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Proper insurance just doubled my rates


#1

we have proper commercial insurance on our airbnb. we sleep upstairs and rent out the downstairs apartment to guests. we’ve had proper insurance with a $2m limit covering our entire home, including the apartment airbnb.

it’s time to renew and they’re doubling our rate, to $3k/yr. something about how hard a year they had, and how they’re eliminating coverage on older houses (over 100yr).

and i tried state farm, who said they cover vacation rentals, but they don’t. now i’m waiting for a quote from cbiz. i can’t find anybody else to cover us at all, continental usa.

does anybody know where i can get insurance?


#2

what state are you in?


#3

i’m in georgia, and just heard from cbiz, who say that since i’m in a triplex, 2/3 of the house has to be short-term rental. i am renovating the 2nd unit, but i can’t even pretend to have it listed yet.

should i go ahead and list it early, but block all the dates?


#4

State Farm covered our in-law unit in IL. Erie Insurance also covers situations like yours but not available in GA.


#5

State Farm covers ours, too. We’re in NC.


#6

This company advertises on the site occasionally, but I don’t know anything about them:


#7

Proper upped my rate also, but not by that much. Also you don’t get much a break from them for raising your deductible, which is annoying.
I wonder what kind of claim volume/type they’re experiencing? They are fairly new I believe, maybe they underpriced to get start up business.
Might be time to check that Bed & Breakfast insurer in my area to get comps.


#8

the latest news. i can get a quote for lloyd’s of london insurance from both proper insurance and tapco insurance, for $2600-3000 per year depending on the agent. i can get state farm to cover me with a homeowner’s policy plus a bunch of extensions, for about the same price. and i can’t find anybody else. so it’s going to be a real issue as long-term rents in my area catch up to my airbnb bookings.


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