STR insurance what do you use?

Orlando, Florida
Short-Term & Vacation Rental Discussions
2yFollow

STR insurance what do you use?

Aaron Washington
Member since 2022 · 16 posts · 11 votes

My wife and I are in the process of closing on a vacation home in the Davenport area. We plan to rent it out, as an STR, while we are not there. This will be our first vacation and STR home.

We need to determine the right insurance, and fast. Please keep in mind, since this is a vacation home, it will not be covered under the protections of an LLC (at least not initially) so we need to make sure we have liabilities covered. 

How do you structure your insurance? Do you have one plan or a plan with supplementals such as liability?

Also, is wind and hurricane a must?

Thanks in advance,

Aaron 

1Reply
161 views

Most Popular Reply

John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
2y

I have a STR insurance policy from Foremost.

2Reply
See this reply in the discussion

34 Replies

Jump to latestLatest
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    2y

    I have a STR insurance policy from Foremost.

    2Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    2y

    We have our insurance through Proper. I am looking at alternatives.

    Remember @Aaron Washington, and LLC provides some protection from contract suits, but not negligence. It will be pierced if you don't take care of issues pronto.

    0Reply
  • Trent Reeve
    Atlanta · Member since 2022 · 706 posts · 634 votes
    2y

    I used an insurance broker in the area who found me our policy amongst the different carriers. Made sure to identify it would be used as a STR so that we had the right coverage.

    0Reply
  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    2y

    Hey Aaron - I am over in Tampa, closeby.  I will DM you a link to our preferred insurance vendor for a quote.  Best of luck!

    [email protected]813-563-0877
    Vacation Rentals of Florida53 Reviews
    WebsiteView Page
    1Reply
  • Brooklyn McCarty
    Investor · Member since 2022 · 1k+ posts · 754 votes
    2y

    We use Proper

    0Reply
  • Zachary Cain Humphrey
    Investor · KY · Member since 2022 · 204 posts · 77 votes
    2y

    One company I have seen success with being used is Waivo Insurance for STR.

    0Reply
  • Aaron Washington
    OP
    Member since 2022 · 16 posts · 11 votes
    2y

    Thank you everyone for your recommendations. For those of you with homes or rentals in Florida, especially the interior like Orlando, do you opt for Wind/hurricane coverage? 

    Thanks in advance,

    Aaron

    0Reply
  • Alice Horn
    Property Manager · Kissimmee, FL · Member since 2019 · 445 posts · 266 votes
    2y
    Quote from @Aaron Washington:

    Thank you everyone for your recommendations. For those of you with homes or rentals in Florida, especially the interior like Orlando, do you opt for Wind/hurricane coverage? 

    Thanks in advance,

    Aaron

    We use Fudge insurance which is based here in Orlando and specializes in Orlando area STRs. Yes, you should ask about wind insurance as we do get wind damage occasionally from hurricanes although it is far milder than the coastal areas.
    0Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    2y

    @Aaron Washington wind insurance is a must unless you have master insurance in place that covers your building. Your lender should be able to tell you that if you’re obtaining financing.

    [email protected]619-456-8311
    Helm Mortgage Corp.5125 Reviews
    WebsiteView Page
    0Reply
  • Jeremy Jareckyj
    Real Estate Agent · Salt Lake City, UT · Member since 2020 · 490 posts · 205 votes
    2y

    I use travelers for almost all my STR policies. pretty solid insurance and good price

    0Reply
  • Eric Starks
    Investor · Orlando, FL · Member since 2021 · 73 posts · 42 votes
    2y

    We have a landlord/STR policy with Kin Insurance.

    1Reply
  • Jon Martin
    Member since 2022 · 1k+ posts · 1k+ votes
    2y

    Would tornado damage require a wind policy?

    0Reply
  • Aaron Washington
    OP
    Member since 2022 · 16 posts · 11 votes
    2y
    Quote from @Jon Martin:

    Would tornado damage require a wind policy?


    That is a good question... I do not know. It sounds like some companies use the term wind and hurricane interchangeably. I'm sure there are some slight technical differences, they won't tell you about until it is time to deny the claim.

    1Reply
  • Sarah KensingerPro Member
    Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
    2y

    If you don't want to take care of asset protection, you can't afford to not use Proper Insurance and get the max coverage. Even with that, I can't promise you won't have major issues and possibly lose the property or your monthly income. 

    [email protected]330-557-3021
    0Reply
  • Melanie Hernandez
    Miami, FL · Member since 2020 · 16 posts · 3 votes
    2y

    @Alice Horn are Airbnb/STR good investment in Orlando ?? With rental arbitrage . I'm from Miami would love to start an Airbnb in Orlando

    0Reply
  • Melanie Hernandez
    Miami, FL · Member since 2020 · 16 posts · 3 votes
    2y

    @Aaron Washington are Airbnb/STR good investment in Orlando ?? With rental arbitrage . I'm from Miami would love to start an Airbnb in Orlando

    0Reply
  • Shawn McCormickPro Member
    Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
    2y

    Give Doug Fudge a call (Fudge Insurance). Many of my clients use him, not sure about rates, but he understands STR and what is needed. I tend to say no to the wind, but look at costs vs coverage and the language used.

