Short Term Rental Insurance in Florida
Dewitt, MI · Member since 2016 · 6 posts · 4 votes
Short Term Rental Insurance in Florida
Most Popular Reply
Collin HaysBusiness Member
Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votesQuote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
Proper is a broker. I don't think anyone questions whether they are a good brokerage. They are not a STR insurance company, nor are they "covering" anything. All of the loss items you specify are available through a variety of brokerages, because they are all selling the same policies.
I've had this discussion with you before and since you didn't believe me when I said their NOT a brokerage and never have been, I suggested you call the company and get more info. They are not selling the same policies as all the others, since clearly all the others don't cover everything they do. A couple quick phone calls can tell anyone that. Also, when you make a claim, it stays in Proper and you deal directly with them and no one else, that's not the case with a brokerage. They line you up with a company and move on to the next customer. I again urge you to call the company and get more info on who they are, who backs them, and what they do for the STR world.
Proper isn't an insurer. Their policies are insured by a Lloyds of London syndicate, as are most other STR policies.
From the Proper website:
- “Underwritten by Lloyd’s of London, AM Best’s Rated A”
If they were an MGA they would only sell through agents, not to the general public. An agency of any kind is a brokerage.
uncle. 😂
I'm not exactly sure what you taught me. I've spent most of my career in medical, property, and casualty insurance. I have also owned Short Term Rentals since 2005.
A managing general agent (MGA) or a managing general underwriter (MGU) is a specialized type of insurance agent or broker that has been granted underwriting authority by an insurer, and can administer programs and negotiate contracts for an insurer.
An MGA’s functions can include:
- binding coverage
- underwriting and pricing
- settling claims
- appointing retail agents in a certain region
At its core, the MGA manages all or part of the insurance business of an insurer and acts as an insurance agent or broker for the insurer, while working as the intermediary between carriers and agents, and/or insureds.
The MGA is not an insurer. Proper is not an insurer. Neither is Southpoint Risk or CBIZ an insurer. Most of the products that these brokers sell are underwritten by Lloyd's of London. They are essentially a field agent for the insurer, as are most other agencies/brokerages that sell STR policies, meaning they have authority to underwrite, bind coverage, negotiate and settle claims, and appoint retail agents.
27 Replies
- Rental Property Investor · Phoenix, AZ and Rehoboth Beach DE · Member since 2019 · 1k+ posts · 1k+ votes3y
Proper is a good company, that's who I have. But make sure they cover everything you want, because I've heard that hosts in Florida have had problems with coverage with them. I don't remember if it was "wind coverage" that they wouldn't do, or what areas in FL.
- 3yMichael BaumPro MemberOlympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
Hey @Seth Schmidtmann, like @Lauren Kormylo we also use Proper. It is a rep for Lloyd's of London so it is really solid.
I have found it to be on the more expensive side but very comprehensive. It covers things I never would have thought needed coverage. Like coverage if guests have issues away from the house doing whatever.
You should also give Foremost a try. Lots of members here are happy with their coverage and it is usually less expensive.
You do have a more hurdles in FL due to wind coverage like Lauren said so do your due diligence!
- Dewitt, MI · Member since 2016 · 6 posts · 4 votes3y
Thank you and @Lauren Kormylo and @Michael Baum for your responses. I really appreciate it! I feel much better knowing that others have used them. I don't know anything about them. I will check out Foremost though. Thank you
- 3yCollin HaysBusiness MemberProperty Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
Proper is popular because they market like heck. But Proper isn't insurance; it is a brokerage firm for insurance. Proper isn't "covering" anything - they simply sell you some insurance. Similar to a "mortgage company".
STR insurance is a niche insurance market, and very few actual insurers are in this space. Proper, CBIZ, and the local brokers are all likely representing the same insurers because there are so few. They earn their profit by marking up the actual insurance. Usually, Proper is very expensive compared to other brokers, because they tack on significantly more to the actual cost of the policy for their profit. See if there is a local broker in your area - having a local agent is really handy when you have a claim.
- Atlanta · Member since 2022 · 716 posts · 645 votes3y
I used a florida broker that found me the best policy. it beat Proper. so i suggest shopping around
- 3ySarah KensingerPro MemberReal Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
- 3yCollin HaysBusiness MemberProperty Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
Quote from @Sarah Kensinger:
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
Proper is a broker. I don't think anyone questions whether they are a good brokerage. They are not a STR insurance company, nor are they "covering" anything. All of the loss items you specify are available through a variety of brokerages, because they are all selling the same policies.
