Insurance Carriers for Florida? Any suggestions?

[David3400]

Have one house dedicated to Airbnb, and of course few carriers and exorbent rates for homeowners insurance.  Any suggestions out there?  Central Florida area, 

[Jill426]

Hey David! I know CBIZ writes in the state of Florida, have you checked them out yet?  https://vacationrentalinsurance.cbiz.com/

[Nelly35]

Hi I just contacted CBIZ and they do not insure nor have any carriers insuring in the state of Florida.

Thank you for the information  Nelly

[Eva170]

My insurance agent helped me and it was a bit complicated. I ended up keeping a windstorm-only policy with Citizens and a separate one for all other risks (including short-term rental) with Seacoast Brokers. The total cost of both policies is actually the same as before when I had everything with Citizens. The rental property is also my primary residence and zoned commercial (it's duplex).

[David3400]

Still searching folks and thanks for all the leads.  Here's the bottom line I think I (we) am heading towards.  Short term rentals are considered a commercial property.  At least that is what I am running into, hence the high rates.  Most landlords are getting away with it because their Insurance is not aware that they are renting out rooms/apts/houses that way.  regular landlord tenant insurance $1500-$1600/year.  for short-term rentals, $3000++

buyer beware, I think this is an avenue that the corporate giants are starting to close in on.  Will stay updated with any new info I find, but right now, every company is coming in at $3K+/- per year for this 1100 sq ft 2/1.5 block home in Florida, JUST because I told them I was doing Airbnb.  That is about $140K in home and $2M in liability, and deductible limits only change the rate by $100 or so.

Long term rent potential is about $800-$900/month in this market.  tenant would pay utilities and internet which amount to about $210/month.  Insurance would cost me about $130/month for gross of say $720/month

Airbnb current model:
$1200 income

-$55 internet

-$130 electric

-$45 water/sewer/trash

-$250 insurance

=$720/month.

break even for me.

[Outfit-M-Inc-0]

I use Horace Mann  Steiner insurance for a Wind only policy $900 approximately and have the rental incorporated and deeded to the business. Also have an umbrella policy to cover potential issues.

melissa

outfit m inc 

melbourne Fl 

[Sonya55]

Hi, David. I’ve been researching insurance also, here in Tallahassee. So far, my best results are with Progressive. Not a lot to choose from, especially if your STR only requires a 1 night minimum. 

Please post your findings. Thanks! Sonya

[Nelly35]

Does anyone have new or more information on the homeowners policy.  I am having difficulty finding a company that insures homeowner policy for Airbnb property.  I do not live on premises.  Insurance companies seem to fear Airbnb because of the change in guests frequency.  Any information will be greatly appreciated - thank you - Nelly