House Insurance

[Tom2709]

Hi, Perhaps someone has a useful connection.

AirBnB, being the enemy around Newport, RI as well as elsewhere, is attracting the ire of the insurance companies. In 16 or so years of renting I have always been able to acquire insurance for my home which I rent from May to October. My rentals are shorter than the 31 days now required to secure a policy from some companies. Many seen to be staying completely away from the market. I move out, live nearby, and monitor my rentals closely for the benefit of Middletown and mostly my neighbors. I've never made an insurance claim relative to a short term rental. I just got a notice of termination from AllState.

I presently have a local agent looking. So far with no luck. 

The bottom line is that I'm having trouble getting home insurance because my house is used for short term rentals. Do I have to stop renting? Thank you for any input you may have. Regards, Tom

[Bhumika]

Hi @Tom2709 ,

Did you get any suitable advice regarding home insurance? Do let us know what you decided to go with in the end!

[Tom2709]

Hi Bhumika, So far no luck. The new agent I am dealing with is running into closed doors. She has used Lloyds of London, among other companies. They have recently changed and have no policy to offer a short term renter at this time,

I got an email from her on Thursday, excited that she had found me a company. It turns out that unlike other companies, this particular company does offer policies for short term rentals less than a month long. But in this case not less than a week long. I have a number of 2,3,and 4 night rentals. I have another agency that I will contact tomorrow.

My record is clean. I have almost never used my home insurance policy. And regarding short-term rentals, I have never made a claim. AirBnB did help me on one occasion.

I am mostly concerned about liability. What most puzzles me is that I am not hearing this issue being expressed by anyone else.

There has to be a positive outcome here. I'll keep you posted. Tom

[Annie1721]

Everyone must be having simular problems. Rang aba cannot help. Hopeless

[Annie1721]

So am I cheapest for one dearest room bnb is £750.00 absolutely ridiculous. Does anyone know a tedonable onsiramce company. Please respond many thanks 😊 

[Mike-And-Jane0]

@Tom2709 Insurance companies do not have an axe to grind. They are only interested in how big the risk is vs the premium they can charge. If Airbnb is too great a risk for them then they exit the market. So yes, sadly, you may have to exit Airbnb if you cannot find insurance or if it is too expensive.