I have just found a short-term rental policy from Premier Marine Insurance. From the policy: "HOME SHARING - OWNER OCCUPIED WITH SHORT-TERM RENTALS BINDER". It is still, IMO overpriced at $1740. for my particular policy (about $700 over my previous policy for a detached single family home) but far better than the $3300 I was quoted from another company. Hopefully, the industry is beginning to catch up and more competition will produce more competitive prices in the next couple of years. At least, it is the right coverage. Last year I was sold Bed & Breakfast insurance but it turns out that does NOT cover you if you allow guests to use the kitchen. Every situation is different, rental in your home, secondary, vacation home, separate building on same property so you have to be really clear what you are offering and have your agent ask questions if there is anything you find ambiguous. For example, the application form asked if I served food. I generally don't but I have asked my agent to find out whether it is a problem if I leave cookies, muffins, tea or coffee for guests or if I were to invite a guest to share a meal. Also, is it okay to let a guest borrow a bicycle? Not sure, I have done so in the past but now will wait to hear what the reply is and what are the possible consequences.