- 3ySarah KensingerPro MemberReal Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
Proper is a broker. I don't think anyone questions whether they are a good brokerage. They are not a STR insurance company, nor are they "covering" anything. All of the loss items you specify are available through a variety of brokerages, because they are all selling the same policies.
I've had this discussion with you before and since you didn't believe me when I said their NOT a brokerage and never have been, I suggested you call the company and get more info. They are not selling the same policies as all the others, since clearly all the others don't cover everything they do. A couple quick phone calls can tell anyone that. Also, when you make a claim, it stays in Proper and you deal directly with them and no one else, that's not the case with a brokerage. They line you up with a company and move on to the next customer. I again urge you to call the company and get more info on who they are, who backs them, and what they do for the STR world.
- 3yAlex BekezaBusiness MemberLender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
@Seth Schmidtmann The Florida insurance industry is getting rocked right now. However, I've had quite a few clients recently rescued by Tyler Nagle over at John Galt Insurance. I believe he can cover the entire state and was able to get coverage on a handful of deals where were getting ridiculous quotes or declines. I'll DM you his contact info. Worth a call for sure.
Investor Property Loan5307 Reviews - 3yCollin HaysBusiness MemberProperty Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
Quote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
Proper is a broker. I don't think anyone questions whether they are a good brokerage. They are not a STR insurance company, nor are they "covering" anything. All of the loss items you specify are available through a variety of brokerages, because they are all selling the same policies.
I've had this discussion with you before and since you didn't believe me when I said their NOT a brokerage and never have been, I suggested you call the company and get more info. They are not selling the same policies as all the others, since clearly all the others don't cover everything they do. A couple quick phone calls can tell anyone that. Also, when you make a claim, it stays in Proper and you deal directly with them and no one else, that's not the case with a brokerage. They line you up with a company and move on to the next customer. I again urge you to call the company and get more info on who they are, who backs them, and what they do for the STR world.
Proper isn't an insurer. Their policies are insured by a Lloyds of London syndicate, as are most other STR policies.
From the Proper website:
- “Underwritten by Lloyd’s of London, AM Best’s Rated A”
- 3ySarah KensingerPro MemberReal Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votesYeah, they're an MGA not a brokerage.
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
Proper is a broker. I don't think anyone questions whether they are a good brokerage. They are not a STR insurance company, nor are they "covering" anything. All of the loss items you specify are available through a variety of brokerages, because they are all selling the same policies.
I've had this discussion with you before and since you didn't believe me when I said their NOT a brokerage and never have been, I suggested you call the company and get more info. They are not selling the same policies as all the others, since clearly all the others don't cover everything they do. A couple quick phone calls can tell anyone that. Also, when you make a claim, it stays in Proper and you deal directly with them and no one else, that's not the case with a brokerage. They line you up with a company and move on to the next customer. I again urge you to call the company and get more info on who they are, who backs them, and what they do for the STR world.
Proper isn't an insurer. Their policies are insured by a Lloyds of London syndicate, as are most other STR policies.
From the Proper website:
- “Underwritten by Lloyd’s of London, AM Best’s Rated A”
- 3yCollin HaysBusiness MemberProperty Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
Quote from @Sarah Kensinger:
Yeah, they're an MGA not a brokerage.Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
Proper is a broker. I don't think anyone questions whether they are a good brokerage. They are not a STR insurance company, nor are they "covering" anything. All of the loss items you specify are available through a variety of brokerages, because they are all selling the same policies.
I've had this discussion with you before and since you didn't believe me when I said their NOT a brokerage and never have been, I suggested you call the company and get more info. They are not selling the same policies as all the others, since clearly all the others don't cover everything they do. A couple quick phone calls can tell anyone that. Also, when you make a claim, it stays in Proper and you deal directly with them and no one else, that's not the case with a brokerage. They line you up with a company and move on to the next customer. I again urge you to call the company and get more info on who they are, who backs them, and what they do for the STR world.
Proper isn't an insurer. Their policies are insured by a Lloyds of London syndicate, as are most other STR policies.
From the Proper website:
- “Underwritten by Lloyd’s of London, AM Best’s Rated A”
If they were an MGA they would only sell through agents, not to the general public. An insurance agency of any kind is a brokerage by definition.
- 3ySarah KensingerPro MemberReal Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes"A managing general agent (MGA) is a type of insurance agent who has the authority to underwrite insurance policies. Underwriting means an MGA can assess a customer's risk and offer them insurance. Traditional insurance agents sell insurance policies to customers. An MGA can sell policies and also approve them, set prices and settle claims." ~Definition of an MGA~
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Yeah, they're an MGA not a brokerage.Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
Proper is a broker. I don't think anyone questions whether they are a good brokerage. They are not a STR insurance company, nor are they "covering" anything. All of the loss items you specify are available through a variety of brokerages, because they are all selling the same policies.
