I have some short term rentals in NYC (airbnb), but I dont have insurance on them (stupid, I know, but I have a high risk tolerance).
That said, the STR's violate the terms of my lease, so in the event one of my guests gets injured in my property and sues the landlord, I am going to assume they'll come after me.
I know Proper Insurance provides Short Term Rental Insurance; they quoted me $600/year for each of my properties (would come out to $3600/year) for $1M in per incident and $2M in aggregate liability coverage for Personal Injury + Business Income Loss. (They can't provide insurance on any fines passed on to me in case my landlord gets fined by NYC for having illegal short term rentals in the building, so this is a risk I have to bear)
1) Should I bite the bullet and take out the insurance policies on all of my units?
2) Can I limit the risk if I have my guests all sign Personal Injury liability waivers?
3) If 2), then does anyone have any insight as to where to get a good template for one of these?
id likely use DocuSign and get it e-signed before each guest arrives.
thanks as always for your thoughts.
A concern I would have is if you obtain insurance and something happens - will the insurance company try to back out if they go through you were doing STR's that were against your lease agreement with the owner.
Insurance companies are known to look for ways to back out of not having to pay.