August 22, 2010 19:00 ET

Homeowners Make Their Spare Room Pay

MANCHESTER, UNITED KINGDOM--(Marketwire - Aug. 22, 2010) - Spare rooms up and down the country are being turned into extra earners by cash strapped homeowners, according to Swinton.

An online survey of 1200 customers, revealed one in three homeowners would consider renting their room out to generate some extra money, and a staggering 38% of respondents had a spare 'junk' filled room they feel could be put to better use, potentially earning these homeowners an extra £4,000* per annum.

This latest lodger trend is helping to boost incomes nationwide as Britain emerges from recession and is further backed up by the Government's 'Rent a Room' scheme, which allows homeowners to earn an extra £4,250 tax free in becoming temporary landlords.

Despite being a potential money spinner, Swinton is urging prospective landlords to inform their home insurance provider to confirm they're still covered.

Steve Chelton, insurer development manager at Swinton added:"Standard contents insurance covers the policyholder and their immediate family that resides with them, however when a tenant moves in it is important to alert your insurer immediately to add their belongings to your policy."

* based on average yearly rent, according to rent a room scheme.

About Swinton

  • With 580 branches nationwide Swinton is the UK's largest high street insurance retailer

  • Unlike many other companies in the financial services industry, Swinton is committed to keeping its branches open for business, and part of the community

  • Swinton provides a one-stop-shop for the insurance and related needs of its clients, offering home, car, caravan, business, holiday, motorbike and even classic car insurance

  • With a dedicated team of advisors on hand at every branch to search a panel of insurers to offer quality cover at competitive rates

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