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Being the honest people that we are, we notified our home insurance agent that we are doing vacation rentals. Sometimes honesty does not pay. Our insurance company now says they will “non-renew” our policy. Other companies want us to remove the diving board and then they will insure.
Also, if there was a horrible tragedy at a pool,
and an insurance company found out about paying guests,
…that could be a terrible financial result. That could cause a total bankruptcy.
Would airbnb step in and provide insurance liability coverage in the case of a pool guest incident?
If not, then a wise homeowner would take steps to have appropriate liability coverage for self-protection.
And if obtaining coverage requires the removal of a diving board, then so be it. The diving board must be removed.
We did the honest thing also, and also got non-renewed, and had to scramble to find coverage. It now costs us 4X what it did before. I’d say remove the diving board. They are sort of passe, and pretty uncommon these days, not to mention a danger and liability. Here in Florida insurance is tough as here are so few companies that want to deal with our “hurricane issue” as well
If you can someone who will insure you and all you have to do is remove the diving board, GET BUSY!
Glad to have found out now, but the problem really is that insurance companies do not want to cover Airbnb properties. I fact, as I was checking around every other company stopped the discussion as soon as they found we were doing short term rentals. We have had this house with a pool for 22 years and it has been covered by State Farm. So when we informed them we were doing short term rentals they said they would not renew our policy.
I was reaching out to see if anyone else had found an insurance company willing to provide homeowners insurance for short term rentals.
It’s not that simple. Just about everything in our lives is based upon reducing the risk for insurance companies. When calling companies about insurance they ask by questions like “have you made any homeowner claims in the last 5 years”. In other words, they don’t want to insure us if we actually USE the insurance or they will insure us, but we get penalized by paying higher rates for filing a claim. Consequently, we all frequently pay damages out of our pocket rather than file a claim.
There has been a pool at this house for 30 years without incident. I understand that other houses have had injuries related to swimming pool diving boards. I also understand that they need to reduce their risks. But a blanket rule not to cover diving boards is extreme. They could offer us the option of paying more, but they have a hard and fast rule.
It will cost us $1,000 to remove the board because it has to be jack hammered out and then the area must be repaired.
Yes I know. I remember years ago when they started disappearing I felt sad because there was nothing more crazy fun than jumping off one. But they really are extremely dangerous, especially for people who don’t know how to swim very well, let alone dive. I also remember when people would just put a big tarp over theirs because, like you, they didn’t want to spend the money to get it removed.
I do understand your situation. Being honest will only do you good. I absolutely agree with K9KarmaCasa. Like he said you got a chance to know your company before something bizarre happened.
Homeowners’ insurance policies vary with companies and there are different types of coverage and policy limits.
In the normal case the homeowners’ insurance policy is divided into three sections:
In Section 1: Property Coverages, your dwelling coverage applies to your home and attached structures such as a garage or carport.
All the outdoor equipment on the premises which are permanently installed ( swimming pool and the equipment attached to it) is included in this coverage.
Do your research well, before committing to a policy, take the time to study your agent whom you trust ( good reviews online or personal recommendations might come in handy). When I faced a similar situation I tried seeking support and guidance from legal experts and swimming pool installation experts. .
Ensure the best agent and don’t just shop for a policy.
For what it’s worth, we rent out two rooms in our owner occupied house, and I just got a quote from the local State Farm agent. Instead of a traditional home owner’s policy, in order to cover our business, he gave us a quote for a B&B policy, which basically takes the place of regular home owner’s insurance, and then on top of that, an additional Renter’s Policy to cover the contents of our home. All for under $1000 a year.