Insurance for short term rentals?

Question

We have a beautiful well maintained cabin in the mountains of  Colorado and needing insurance.  Lloyds has left the State, canceling and not renewing coverage due to fire danger.

Any suggestions? What do you guys in California do?

Thank you,

Chad McMahan · Answer

We can relate. Home owners insurance here in Sedona, really became an issue when we had the "Rafael" fire spring up. Now everything is fine, but all financed/loan purchases were on pause and not closing escrow for about a week, while the insurance carriers applied the "wait and see" principle. It was pretty stressful for buyers and sellers.

Fortunately, it now seems to be a thing of the past. I think local carriers "seasoned" a bit. Their skin thickened and everyone is marching forward.

If anyone in our area needs a referral for a Mortgage Broker, insurance carrier, or title company, please let me know. Choosing a strong team to get the best outcome, is everything.

Doreen M ODonovan · Answer

Moved on to a different property that I found coverage for. This one and the prior one are in Sedona, AZ.

Doreen M ODonovan · Answer

I found one carrier that would cover the house with the coverage I wanted,  in Sedona but we backed out of the deal. I didn’t want to deal with a nonrenewal in the future.

Doreen M ODonovan · Answer

I am hoping you were able to find coverage by now. Can you share what you found? I am running into the same problem.

Matt Moylan · Answer

@Larry Dowde I assume you've found coverage by now, but what you were running into 6 months ago, you'll likely continue to run into.  The insurance industry has REALLY tightened in Colorado and California.  So much so where, like you've experienced, carriers are massively increasing rates, limiting coverage available, or pulling out of the state completely.

If you're still needing assistance, I may have a resource for you.  Feel free to shoot me a DM to speak further.

@Doreen M ODonovan Same thing that I wrote to Larry, I may have a resource, so lets touch base and I'll try to get that to you.

Where is your portfolio? Just curious

Doreen M ODonovan · Answer

I am hoping you were able to find coverage by now. Can you share what you found? I am running into the same problem.