I've had this discussion with you before and since you didn't believe me when I said their NOT a brokerage and never have been, I suggested you call the company and get more info. They are not selling the same policies as all the others, since clearly all the others don't cover everything they do. A couple quick phone calls can tell anyone that. Also, when you make a claim, it stays in Proper and you deal directly with them and no one else, that's not the case with a brokerage. They line you up with a company and move on to the next customer. I again urge you to call the company and get more info on who they are, who backs them, and what they do for the STR world.
Proper isn't an insurer. Their policies are insured by a Lloyds of London syndicate, as are most other STR policies.
From the Proper website:
- “Underwritten by Lloyd’s of London, AM Best’s Rated A”
If they were an MGA they would only sell through agents, not to the general public. An agency of any kind is a brokerage.
- 3yCollin HaysBusiness MemberProperty Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
Quote from @Sarah Kensinger:
"A managing general agent (MGA) is a type of insurance agent who has the authority to underwrite insurance policies. Underwriting means an MGA can assess a customer's risk and offer them insurance. Traditional insurance agents sell insurance policies to customers. An MGA can sell policies and also approve them, set prices and settle claims." ~Definition of an MGA~Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Yeah, they're an MGA not a brokerage.Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
Proper is a broker. I don't think anyone questions whether they are a good brokerage. They are not a STR insurance company, nor are they "covering" anything. All of the loss items you specify are available through a variety of brokerages, because they are all selling the same policies.
I've had this discussion with you before and since you didn't believe me when I said their NOT a brokerage and never have been, I suggested you call the company and get more info. They are not selling the same policies as all the others, since clearly all the others don't cover everything they do. A couple quick phone calls can tell anyone that. Also, when you make a claim, it stays in Proper and you deal directly with them and no one else, that's not the case with a brokerage. They line you up with a company and move on to the next customer. I again urge you to call the company and get more info on who they are, who backs them, and what they do for the STR world.
Proper isn't an insurer. Their policies are insured by a Lloyds of London syndicate, as are most other STR policies.
From the Proper website:
- “Underwritten by Lloyd’s of London, AM Best’s Rated A”
If they were an MGA they would only sell through agents, not to the general public. An agency of any kind is a brokerage.
uncle. 😂
- 3ySarah KensingerPro MemberReal Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votesHaha....no you learned something. ;)
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
"A managing general agent (MGA) is a type of insurance agent who has the authority to underwrite insurance policies. Underwriting means an MGA can assess a customer's risk and offer them insurance. Traditional insurance agents sell insurance policies to customers. An MGA can sell policies and also approve them, set prices and settle claims." ~Definition of an MGA~Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Yeah, they're an MGA not a brokerage.Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
Proper is a broker. I don't think anyone questions whether they are a good brokerage. They are not a STR insurance company, nor are they "covering" anything. All of the loss items you specify are available through a variety of brokerages, because they are all selling the same policies.
I've had this discussion with you before and since you didn't believe me when I said their NOT a brokerage and never have been, I suggested you call the company and get more info. They are not selling the same policies as all the others, since clearly all the others don't cover everything they do. A couple quick phone calls can tell anyone that. Also, when you make a claim, it stays in Proper and you deal directly with them and no one else, that's not the case with a brokerage. They line you up with a company and move on to the next customer. I again urge you to call the company and get more info on who they are, who backs them, and what they do for the STR world.
Proper isn't an insurer. Their policies are insured by a Lloyds of London syndicate, as are most other STR policies.
From the Proper website:
- “Underwritten by Lloyd’s of London, AM Best’s Rated A”
If they were an MGA they would only sell through agents, not to the general public. An agency of any kind is a brokerage.
uncle. 😂
- 3yCollin HaysBusiness MemberProperty Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
Quote from @Sarah Kensinger:
Haha....no you learned something. ;)Quote from @Collin Hays:
Quote from @Sarah Kensinger:
"A managing general agent (MGA) is a type of insurance agent who has the authority to underwrite insurance policies. Underwriting means an MGA can assess a customer's risk and offer them insurance. Traditional insurance agents sell insurance policies to customers. An MGA can sell policies and also approve them, set prices and settle claims." ~Definition of an MGA~Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Yeah, they're an MGA not a brokerage.Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
Proper is a broker. I don't think anyone questions whether they are a good brokerage. They are not a STR insurance company, nor are they "covering" anything. All of the loss items you specify are available through a variety of brokerages, because they are all selling the same policies.
