Skip to content
Two investors reviewing resources on a laptop

Get industry-leading resources — for free

Unlock resources for every investing strategy and stage with a free account.

By continuing, you agree to BiggerPockets LLC's Terms of Use and Privacy Policy

Followed Discussions Followed Categories Followed People Followed Locations
Short-Term & Vacation Rental Discussions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

163
Posts
94
Votes
Christina B.
  • Boulder, CO
94
Votes |
163
Posts

STR Insurance Medical Liability Coverage plus Underwriting request for Gross Income

Christina B.
  • Boulder, CO
Posted

Currently, we have a commercial policy with State Farm but when our lawyer reviewed it, she recommended we increase our medical liability coverage. Both Air Cover & VRBO provide medical liability up to $1M (and we are currently only listed with those two with no plans yet to host directly). Do most of you add additional medical/general liability on your policy (in addition to what Airbnb/VRBO provides)? If so, do you recommend $1M?

Second, I received a request from State Farm today:

  • Please provide the gross sales/receipts amount for the insured location(s) as reflected on their most recently completed tax filing or anticipated gross sales for the upcoming fiscal year.

This strikes me as a little weird and perhaps I shouldn't jump to the conclusion that this info will be used against us (and result in a higher premium). But I'm curious as to the collective experience here. Is this a typical request? Possibly, it's just time for me to get other quotes. FWIW, I have talked with both Steadily and Proper. I didn't realize that Steadily basically uses Fortegra and then also outsources to other insurance companies. Proper's quote came in 3x as much as State Farm's (although we could probably get that number down if I go item by item to remove a bunch of unnecessary items). Thanks for your feedback!

Most Popular Reply

User Stats

8,634
Posts
7,538
Votes
Michael Baum
#2 Short-Term & Vacation Rental Discussions Contributor
  • Olympia, WA
7,538
Votes |
8,634
Posts
Michael Baum
#2 Short-Term & Vacation Rental Discussions Contributor
  • Olympia, WA
Replied

Hey @Christina B.. Ok so AirCover and VRBO's liability coverage isn't insurance. It is available if you need it...sort of...It is very easy for them to dispute whatever you put in there. They can simply say, "ain't our problem" and leave you hanging.

We use Proper and have about 1m in medical liability with them. I also have an umbrella that covers everything.

Do not rely on AirBNB and VRBO's "coverage".

Loading replies...