts won't cover damage caused by tenants unless explicitly stated.

Tauranga Insurance Services broker/ manager Keiran Vlietstra is warning people rent their home during the 2011 Rugby World Cup could be costly.

Keiran says if people do not consult with an insurance adviser and talk to their insurance company, they could find themselves in dire straits if rowdy rugby fans damage the house during parties, or property is stolen.
"It would be very naive of someone to think that they could just walk out of their place, rent it to someone else, come back, and expect any damage to be covered by insurance.
"They need to sit down with their insurance adviser and set out what is and what isn't covered.
"If people walk out, leave their personal effects behind and expect to get $5000 a week or more, and then after three or four weeks walk back in and think it's going to be the same as what they left it, the chances of that happening are going to be extremely remote."

The Inland Revenue Department is also advising that renting a home is a taxable act and that it is monitoring websites and other methods of advertising home rental to foreigners.