Insurance for Short Term Rentals

[Claude Florvil]

Hello, I have a 2 unit property and would like to use one of the units for short term rentals. I understand that I may have to use a commercial coverage or landlord/dwelling coverage insurance plan. But commercial coverage is more comprehensive for short term rentals. WIll it also cover the unit where I have a long term tenant? Or do I need two (2) insurances? Please let me know your thoughts? Thank you!

[Sarah Kensinger]

You would probably need to two insurance policies and maybe even two companies. You could check local insurance companies to see if they could help you. Otherwise, Proper and Steadily are great STR insurance companies!

[Jesse Turner]

Quote from @Sarah Kensinger:

You would probably need to two insurance policies and maybe even two companies. You could check local insurance companies to see if they could help you. Otherwise, Proper and Steadily are great STR insurance companies!

 I agree. There are insurance companies that specialize in homes that are rented. The policies are also distinct for long-term versus short-term rental properties.

It is worth checking with your original insurer to see what kind of policy would be needed overall (both units). Make sure you are comparing apples to apples when you get quotes from other insurers, too. Ask them if they will insure just one unit, the interior only, or the structure itself.

[Collin H.]

Quote from @Sarah Kensinger:

You would probably need to two insurance policies and maybe even two companies. You could check local insurance companies to see if they could help you. Otherwise, Proper and Steadily are great STR insurance companies!

 are you ready for me to step in?   ;)

[Sarah Kensinger]

Quote from @Collin H.:

Quote from @Sarah Kensinger:

You would probably need to two insurance policies and maybe even two companies. You could check local insurance companies to see if they could help you. Otherwise, Proper and Steadily are great STR insurance companies!

 are you ready for me to step in?   ;)

No, I'm tired of it...pick something new. ;p

[Michael Baum]

Everyone covered it. I would go with 2 polices, but check with each insurer to see what they offer and how they would work it.

[Collin H.]

Quote from @Sarah Kensinger:

Quote from @Collin H.:

Quote from @Sarah Kensinger:

You would probably need to two insurance policies and maybe even two companies. You could check local insurance companies to see if they could help you. Otherwise, Proper and Steadily are great STR insurance companies!

 are you ready for me to step in?   ;)

No, I'm tired of it...pick something new. ;p

 Well heck. Maybe let’s debate whether it’s better to kill it or crush it?  👀😂

[Jason Bott]

Quote from @Claude Florvil:

Hello, I have a 2 unit property and would like to use one of the units for short term rentals. I understand that I may have to use a commercial coverage or landlord/dwelling coverage insurance plan. But commercial coverage is more comprehensive for short term rentals. WIll it also cover the unit where I have a long term tenant? Or do I need two (2) insurances? Please let me know your thoughts? Thank you!

If both units are in the same building and situated on the same parcel of land, they will need to be insured with a single insurance carrier. This insurance carrier would then add an endorsement on the second unit to cover the exposures of the Short-Term Rental (STR).

[Claude Florvil]

That makes a lot of sense. I would be surprised to hear that policies were so rigid. Thank you and everyone else for your input!