50% increase in STR homeowner insurance rates?

I have $1m coverage for guest liability insurance. Includes my previous homeowner’s policy, at half the price of Lloyd’s.

The insurer is Heritage Insurance in Clearwater, FL. I am sure they have coverage in Florida, no idea where else.

I bought this through an agent, Butler Insurance n Ocala, 352-321-414-1620.

I just received my CBIZ quote. It went from$1200 to $2500. That is over a 100% increase, not 50%. I only do abut $5k a year so I will be hanging up the STR at my remote cabin.

I’ve posted this before, but it is worth calling local insurance agents/companies who have experience with bed and breakfast policies and/or vacation home policies. An agent at a company in my (U.S.) state was able to get me a policy that covered short term rentals at my primary residence up to a maximum number of days, a number that matched my local government limit.
I had to be persistent and call a number of agencies.
My insurer initially issued a business (B&B) policy, but I was concerned my mortgage company would not react well. So the agent worked with the insurer to reissue as a modified homeowners policy. It was a lot of work and back and forth, but well worth it as it reduced my cost significantly.

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Insurance has been the biggest headache for my STR and in almost every venture that I’ve ever undertaken. There seems to be a natural law that whatever befalls anyone falls neatly into exception categories or insane deductibles no matter how completely you think that you are covered. My state in the US requires us to insure our STRs. Another approach is to protect yourself by running your business through a minimally structured corporation to protect your assets if anything happens. It does pay to shop around. However, few agents really understand STR issues.

I’ve no idea if either product suits your situation, but there are alternatives. I’ve also no idea if they are any good, but maybe you could do some research.


In addition to shopping around, you might want to ask the impact of increasing your deductible. Taking on a few thousand dollars more of personal risk with the deductible can save a lot on the premiums.


One thing I would keep in mind, that even though there might be lower usage of the home, due to covid, that can also create a larger risk for the insurance company, because more vacancy means higher risk of break in. And if something breaks, it might be several days before it’s noticed, which might end up with bigger damage (water under kitchen sink leaking and rotting through the floor etc)

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