STR Homeowner's Insurance Discount

Has anyone heard from their homeowner-occupied STR insurance policy providers about any discounts during this time period? I know many auto insurance providers are offering discounts because people are driving a lot less, but some of us are prohibited from renting our STR properties thus paying for way more insurance than we need to.

You could initiate that conversation yourself, yes? It’s definitely on my list to call my homeowner’s insurer about dropping the STR rider at the end of May if it looks like I won’t be doing STR for the remainder of the year.
I think the auto insurers are giving a bit to keep a lot – If you are not driving at all for planned period, you might save more if you drop your liability and collision insurance, just retaining comprehensive in case a tree falls on your car (so-called storage insurance). You may need to be insuring more than one car, or not have debt on the car, to do this.

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We don’t have a rider on our homeowner’s policy. But since you do, are you sure dropping the rider is the best choice? Such riders are virtually impossible to get in my state (if not downright impossible). Might it be better to keep it? What’s the chance you’d be able to get it back if you decided to continue STR later?

Good point – should have said “check with my broker,” who arranged the rider. If I drop it, I don’t see why they wouldn’t want me (and my higher premium) back later, but I’ll follow the broker’s advice. Also considering switching to corporate/traveling nurse 30 - 90 day rentals. Good (enforced!) time to think things over.

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If you aren’t using your policy can you not cancel it @Josiah

I can’t just cancel my homeowner’s insurance policy. I don’t think my mortgage holder would be too happy. And there’s nothing to “drop,” my homeowner’s insurance is my STR insurance - they’re one in the same.

I did call my brokerage bank, and they basically had no idea.

I’ll get the auto insurance discount, most likely, but no break on homeowner’s insurance with STR coverage.

I contacted mine, but it doesn’t look promising for a temporary discount. They said they could quickly switch to a homeowners policy if I was closing. However, I’m down for a couple months so it’s up to the company. I’m not optimistic but it certainly would be fair. My situation is also complicated by the fact that I have along term tenant in the same building.

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I contacted Proper Insurance via e-mail and mentioned the issues with both short term and long term rentals and that I expected the place to be empty for at least 6 months. The response was: “Please reach out, and we can look at ways to adjust the premium perhaps, or the deductible. I want to compete to keep you.” So, it seems like it’s worth calling them if you’re not getting out of the STR business.

I contacted my current homeowner’s insurance company (Progressive) and they quoted me $756/yr to go back to insuring it as a second home. The STR insurance with Proper is currently $1796/yr and since I can’t do STR, switching back to regular homeowner’s insurance is a no-brainer.

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Interesting. My Proper insurance had increased 30-40% per year and was north of $3,000 (attached suite and main house). They evidenced no interest in keeping me when I informed them I had found homeowners + STR rider at a lower price.

My homeowner & STR insurance is one in the same. I live in an owner-occupied dwelling, not unlike a conventional B&B with 3 or fewer guestrooms.

I was hoping a discount would be akin to what auto insurance is doing, in that many are offering discounts for a few months since drivers are driving much less. Since renting our guestroom isn’t even an option right now, I’m over-insured and paying for something I don’t even need.

Although, I seem to have pretty good deal. A conventional homeowner’s insurance policy for my home would be in the ballpark of $1,000 annually. With the homeowner/STR hybrid policy (no rider or umbrella policy), it’s approx. $1,600 annually, so it’s not a huge difference anyway.

My insurance is brokered though a bank, and they direct me to them for any questions. Since STR insurance is so foreign to insurance agents, no one knows what I am asking about when I call.

For what it’s worth, I would just keep what I have if I planned to go back to STR later in the year, but since I won’t be going back, there’s no point.

A 60% premium seems high for STR for owner-occupied, but I guess I don’t know, my listing is (was) a whole home. Regardless, now is a perfect time to shop around.