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We went with Proper based on their ability to treat the home as an owner/renter, which made our bank happy. We need home owner’s insurance, but many (State Farm) don’t handle the short term rental market or give you necessary coverage.
Any recommendations out there? Possibly go home owner’s and get a short term coverage that is done on a res by res basis?
We are in the US, btw.
EDIT: We didn’t have a single claim all year. Curious if this is what they do to many clients after the 1st year. (We got ya, now you REALLY pay) Raised it $800 to roughly 2400/yr. OUCH.
Awwww. We were raised from $5000 to $7000 because a hurricane came through, even though we had no damage or claim. Most insurance companies don’t cover Florida anyway, and ours just shat on us. Also looking, but it’s harder here…
We got ours through Foremost (I’m in WA as well.) I talked to State Farm, and they do insure STRs, but they had a ridiculous list of requirements, like I had to have a professional cleaning company come in between every guest (can’t clean it myself.) Our Foremost policy covers just the basic structure but not any damage done by STR guests.
eta: Foremost is the branch of Farmers that does the STR insurance.
Your ordinary homeowners insurance may or may not cover your STR rental (usually not). If you ask, like we did when we started, your insurer can dump you like a load of bricks and leave you un-insured.
I imagine this is acceptable 'Home insurance’for the mortgage company? Do you cary high damage deposits? The thing I like about Proper is that they cover a ton… but now they went ballistic and raised me $65+/mo