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It might be beneficial for us to have a thread listing our experience with various insurance carriers and their receptiveness to Airbnb and other hosting situations.
Which carriers have you found receptive to hosts? Which carriers have immediately dropped hosts on finding out they are engaged in short-term rentals? I know some providers will drop you at the mere mention of Airbnb. So, it can be helpful to know which those are and where to go if you find yourself in that situation.
This is second hand… but I heard that State Farm drops you if you even breathe the word Air, no pun intended. USAA told me personally that not in any universe would they cover Air activities in any way shape or form.
State Farm threatened to immediately drop me… But then eventually (after me mercilessly shaming them) agreed to personal coverage of my home, but absolutely nothing to do with short-term rentals. I’m using Peers Homesharing Liability Insurance for around $33/month. I, fortunately, haven’t had to use it… So I really can’t vouch for the insurance… But it does give me some peace of mind knowing it’s there.
I also have Peers. I tried to get a comercial plan but wanted me to change the wireing in my main house and plumbing. The rental cottage was fine. This company called Proper Insurance Services,Llc seemed perfect otherwise as it covered my whole property and would replace my Farmers policy. It runs 2-300 more per year. My main house was built in 1938 and has had some upgrafes but until I can afford to upgrade more I am sticking with Peers. I would suggest you check them out though. www.proper.insure or in USA 1 888-632-6680
Yes I agree with Charlie. Peer.org is only $35 a month and is month to month, is supplement to your existing home insurance. Or you can switch to Proper Insurance for full coverage in replace of your typical insurance. People who help others manage Airbnb rentals for others should get E+O Insurance too. This is the same type of insurance that lawyers and doctors have to protect themselves from being sued. Hiscox has an affordable plan.