In 2018 it was a real struggle to find reasonably priced property insurance that included AirBnB. The most reasonable, with $1M Liability was a Lloyd’s of London policy that cost $3,000 (USD). At that time my standard homeowner’s policy was $1,500 and that company said if put an ad on AirBnB they would cancel my policy.
My policy ends the first week of November and the Farmer’s agent who wrote that policy called a week ago to tell me that the Lloyd’s policy had gone up to $4,800. He had checked out other options and said the next lowest one was $6,800.
Today I was surprised to get an estimate from Olympus Insurance, my previous insurer in 2018, before I decided to rent our apartment on AirBnB. The estimate showed the Air BnB coverage increased my non-AirBnB coverage by $180 over the basic coverage. With AirBnb coverage the insurance cost was $4,054.
The catch, the Lloyd’s policy had $1 million AirBnB liability coverage. The Olympus coverage is $25,000, not much comparison.
Lloyds is $1,000 more but much better coverage–but since AirBnB is our only income, that takes a big chunk of our income. I asked the agent to check if Olympus would increase the coverage, but if they went to $1 million, the policy cost might increase above Lloyd’s price.
Sounds like due to recent hurricane activity, even basic homeowner’s policies in Florida are really high–in my case a 100 percent increase of $1,500 more than what I paid a year ago!
The cost of these policies depends on the property, and where you are, of course. Florida is higher due to the possibility of hurricanes. I am on the north-central coast of Florida.
I will post any additional info I receive.