Airbnb Cover is totally different than homeowners' insurance, so yes there should be another STR homeowner policy from an insurance company. You have a few ideas listed above....
Talk to your insurance broker, there are policies set up specifically for short term rentals. Look at your rights on Airbnb and what you’re covered for with them as well.
Agree that you need to consult an insurance BROKER and compare those rates with the STR-focused carriers also recommended here. Also, a current 4-point inspection (at least in Florida) will greatly help you for rates and renewals. They are only good for one year, so get a new one annually.
How much are you spend for a SFR over 2300 sqft on STR? We paid over $7000 per year for one such STR and the agent helped us to buy all our insurance. This is really expensive. We have umbrella insurance also.
How much are you spend for a SFR over 2300 sqft on STR? We paid over $7000 per year for one such STR and the agent helped us to buy all our insurance. This is really expensive. We have umbrella insurance also.
So our lake house is 2700sqft so a bit bigger. Our STR insurance is through Proper and we are at about $2800 a year. The house is in north Idaho which I would guess is a lower risk than FL.
The FL insurance market is way off kilter right now so I am not surprised that your rate is high.
@Michael Baum. Yes it is. If we brought it with today's interest and price, we lose money and have to stop this short term business. I asked the agent to quote again from Proper when the over $7000 is from Foremost, but not so positive for the price.
As others recommended already, having a discussion with insurance broker who can search providers and get you the best rate would be probably a great start. I offer a supplemental protection program for my clients but it doesn't cover them when the property is vacant. I still recommend having some sort of an umbrella coverage that will bridge the gap between our protect program and homeowners insurance.
If you need any insurance broker connection who does STR policies, reach out I'd be happy to share :)
I use Proper Ins as well. We are in Florida. THis year's rate is $8,500!!!!! OUCH!!! I'm shopping around, but doesn't look like there are any other options for us folks in the sunshine state.
As others recommended already, having a discussion with insurance broker who can search providers and get you the best rate would be probably a great start. I offer a supplemental protection program for my clients but it doesn't cover them when the property is vacant. I still recommend having some sort of an umbrella coverage that will bridge the gap between our protect program and homeowners insurance.
If you need any insurance broker connection who does STR policies, reach out I'd be happy to share :)
How much are you spend for a SFR over 2300 sqft on STR? We paid over $7000 per year for one such STR and the agent helped us to buy all our insurance. This is really expensive. We have umbrella insurance also.
Your question is impossible for anyone to answer other than an insurance agent/broker who has your property's current inspection reports IN HAND. So much depends on the age of the property and the age and condition of its systems and roof, how far it is from the water, how many claims have been made on it in the past, how many claims YOU have made on your own properties in the past...
Shop around. And around. And maybe even split your dwelling and your wind (hurricane) coverage if both are required.