Spring Hill, TN · Member since 2017 · 2 posts · 0 votes
We're currently under contract to purchase a second home in Pensacola, FL that we plan to use as an AirBnB property. The home has been completely renovated by the seller, but it was originally built in 1940. We've gotten immediately shut down by every insurance agent if we mention AirBnB. We're considering using Slice STR insurance instead https://slice.is/, but we can't even get anyone to insure the property as a second home due to the build date and the fact that it's a second home. The plumbing and electrical were updated as part of the flip. Has anyone else run into this for second/vacation home purchases? Are there alternative solutions out there?
Spring Hill, TN · Member since 2017 · 2 posts · 0 votes
5y
After a lot of calling around to local offices at the time, we did eventually find a company that would insure the property at a fairly reasonable rate. This was a year ago prior to the hurricane season, so prices have edged up a bit since then.
Here is what I figured out. If I go with a partner ( Joint partner) buying the STR, then my partner ( having no insurance claims for past five years on any of his properties) can get the insurance. The lenders can give loan to Joint owners as long as one of the partners have insurance on the property. Hope this helps someone who will encounter a similar situation. Thanks!