I use steadily. They are an insurance carrier designed for landlords. You will need to tell them the type of rental you have such as; mid term, short term or long term. Sometimes STR and MTR are at the same rate it just depends on the length of stays.
Just be straight with them. Don’t try to get a LTR policy if you’re doing MTR or STR. It will be cheaper, but they may not cover a claim if it occurs.
There is special insurance that you need. If you have a standard home owners policy and you don't tell your insurance company you're using it as a rental (LTR,MTR, STR) they could deny claims. A good insurance broker can help you and most insurance companies have a rental add on. If you're looking for extra liability or damage insurance a broker can help with those as well.
Saint Paul, MN · Member since 2015 · 49 posts · 33 votes
2mo
One thing I've been noticing is that a lot of owners think "rental insurance" is one category, but there can be a pretty big difference between LTR, MTR, and STR exposures from an underwriting standpoint.
The biggest mistake is usually not the carrier itself, it’s when the actual use of the property slowly changes over time and the policy never changes with it.
I’d definitely make sure the agent knows:
average stay length
whether it’s furnished
whether bookings come through platforms
whether there are frequent turnovers/business activity
That’s where people can get into trouble during a claim.
Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
2mo
Hi Nadra, I'm in CA too! We manage around 40 MTRs in SoCal and this is what we tell our clients.
You need landlord insurance for the property, just like you would need if you're renting it out as a long-term rental. Most insurance companies and most of the real estate industry actually still view MTRs the same as an LTR. If your insurance provider is not familiar with an MTR, let them know you need a landlord policy that covers stays as short as one month. You also want your furniture and household items covered as well.