    Best of luck!

    1Reply
  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 676 posts · 259 votes
    2y
    Quote from @Aaron Washington:
    Quote from @Jon Martin:

    Would tornado damage require a wind policy?


    That is a good question... I do not know. It sounds like some companies use the term wind and hurricane interchangeably. I'm sure there are some slight technical differences, they won't tell you about until it is time to deny the claim.


     If a policy is written "ex-wind" (excluding wind coverage) it will not provide coverage for a tornado.  Ex-wind is for all wind related events whether it's a stiff breeze or a hurricane.

    Royal Oath Insurance Group4.9204 Reviews
    WebsiteView Page
    1Reply
  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 676 posts · 259 votes
    2y
    Quote from @Jon Martin:

    Would tornado damage require a wind policy?

    Most standard property insurance policies cover wind related events such as a tornado. 
    If a policy excludes wind coverage (more common in places like Florida where insurance is severely strained by weather and other market conditions) then all wind related events are excluded.
    In those cases, it's sometimes possible to purchase a wind policy (usually covers wind & hail) which would provide tornado protection.
    Royal Oath Insurance Group4.9204 Reviews
    WebsiteView Page
    1Reply
  • Aaron Washington
    OP
    Member since 2022 · 16 posts · 11 votes
    2y
    Quote from @Melanie Hernandez:

    @Aaron Washington are Airbnb/STR good investment in Orlando ?? With rental arbitrage . I'm from Miami would love to start an Airbnb in Orlando

    I can not say from personal experience. This will be our first rental anywhere. I'm also getting lots  of mixed feedback and data. The market is certainly saturated. We believe it will always be saturated, as long as Disney and Universal are popular destinations in the area, though. We also believe with the right setup and amenities, it is possible to be successful even in a saturated market.
    0Reply
  • Aaron Washington
    OP
    Member since 2022 · 16 posts · 11 votes
    2y
    Quote from @Shawn McCormick:

    Give Doug Fudge a call (Fudge Insurance). Many of my clients use him, not sure about rates, but he understands STR and what is needed. I tend to say no to the wind, but look at costs vs coverage and the language used.

    Best of luck!


     Thanks Shawn,

    Can you DM me his contact info? If not, I'll try looking him up tomorrow.

    0Reply
  • Aaron Washington
    OP
    Member since 2022 · 16 posts · 11 votes
    2y

    Does anyone have, or know of a stand alone wind/hurricane policy or conversely a stand alone liability policy? We really like the coverage Prosper offers. Especially their liability coverage. As new vacation rental owners I think our biggest concerns are liability and the potential of loosing everything to a hurricane. Adding on wind/hurricane coverage, to Prosper, makes it nearly unaffordable, though. I'm not saying I would do this, and I haven't done the math yet, though I think I could get a normal policy with hurricane/wind as well as the prosper policy for less than it would cost to add wind/hurricane to the prosper policy.

    0Reply
  • Account Closed
    Homeowner · Celebration, FL · Member since 2023 · 37 posts · 14 votes
    2y

    Hi - congrats on purchase, Championsgate is a great STR area, as somebody who owns and manages homes in the area, I would suggest you use a STR broker, Fudge insurance are in Orlando and specialize in STR homeowner insurance, we use them for both our properties, but also other insurance needs. In addition, as others suggest, guest damage insurance such as proper or safely would be good, for those bookings off Airbnb/vrbo where guest damage coverage isn't available.


    Happy to help as needed.

    1Reply
  • Account Closed
    Homeowner · Celebration, FL · Member since 2023 · 37 posts · 14 votes
    2y
    Quote from @Aaron Washington:

    Does anyone have, or know of a stand alone wind/hurricane policy or conversely a stand alone liability policy? We really like the coverage Prosper offers. Especially their liability coverage. As new vacation rental owners I think our biggest concerns are liability and the potential of loosing everything to a hurricane. Adding on wind/hurricane coverage, to Prosper, makes it nearly unaffordable, though. I'm not saying I would do this, and I haven't done the math yet, though I think I could get a normal policy with hurricane/wind as well as the prosper policy for less than it would cost to add wind/hurricane to the prosper policy.

    Hurricanes typically turn into tropical storms at best by the time they get to Orlando, so I don’t buy the same type of policy they offering for those on coast. 
    0Reply
  • Ray WilliamsBusiness Member
    Lender · Denver, CO · Member since 2017 · 148 posts · 68 votes
    2y

    I'd go with a broker. Depending on area, coverage needs I have seen varying carriers best fit the policy needed. My most recent was insured through Steadily and they used Foremost. But the broker was super knowledgeable. 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free