I assumed you started by reading the above?
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I missed some of the later posts! I went back now and read them. Thanks for asking!
I am using Comet, have never had to file a claim so keeping fingers crossed that it will work. I have only communicated through e-mail and always get a response. I pay $60/mo. on my studio apt. I guess you could say thatās expensive, but I donāt want to run the risk of my primary insurer cancelling my policy. Comet has assured me that you do not have to report any incidents to your primary homeowners insurer as long as the incident is confined to your rental. Iām pretty sure it covers bodily injury and medical. I read the policy a while back but probably should read it again. I have āgoogledā several times to see if thereās anyone out there that has ever filed a claim and found nothing.
Do not assume your primary insurer will cover a short term rental. Iāve heard many will cancel you immediately if they find out.
This sounds like a great option. I had not heard of them and just rewrote my insurance through my local agent and Lloyds. CBIZ Innkeepers was my other expensive but thorough option. GIven the fact that Airbnb is in 190 countries with differents states/provinces, etc. the options available and required vary a lot from one state/province to another. Anyone who thinks that their homeowners covers them should read their policy thoroughly and may well find a specific exclusion for short term rentals. Responsiveness matters if and when you have a claim and unfortunately some of the the best sounding policies with reasonable premiums fall short when the time comes. Itās great if you can find other hosts to whom the same laws and insurance options apply.
This is an update on Comet vs. traditional homeowners insurance. I was using Comet to insure my attached STVR studio. Never had to make a claim. I sold that house two years ago and bought another nearby. I turned part of the garage into a small studio with the intention of renting on Airbnb. I was having a conversation with my realtor/ friend and she asked about my insurance. I told her I had used Comet at the old house but never made a claim. Her question was this: āwhat If a guest causes a fire that burns your main dwelling? Will Comet cover that damage as well?ā And, if your main insurer finds out it was a short term renter will they refuse to pay and cancel your policy?ā That scared me so I fessed up to my insurance agent and asked her to find me an insurer that would cover both. I ended up with First Insurance of Hawaii, which also insures my cars and another property I own.
The good part is my premium only went up a small amount and Iām not paying Comet $60 a month. So, there are insurance companies that will insure STVRs. You just have to ask your agent to find one for you. But tell them youāre thinking about doing STVR so you donāt get in trouble!
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