Mid-term Rental Insurance Policy
My rentals are all 30-120 days, averaging 3 months, typically travelling nurses or other professionals. I've been doing mid-term rentals for 5 years now and always paid an expensive short term rental insurance policy through the same company Airbnb offers, Proper. Looking to cut some costs...
Does anyone have a recommendation for insurance company that offers mid term rental landlord insurance?
if not, curious what other mid term investors do? Do you treat it as short term rental or longer term when it comes to insurance?
Thanks to BP community!
Any homeowner's insurance agent will be able to help you, just be honest. I recommend getting an umbrella policy as well. This whole furnished rental strategy has been around for a long time honestly and the insurance aspect is known and common for agents. My insurance agent handled all my furnished rentals no problem.
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#3 Medium-Term Rentals Contributor
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#3 Medium-Term Rentals Contributor
- Property Manager
- Los Angeles, CA
I'd like to know more about this too. We started with STRs and also use Proper. We are still using them for our MTRs.
@Andy, are you saying regular homeowner's insurance can cover damage to furniture and loss of income too? I assume that would cost more than a policy without those coverages. Thanks
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Property Manager
- Hospy Homes
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Shopping your Insurnace straight to a carrier will almost always result in you getting pushed over to your closest agent most of the time that agent is a regular run of the mill homeowners agent who doesn’t really know. Instead maybe think more I want to work with a professional who knows, understands, and has options for carriers.
If your agent tells you that a standard homeowners policy will cover your rental get it in writing because the carrier will deny the claim and you will have to go after the agents E&O insurances to pay out.
Almost every company offers a policy that will cover a mid term rental. It will depend on about 15 different factors as to which is the best suited for your property right now.
city, county, state, flood zone, age of property, age of major mechanical, electrical, plumbing, and roof, landscaping, type of rental, ACV vs RCV, are you bundling with other properties or your auto, and others all go into finding a good carrier.
Wouldn't MTR just fall under traditional LTR? Legally it seems like that they are identical with LTR, just with a shorter lease term. You can use the standard LTR lease form for MTR. MTR tenants have the same rights as LTR tenants as they stay past 30 days. The risks to insurers are also different than a STR.
Have you tried asking traditional landlord policy carriers if there's a restriction on minimum lease term under the policy, as long as it's over 30 days?