Help with business insurance recommendations in the U.S.?

[Brady88]

Hello hosts! Really hoping to get some help! I've been hosting for years now and my family and I are continually frustrated by our insurance situation. Our insurance costs over the years have become crazy in part because 1) the property is not owned by a single person, it' s been incorporated as a business; 2) it's not an owner occupied situation. Are there any hosts out there that can recommend an insurance company that has better rates and/or more flexibility than others for this business owned (incorporated) Airbnb situation? 

We understand that we can't use standard homeowners insurance and this type of situation requires different insurance needs than properties owned by individuals - more comprehensive liability coverage, commercial property insurance, additional protections, etc. We're just looking for something less expensive than what we have, with as much flexibility as possible. 

Some context, our family owns a property in the U.S. in Maine. We were just lucky enough to inherit it, my great great grandfather bought the property for $100 over 120 years ago. Now we're just trying to afford to keep it. Yes we are a business, but we're barely able to keep our heads above water. Our property and home was incorporated years ago. So we are incorporated as a business (owned collectively by family members with shares in the company), it's not a single homeowner. None of our family lives at the property during the year either. We spend time there on vacation but it is not an owner occupied situation. 

If anyone can help, we would be incredibly appreciative. Does anyone have any insurance companies that they would recommend that are better than others in this incorporated as a business and not owner occupied situation? Any companies that offer better rates than others, more flexibility, scaled, customizable, etc.? I would be grateful for any help or insight! Thank you!

[Chad548]

I am guessing the issue is you are talking to your insurance company that insures other items for you, like your home.  Most insurance agents are like lawyers, they say they can do it all, but they are usually only good at a few.

Go to an independent insurance broker and ask them if they specialize in rental home insurance.  Call a local Real Estate Investor group and see if they have references.

You didn't really say, but has the property been updated? like no tub and knob wiring, etc. That is scaring a lot of insurance groups off.

We use several different companies, Foremost does rental insurance, National Real Estate Insurance Group does insurance.  You need to know what coverage you are getting though and it will depend on the property on who covers you. We have an 120 year old building that was covered by NREIG and we recently updated to USLI.

Best of luck.