STR Rental Insurance (CBIZ dropping coverage provider)

8 Replies

We were notified that CBIZ was not renewing its policy with its STR insurance carrier (western world). After talking with our rep we also found out a lot of new policy providers restrict coverage to a 4-6 floor max and/or 36-54 total units per building. Several of our STRs are in a 10 floor building with 200 unit in the building. Does anyone have another insurance broker or carrier they would recommend?

I use state farm, costs about $200 a month per $300k house. It's billed as a str rider on a regular homeowners policy I believe. Seems to be the exact same as anyone else. Includes everything you need. 

Originally posted by @Michael Baum :

Hey @Sam Johnson , we use Proper for our lakehouse like @Louis Barkhuizen does. Give them a call.

@Scott Kunz, I would be interested in hearing about your rider. It is $200 more than standard home owners? What does it cover. Proper is about 2x more expensive than a standard home owners, but I am covered to the gills. 

I got quoted from proper it was way too expensive. State farm is $2000 total a year.

It is PRECISELY the same as the homeowner's policy, it just applies additionally to short term rental use. I added on service line coverage + sewer/drain + home systems protect. IT doesn't have some of those additional clauses that proper I think has, like loss of revenue?

Thanks @Scott Kunz . Right now we are paying about $2300 for Proper STR coverage. Standard home owners with the same home owners coverage is about $1600 or so. I will check and see what's what. Thanks!

Originally posted by @Michael Baum :

Thanks @Scott Kunz. Right now we are paying about $2300 for Proper STR coverage. Standard home owners with the same home owners coverage is about $1600 or so. I will check and see what's what. Thanks!


Yeah I think for us proper quoted $3400. And we got it for $1800 with state farm so the choice was obvious.

 

Proper is more expensive, but my STR is on the gulf coast - hurricane country. Proper includes high wind (hurricane) coverage, and it includes loss of income. If my STR is blown away by a hurricane, the insurance will cover my lost rental income. my 2cents.