Insurance Carriers

[Nate803]

What is everyone using for insurance? Are there companies who seem to specialize in covering AirBnb's STR's? I just received a quote for ours and they are covering it as a hotel/motel and it's running about $500 per month. This seems very steep to me. The replacement value of the home is around $550k just for reference. 

[Elisa]

Hi @Nate803 😊, 

Thank you for asking this question in the community, it’s really interesting!

I’m going to mention hosts from your area to see if they can advise you on this: @Megan1254, @Debbie1161, @Daniel10193, @Casey342, @Ella6547 and @Fadi90.

Thank you in advance, everyone!

Warm regards 🌻,

[Nate803]

thanks @Elisa  I have not seen any response to this thread yet. Maybe if others would be willing to share what they actually pay for insurance, that would be helpful. 

[Elisa]

Hi @Nate803 😊, 

Thank you for letting me know!

Did you try reaching out to them via DM?

Warm regards 🌻,

[Joan2709 · Accepted solution]

@Nate803 

Yes...there are some companies that offer STR insurance in the US. It will be more expensive than typical homeowner's insurance, as there is more risk. It should NOT be a typical commericial or landlord policy, as they don't cover short term rentals. Be sure any policy you get covers the dwelling, contents and loss of revenue if you have to cancel bookings due to guest damages. 

The best way to find a good policy is to use an independent insurance broker. Here are some companies that offer STR insurance in the US. I believe Proper only covers short term rentals, not mid-term rentals (30days or more):

CBIZ

Farmers (thru Foremost)

Safely

Steadily

Proper (most expensive, but most comprehensive)

[Nate803]

thank you so much for responding with the very valuable information. I will check these companies out and see what they come back with!! Thanks again!