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200
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Baird King
Pro Member
  • Investor
  • Santa Barbara & Ventura
53
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200
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Short Term Rental Insurance - Owner Occupied Duplex - California

Baird King
Pro Member
  • Investor
  • Santa Barbara & Ventura
Posted Oct 28 2023, 08:51

Insurance difficulties are everywhere these days, but it seems there is at least one (expensive) option in most instances.  We are having a heck of a time finding ANY option for our situation.  We live in one unit on our duplex consisting of two stand-alone houses in Ventura, California.  The other house is a short term rental.  We have found policies that would cover the entire property if it was not owner occupied, and we have found policies that would cover the property if the units were connected.  We have been working with multiple brokers who have tried with all the big name providers, as well as loads of smaller providers. We have also tried Proper, which seemed so promising, but they don't cover our zip code.  The insurance world is changing rapidly so I am hoping someone out there in a similar situation has had recent success.  I would hugely appreciate any suggestions, tips or tricks!

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Sarah Downey
  • Lender
  • Springfield MO
56
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56
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Sarah Downey
  • Lender
  • Springfield MO
Replied Oct 28 2023, 21:26
Quote from @Baird King:

Insurance difficulties are everywhere these days, but it seems there is at least one (expensive) option in most instances.  We are having a heck of a time finding ANY option for our situation.  We live in one unit on our duplex consisting of two stand-alone houses in Ventura, California.  The other house is a short term rental.  We have found policies that would cover the entire property if it was not owner occupied, and we have found policies that would cover the property if the units were connected.  We have been working with multiple brokers who have tried with all the big name providers, as well as loads of smaller providers. We have also tried Proper, which seemed so promising, but they don't cover our zip code.  The insurance world is changing rapidly so I am hoping someone out there in a similar situation has had recent success.  I would hugely appreciate any suggestions, tips or tricks!

Have you tried OBIE or STEADILY? They might be able to help work through this. They focus on policies for real estate investors. You should be able to get connected with them online quickly. I know both were at BPCon23 and we have gotten lots of policies with them for our investors.

User Stats

200
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Baird King
Pro Member
  • Investor
  • Santa Barbara & Ventura
53
Votes |
200
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Baird King
Pro Member
  • Investor
  • Santa Barbara & Ventura
Replied Oct 30 2023, 19:14

Thanks for the recommendation @Sarah Downey. We have tried Steadily but we have not tried Obie yet.  We will give them a shot. 

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Replied Nov 6 2023, 14:15

Would separating the properties solve the issue? Then you can use Proper for the STR and get traditional for your home. Might me some tax advantages to this as well. Good luck!

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Nate Meeker
Tax & Financial Services
  • Real Estate CPA | California
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518
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Nate Meeker
Tax & Financial Services
  • Real Estate CPA | California
Replied Nov 6 2023, 14:19

@Baird King - I had a client in a similar situation recently find success with Obie!

Side note, miss that coast! Lots of fun times at rincon and county line.

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200
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Baird King
Pro Member
  • Investor
  • Santa Barbara & Ventura
53
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200
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Baird King
Pro Member
  • Investor
  • Santa Barbara & Ventura
Replied Nov 6 2023, 20:27
Quote from @Laura Fadok:

Would separating the properties solve the issue? Then you can use Proper for the STR and get traditional for your home. Might me some tax advantages to this as well. Good luck!


Its a consideration, but unfortunately not as simple a solution as I would hope for.  I imagine this would take close to a year if all went well, and eat up a lot of funds. Not sure if it would be worth it.  You aren't the first person to suggest it, however. Thanks!

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Baird King
Pro Member
  • Investor
  • Santa Barbara & Ventura
53
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200
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Baird King
Pro Member
  • Investor
  • Santa Barbara & Ventura
Replied Nov 6 2023, 20:27
Quote from @Nate Meeker:

@Baird King - I had a client in a similar situation recently find success with Obie!

Side note, miss that coast! Lots of fun times at rincon and county line.


 Thanks for the tip. I will be reaching out to Obie this week. Hope inland is treating you well :-)

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Jennifer Gore
Pro Member
  • Real estate agent
  • Montecito, CA
2
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15
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Jennifer Gore
Pro Member
  • Real estate agent
  • Montecito, CA
Replied Nov 15 2023, 10:24

Hi Baird, 

You can try Kelly Weiser at The Weiser Agency. I have not worked with her but my colleague has and says she's great. 

https://www.theweiseragency.com/personal-insurance

-Jennifer

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200
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Baird King
Pro Member
  • Investor
  • Santa Barbara & Ventura
53
Votes |
200
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Baird King
Pro Member
  • Investor
  • Santa Barbara & Ventura
Replied Nov 15 2023, 14:21
Quote from @Jennifer Gore:

Hi Baird, 

You can try Kelly Weiser at The Weiser Agency. I have not worked with her but my colleague has and says she's great. 

https://www.theweiseragency.com/personal-insurance

-Jennifer


 Great, thanks Jennifer!