Insurance suggestion for AIrbnb MIL suite

[Dave252]

I wondered if the community had suggestions on how to handle comprehensive insurance when the Airbnb is part of your physical building. I have an Mother in Law suite in the daylight basement (we live above). I want to make sure i am well covered, not so much for the damage within the apartmnent itself, but rather damage to my overall property. For instance if there is a fire in the basement that damages my house above, i need to be covered.

thanks in advance.

[Matthew285]

@Dave252 talk to your insurance person; let them know your exact situation and make sure they understand you want coverage for renting the MIL suite on Airbnb.

I have also heard good things about Proper Insurance in these situations:

https://www.proper.insure

(Their policy is designed specifically for Airbnb hosts.)

[Dave252]

thanks for the response.

I am currently with Proper insurance, but am looking for alternatives as they raised my rates over 10% on renewal.  I wondered what other options existed so i could price shop.

[Matthew285]

@Dave252 that makes a lot of sense; did they give you a reason for the price increase?

Such as:

1. your first year was a promotional price;
2. they have realized there is more risk in Short Term Rentals than they expected;
3. something specific to your local area or your listing
4. increase in the value of your property or required coverage

Also: how was it to deal with Proper? Did you ever have to make a claim?

(Sorry for all the questions; I don't often get to ask someone who has been with Proper for a while.)

[Dave252]

1.i have to call them for the reason for the cost increase. Comparison shopping was part of that plan 

2.maybe

3.maybe but unlikely

4. Likely, given where i live.

they were fine to deal with - responsive, but no claims (a good thing). They have reached out in plenty of time ahead of the renewal which was nice.

i searched on the boards for an answer and i found erie as an option. - investigating