Liability Insurance - Miami Beach

[Maria22471]

Hi everyone,

I’m looking to secure liability insurance for two apartments I rent out through Airbnb. Each property is under a separate LLC, so I’ll need coverage for both. The insurance should cover liability in case anything happens while guests are staying in the apartments. Both are located in the same Condo in Miami Beach. 

If anyone has recommendations or advice on the best options/ insurance companies working in Miami Beach, I’d greatly appreciate it! 

I've been looking up and receive a quote, but seems to expensive. How much is a reasonable cost per year?

Thanks in advance!

Best,

Maria

[Mike-And-Jane0]

@Maria22471 Have you looked at the Airbnb Aircover product? The liability part does seem to me to be worthwhile (the damage part less reliable). The liability part is a proper insurance policy in the USA the only problem is you don't get your name on the policy.

[Maria22471]

Thanks @Mike-And-Jane0 is the Airbnb Aircover Product something additional that you have to pay for?

[Mike-And-Jane0]

@Maria22471 no it comes automatically with every booking. I don't like the damage part of it because it is not an insurance product so basically pays out at the whim of Airbnb. It only covers guest caused damage so if a wire sparks and sets fire to the house I don't see it being covered. Equally if the house flooded by a broken pipe between guests it wouldn't pay out. Finally if it does pay it pays a depreciated amount and you need original receipts to prove what things cost. I guess a 5 yr old TV would not get a pay out.

The liability part though is, in many countries, a proper insurance product so I would think it works better. Only problem is you will not be a named policyholder so I your local authority needs proof of insurance it may not work.

Google Aircover and you will see the terms and conditions.

[Maria22471]

@Mike-And-Jane0 Thanks for all this information. I will definitely have to hire a liability insurance. And the aircover seems OK, but I get your point 🙂