I've had this discussion with you before and since you didn't believe me when I said their NOT a brokerage and never have been, I suggested you call the company and get more info. They are not selling the same policies as all the others, since clearly all the others don't cover everything they do. A couple quick phone calls can tell anyone that. Also, when you make a claim, it stays in Proper and you deal directly with them and no one else, that's not the case with a brokerage. They line you up with a company and move on to the next customer. I again urge you to call the company and get more info on who they are, who backs them, and what they do for the STR world.
Proper isn't an insurer. Their policies are insured by a Lloyds of London syndicate, as are most other STR policies.
From the Proper website:
- “Underwritten by Lloyd’s of London, AM Best’s Rated A”
If they were an MGA they would only sell through agents, not to the general public. An agency of any kind is a brokerage.
uncle. 😂
I'm not exactly sure what you taught me. I've spent most of my career in medical, property, and casualty insurance. I have also owned Short Term Rentals since 2005.
A managing general agent (MGA) or a managing general underwriter (MGU) is a specialized type of insurance agent or broker that has been granted underwriting authority by an insurer, and can administer programs and negotiate contracts for an insurer.
An MGA’s functions can include:
- binding coverage
- underwriting and pricing
- settling claims
- appointing retail agents in a certain region
At its core, the MGA manages all or part of the insurance business of an insurer and acts as an insurance agent or broker for the insurer, while working as the intermediary between carriers and agents, and/or insureds.
The MGA is not an insurer. Proper is not an insurer. Neither is Southpoint Risk or CBIZ an insurer. Most of the products that these brokers sell are underwritten by Lloyd's of London. They are essentially a field agent for the insurer, as are most other agencies/brokerages that sell STR policies, meaning they have authority to underwrite, bind coverage, negotiate and settle claims, and appoint retail agents.
- 3ySarah KensingerPro MemberReal Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votesThat weird... this is NOT what the comment said earlier. Sounds like you need to contact the company and speak to them....pretty sure I already mentioned that I time or two.
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Haha....no you learned something. ;)Quote from @Collin Hays:
Quote from @Sarah Kensinger:
"A managing general agent (MGA) is a type of insurance agent who has the authority to underwrite insurance policies. Underwriting means an MGA can assess a customer's risk and offer them insurance. Traditional insurance agents sell insurance policies to customers. An MGA can sell policies and also approve them, set prices and settle claims." ~Definition of an MGA~Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Yeah, they're an MGA not a brokerage.Quote from @Collin Hays:
Quote from @Sarah Kensinger:
Quote from @Collin Hays:
Quote from @Sarah Kensinger:
I'm surprised the question on if Proper is a quality company was even asked. Not only are they a superior company but they offer coverage on things other STR insurance companies do not. There are many companies that are less expensive and do offer STR coverage, but do they cover.... loss of rental income, bed bug infestations, loss of income over a furnace/ac or another major system going out, extended liability for guests off the property, and no limit on damage from guests. It all comes down to what you're willing to pay and feel comfortable with. As well as realizing the old saying is very true...you get what you pay for.
Proper is a broker. I don't think anyone questions whether they are a good brokerage. They are not a STR insurance company, nor are they "covering" anything. All of the loss items you specify are available through a variety of brokerages, because they are all selling the same policies.
I've had this discussion with you before and since you didn't believe me when I said their NOT a brokerage and never have been, I suggested you call the company and get more info. They are not selling the same policies as all the others, since clearly all the others don't cover everything they do. A couple quick phone calls can tell anyone that. Also, when you make a claim, it stays in Proper and you deal directly with them and no one else, that's not the case with a brokerage. They line you up with a company and move on to the next customer. I again urge you to call the company and get more info on who they are, who backs them, and what they do for the STR world.
Proper isn't an insurer. Their policies are insured by a Lloyds of London syndicate, as are most other STR policies.
From the Proper website:
- “Underwritten by Lloyd’s of London, AM Best’s Rated A”
If they were an MGA they would only sell through agents, not to the general public. An agency of any kind is a brokerage.
uncle. 😂
I'm not exactly sure what you taught me. I've spent most of my career in medical, property, and casualty insurance. I have also owned Short Term Rentals since 2005.
A managing general agent (MGA) or a managing general underwriter (MGU) is a specialized type of insurance agent or broker that has been granted underwriting authority by an insurer, and can administer programs and negotiate contracts for an insurer.
