STR insurance - Proper alternatives?

Question

Hi there, my STR in the Hudson Valley, NY is currently insured with Proper. They're pricey, and I'm keen to do some comparison shopping. Is anyone else aware of reasonable alternatives?

Sarah Kensinger · Answer

Whatever you choose make sure to read the ENTIRE fine print of the policy. Many times, hosts think the company or broker provided a STR policy just to find out when a claim is made there was a little sentence in the fine print that stated any STR activities canceled the policy out.

Mike Grudzien · Answer

Farmers Insurance has a vacation rental division called Foremost.  They have been great.  Check with a local Farmers agent.

Mike

Erwin Sham · Answer

It doesn't cover any loss of income due to your rental being repaired. They will cover your damages only. So you are out all the income you could have made during that time.

Jacob Morgenstern · Answer

Reach out to Steadily. I use them and they are way more affordable than any other insurance I know of. I can be wrong on this, although I have shopped around plenty.

Erwin Sham · Answer

Proper is pricey but they are best in coverage. What other company offers business income loss and up to 15k for dealing with squatters?

Dina Schmid · Answer

Before our contract fell through, we were going to go with a business policy from State Farm. It provided loss of use coverage and high liability limits but at less than 50% the cost of the quote I got from Proper. We do receive a loyalty discount due to having homeowners & car insurance through them already. We also had the option of another type of policy that was even less expensive that would have required us to spend at least 1 night in the house and rent it at least 30 nights each year. That did not provide the same coverages that the business policy did, but it was very affordable.

Terry Ouimet · Answer

Used a broker to help me find Olympus for FL str, tweaked some things saved $100/mo. Not sure how you cashflow with Proper, it’s just not proper.

Terry Ouimet · Answer

Used a broker to help me find Olympus for FL str, tweaked some things saved $100/mo. Not sure how you cashflow with Proper, it’s just not proper.

Andrew Steffens · Answer

I use Steadily in FL - feel free to shoot me a DM and I will link you with my contacts there that handle all 50 states.  Good luck!

Michael Baum · Answer

Hey @Scott K., with the rapid rise of STRs, you will find that many insurers offer STR policies.

We use Proper but it is very expensive but very comprehensive. I am going to do some research on alternatives myself. Just make sure you take your policy to the brokers so they can do a direct comparison.

Maybe hit up your primary home insurer to see if they offer a STR policy. There might be a big discount if you have all your stuff insured with them.

STR insurance - Proper alternatives?

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