Home Insurance for Short Term Rentals

[Courtney Radmall]

Hello everyone!  WE have purchased our first short term rental that we are using as a vacation rental and are currently living in it while we renovate it and get it ready.  We will be renting it out starting this July and I am doing some research on what type of home insurance is the best.  

Most of the articles I find come from expensive insurance companies blogs so I don't feel like I am getting an unbiased answer in my research.  So I wanted to ask on here and see what you all think.

Thanks in advance!

[Ken Latchers]

I do not recommend Comet. Too unknown and not convinced it is complete. 

Cbiz and proper are the big ones

American Modern does it

Foremost does it

Nationwide, safeco and other similars MAY do it as a rider but also may limit you. Get clear on that. 

Airbnb insurance is useless and unreliable

Homeowners policy by itself useless

Some people claim landlords policy, but not yet convinced

Your best bet is to call MULTIPLE independent brokers and discuss your situation in detail. Some of them are a little clueless. 

When it seems a better deal, make sure you know the diff between actual cask value and the others

You have 3 parts. Loss of rent, damage by guests and property as a whole. 

If you are got it using government loan, it is very illegal to do short term rentals. USDA, Fannie Mae, Freddie Mac, etc. 

Learn all you can about doing this.