An MGA’s functions can include:
- binding coverage
- underwriting and pricing
- settling claims
- appointing retail agents in a certain region
At its core, the MGA manages all or part of the insurance business of an insurer and acts as an insurance agent or broker for the insurer, while working as the intermediary between carriers and agents, and/or insureds.
The MGA is not an insurer. Proper is not an insurer. Neither is Southpoint Risk or CBIZ an insurer. Most of the products that these brokers sell are underwritten by Lloyd's of London. They are essentially a field agent for the insurer, as are most other agencies/brokerages that sell STR policies, meaning they have authority to underwrite, bind coverage, negotiate and settle claims, and appoint retail agents.
- 3yCollin HaysBusiness MemberProperty Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
That weird... this is NOT what the comment said earlier. Sounds like you need to contact the company and speak to them....pretty sure I already mentioned that I time or two.
Yeah I’ll give them a call right after I re-organize my sock drawer.
- Dewitt, MI · Member since 2016 · 6 posts · 4 votes3yWe have been shopping around quite a bit. So far Proper has the most coverage at a competitive price.
Quote from @Trent Reeve:
I used a florida broker that found me the best policy. it beat Proper. so i suggest shopping around
- 3yMichael BaumPro MemberOlympia, WA · Member since 2016 · 8k+ posts · 7k+ votesHehehe! I just did my sock drawer an hour ago. Really!
Yeah I’ll give them a call right after I re-organize my sock drawer.
- 3yCollin HaysBusiness MemberProperty Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
Quote from @Michael Baum:
Hehehe! I just did my sock drawer an hour ago. Really!Yeah I’ll give them a call right after I re-organize my sock drawer.
Well, I guess that means you have time to call Proper and find out what they really are! ;)
- 3yMichael BaumPro MemberOlympia, WA · Member since 2016 · 8k+ posts · 7k+ votesI went into my insurance purchase with my eyes wide open on them. I knew they were a broker for Lloyd's. I got several quotes, but back in 2017 when we bought the house, there weren't as many providers as there is now. CBIZ was just weird for me. Foremost wanted my SSN just to quote me and I wasn't going to give them that.
Quote from @Collin Hays:
Quote from @Michael Baum:
Hehehe! I just did my sock drawer an hour ago. Really!Yeah I’ll give them a call right after I re-organize my sock drawer.
Well, I guess that means you have time to call Proper and find out what they really are! ;)
Farmers (which was our primary at the time) had a policy but it seemed like a bunch of riders just glued together. Made me nervous. Thus I went with Proper.
From my perspective, it still offers the broadest range of coverage for a STR owner. It is about 25% more expensive than others, but I think it is worth it.
50k for lost revenue, coverage for guests if they get injured away from the house, beach/dock insurance, bedbugs, etc.
Having said that, I think it really behooves the new owner to get quotes from a bunch of insurers. Many mainstream insurers now offer specialized STR coverage. I would get a quote from Proper with the list of all they cover and use that as a baseline for comparison. Then decide what you can live without to save the $$$. - 3yCollin HaysBusiness MemberProperty Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
Quote from @Michael Baum:
I went into my insurance purchase with my eyes wide open on them. I knew they were a broker for Lloyd's. I got several quotes, but back in 2017 when we bought the house, there weren't as many providers as there is now. CBIZ was just weird for me. Foremost wanted my SSN just to quote me and I wasn't going to give them that.Quote from @Collin Hays:
Quote from @Michael Baum:
Hehehe! I just did my sock drawer an hour ago. Really!Yeah I’ll give them a call right after I re-organize my sock drawer.
Well, I guess that means you have time to call Proper and find out what they really are! ;)
Farmers (which was our primary at the time) had a policy but it seemed like a bunch of riders just glued together. Made me nervous. Thus I went with Proper.
From my perspective, it still offers the broadest range of coverage for a STR owner. It is about 25% more expensive than others, but I think it is worth it.
50k for lost revenue, coverage for guests if they get injured away from the house, beach/dock insurance, bedbugs, etc.
Having said that, I think it really behooves the new owner to get quotes from a bunch of insurers. Many mainstream insurers now offer specialized STR coverage. I would get a quote from Proper with the list of all they cover and use that as a baseline for comparison. Then decide what you can live without to save the $$$.did you try FarmersOnly.com? ;)
- 3yMichael BaumPro MemberOlympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
"You don't have to be lonely, at FarmersOnly.com.."
Join the conversationCreate a free account to reply, vote on answers and follow this thread.