STR insurance question
hey guys I'm about to make an offer on my first real estate investment. ill be using it as a str. im just curious what kind of insurance policys other are using. do I just get normal homeowners and then get some kind of STR policy ontop of that? or is there an insurance just for STR that I can get that would help avoid getting a normal homeowners policy. the house is also on the water in atlantic city new jersey so I will also need flood insurance.
any insight on this would help me alot thanks.
So I'm finding that Proper wants 10K for a SFH 2000' home in Largo/Tampa due to wind and hail, otherwise $3500 for just liability. Can someone provide some insight to who they use and is it a business policy or owner/landlord policy. Thanks.
I am using Proper, they are very expensive but I could not find anyone else. They're policy does cover a lot of things that would not be covered by a home owners policy, like squatters, bedbugs, damage to the property from a big accident, lost income for any major repairs, and a 1 million liability.
I've already had parties and unauthorized pets within the first 6 months (managed by Evolve). A party with an underage drinking incident can put you in jeopardy from the parents so I'd also make sure to use a LLC or real estate privacy trust.
American Modern did say they cover vacation homes but would not provide any specifics to what is covered or not, and no extras that Proper specifies.
