Short term rental insurance
I understand that short term rental insurance is expensive, but I received 2 quotes, one from our regular insurance company being about 5000 dollars and other from Foremost being about >$10,000. I literally have sticker shock.
I read that Foremost offers reasonable rates, but this is not reasonable. Has anyone worked with Foremost and what is your experience with pricing and service quality. Thank you.
Where is your property located? How much is the property valued at? Hard to tell solely based on price and limited details of the property. Yes - It seems high but depends on the coverage levels and market, it could be market rates.
Quote from @Brandon Plombon:
Where is your property located? How much is the property valued at? Hard to tell solely based on price and limited details of the property. Yes - It seems high but depends on the coverage levels and market, it could be market rates.
Home is located with Houston with a value of approximately 380,000-400,000.Dwelling coverage-460,000
Personal liability- 1,000,000
Personal property1 15,000
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@Gini Dutt-Roye Houston is a tough insurance market. Based on the value of the building and location, the Foremost quote is in line with the market pricing. There are a few other carriers you can try to hopefully bring it down a little lower.
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Ask your regular Home Insurance companies, like State Farm etc.... Some of them now have coverage specifically for STRs, although others don't.
My STRs are covered with State Farm for about $100 mo each. Not basic coverage either, good coverage......
Those rates you quoted are outrageous. Don't know why but maybe because they are smaller and newer companies? The older, more established companies have a much huger base to lean on for payouts....
Quote from @Bruce Woodruff:State Farm is our regular carrier and they quoted >5000 dollars annually.
Ask your regular Home Insurance companies, like State Farm etc.... Some of them now have coverage specifically for STRs, although others don't.
My STRs are covered with State Farm for about $100 mo each. Not basic coverage either, good coverage......
Those rates you quoted are outrageous. Don't know why but maybe because they are smaller and newer companies? The older, more established companies have a much huger base to lean on for payouts....
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Wow! Why is it so high in your area? Keep checking.....or just factor it into your prices....
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Give Proper a call. See what they have for you. It is usually more expensive that Foremost so I am not optimistic, but worth a shot.
You should ask them why it is so high. I thought you might be in a high fire danger area, but maybe it's crime? No idea really.
Quote from @Bruce Woodruff:
Wow! Why is it so high in your area? Keep checking.....or just factor it into your prices....
I honestly don’t know the reason. I know that auto insurance premiums are more expensive as well here in Texas.
Quote from @Michael Baum:
Give Proper a call. See what they have for you. It is usually more expensive that Foremost so I am not optimistic, but worth a shot.
You should ask them why it is so high. I thought you might be in a high fire danger area, but maybe it's crime? No idea really.
I will give them a call. I’m not sure why the premium is so high. It’s a nice area.
@Gini Dutt-Roye
Texas has one of the highest insurance rates in the country and Houston and Dallas has the highest rates in Texas. Houston has hurricanes floods and wild fires which accounts for the rate. 5k is a good rate for a STR if it's it State Farm. Sorry for the sticker shock.
I have another National carrier that may beat State Farm but pretty sure not by much. PM if you would like a quote.
Thank you for the explanation.
Quote from @Rod Hanks:
@Gini Dutt-RoyeTexas has one of the highest insurance rates in the country and Houston and Dallas has the highest rates in Texas. Houston has hurricanes floods and wild fires which accounts for the rate. 5k is a good rate for a STR if it's it State Farm. Sorry for the sticker shock.
I have another National carrier that may beat State Farm but pretty sure not by much. PM if you would like a quote.
I have Proper Insurance for my Atlanta STR and the premium is $2,627 ($218.92) a month.
All State was over $4,000 when I got a quote from them.
Where are you located? I have an awesome insurance broker that consistently finds me the best rates and really customizes based on my needs!
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Quote from @Josh Green:Hey thanks! We are in Houston.
Where are you located? I have an awesome insurance broker that consistently finds me the best rates and really customizes based on my needs!
Quote from @Josh Green:Hey thanks! We are in Houston.
Where are you located? I have an awesome insurance broker that consistently finds me the best rates and really customizes based on my needs!