My in-law’s house had a clean water flood from a water line and they will be living with us during the clean up and restoration. Their insurance is going to pay us for having them live with us (as opposed to them being in a short term rental or extended stay). We are supposed to fill out a form for what we think is fair and have that approved for them to pay.
I have no idea what to put down for this. This is new territory for us. So I turn to you, people of Reddit, to guide me a little so we can figure it out. Thanks!
What is a fair rate for parents living with us after a flood?
byu/Chocolate-Pie-1978 inInsurance
Posted by Chocolate-Pie-1978
5 Comments
Bit more info:
We have a guest room so essentially they are renting a room from us for however long it takes before their house is fixed.
Start by looking up the rental rates for comparable furnishings. I.e., show them what it would cost to rent a room in a similar house in the area.
Look for similar room count and duration on VRBO in your area.
Craigslist has a section for housing with a rooms to rent category.
You can get an idea from that.
Just a heads up so you’re not surprised; if they haven’t already, the insurer will most likely need your social security number and have you fill out tax forms to report whatever they pay you as income. You’ll need to include it on next year’s tax returns.