Hello, I’m just entering the STR world…and purchasing a new home…looking for home owners insurance…suggestions? (in USA)
What state will the rental be in?
I have Travelers homeowner’s insurance and they wrote into my policy a rider for STR.
It all depends on which county in what state you live in.
Not quite sure what you mean Do you mean STR insurance? (Which is essential)
Your broker will advise you.
If you have dogs and/or want to allow dogs in your STR, State Farm is great because they don’t prohibit any particular breed, size, etc of dog. They cover all dogs that don’t have a bite record.
Does that mean you have to ask each guest with dogs if their dogs have a bite record? (I can imagine an awkward conversation.). What if they lie, does that mean the liability transfers to the guest?
Insurance needs and expense have been the bane of my tenure as both an LTR and STR owner. I have gotten crappy advice from most insurance agents so be sure to get more than one opinion. As Ken H mentioned, much depends on the laws in your particular jurisdiction. Protect yourself by scanning your rental for safety hazards, having adequate lighting, posting tasteful cautions or directions where necessary, and having smoke/CO2 detectors and fire extinguishers where appropriate. This won’t eliminate possible claims but it will certainly mitigate them.
Steadily Insurance for landlord/homeowner. They’re an insurance broker, work with multiple companies. I’m very impressed with them.
Find an independent insurance broker in your state who does bed & breakfast and/or vacation rental insurance policies.
I’ve been shopping around and it was between State Farm and Proper. Proper was over 4 times as much, so I went with State Farm. Proper seems like it offers more but couldn’t justify going with them because of the price. Good luck!
Now that you have insurance you want to do everything you can to make sure that no one gets hurt, that a claim is never filed. Because if a claim is filed that can affect your premium rate and your ability to get a replacement.
Over 80% of all claims are trips and falls. So make sure that you’re following the building code inside and out, that lighting is appropriate to see stairs inside and out, that there are no trip hazards.
You might want to take a more compressive evaluation of your property’s safety.
Also check with your State Farm agent whether they have any partners (like tingfire below) in your location they work with such that your premium might be reduced if you do ‘x.’