home owners insurance

[Nancy2242]

Our home owners insurance is going up by a lot! Any US users out there that have found an insurance company that also provides insurance for an Airbnb unit in an owner occupied home? Thanks

[Kitty-and-Creek0]

@Nancy2242 

We are owner occupied offering a  wing of the house as STR. 

Our homeowners agent wrote us an STR  business policy some years ago at the renewal date of our homeowners. Our business license requires us to have insurance, so we could not take reservations while waiting. The code also requires us to be present here when guests are on the property, another prudent fire safety and public safety regulation.

Our homeowners premium has doubled, and doubled again, but we are happy to have our coverage, at any price, here in California. The company sends inspectors to make sure of our ongoing building upkeep and fire safety.

Our policy is 42 years old, and that is probably the only reason it exists with no company writing policies for years. Now all the big companies have left the state. The state is working on how to get them back here.  

Don't know about Colorado, but here out west we all seem to be in the same pickle. 

Please keep in touch here, it is a huge topic.

[Nancy2242]

Thanks for the info. Who is your carrier? Nancy

[Ana2038]

@Nancy2242 , our current homeowners insurance (USAA - military current, former and/or their dependents) covers our Airbnb unit (it is on same lot of our primary residence and is connected to our home via a breezeway but does not share any walls with our home). It did not increase our premium and we have the option to increase coverage an additional 1 million if we wanted too (the addl coverage would come with a cost). I do understand that it is getting increasingly difficult to find homeowners insurance for short term rentals, so we consider ourselves fortunate. 

Best—

[Debra300]

@Nancy2242 ,

We also have USAA in Georgia, and fortunately our home owner's policy hasn't increased due to having the short-term rental endorsement.  They do offer different types of coverage, such as rental property insurance and umbrella policies: https://www.usaa.com/inet/wc/advice-insurance-homeowners-cover-airbnb-vrbo-short-term-rental?akredir....

[Nancy2242 · Accepted solution]

Thanks everyone who replied. My husband did a lot of research and phone calls. We are switching from Liberty Mutual to All State. Still an increase in price over all, but about 80% less! They will cover my home, in home airbnb, an additional long term rental we have and our cars. The important requirement for me is that I do not have to be home when I have guests. Not always possible for me.

[Bhumika]

Thank you for coming back and updating us @Nancy2242 ! I'll tag the kind Hosts who supported your question to notify them that you've reached a resolution. @Debra300 @Ana2038 @Kitty-and-Creek0 🌻 

@Nancy2242 Do you have any tips for other Hosts who might be considering a similar change? 👀

I also wanted to share a Community Center tip 💡 : If you'd like to tag members in your comments for them to get a notification of your message, simply press on @ in your keyboard, and the name of the person you are trying to reach should pop up 😊 (In this case Debra,Ana and Kitty). 

[Amy2212]

I have State Farm currently and I'm told I have to find another Ins carrier because they do not cover vacation rentals. 
Maybe it's because I'm in FL?

[Debra300]

@Amy2212,

Insurers have been fleeing high risk US states or areas, such as California (wild fires, landslides and shoreline erosion), Florida (hurricanes, sink holes), and the Gulf Coast area (hurricanes, tornadoes).  This has left many property owners with very little choice of insurance providers and higher costs.

My coverage is via USAA, which is available primarily to military veterans and their dependents (regardless of age) and it provides coverage for short-term rental of primary homes.  If your listings are solely rentals, you may try doing an online search for short-term rental insurance or landlord/lady insurance or business insurance.