What do other FL hosts have in terms of liability insurance for your STR? We would like to rent out a house in Naples close to the beach but my broker advised that there isn’t much of a market in this category that we can shop around. I request a quote with Proper and it came back at $7k plus I would have to add another $2k for flood… Yikes!! Also, having read through some other posts here, seems like premiums can increase dramatically from year to year. Any other options we can consider? Thanks!
Lucy, I’m just north of you, in South Fort Myers. Proper is the absolute WORST. Here in Florida we’re kinda screwed because few companies want to deal with hurricane policies, and few of them want to deal with STRs. Also here, it depends on the county and you and I are not in “good” counties! Not all companies off the same policies in all counties here. I know someone up in Orlando area who pays $600 a year for STR. We hunt hard every year, and this year the actual insurer was Lloyds of London – but not directly with them… Still cost us $2500 for the year!!
We use them too via our broker wo hunted around for us. We’ve used them for years and been happy with them. (South Florida).
Yes, it’s expensive, but necessary. It’s also required in some counties to prove that you have insurance before they give you your license.
I’ll post this yet again (I should have a copy and paste!): Contact several brokers/agencies in your state who advertise B&B or vacation home insurance and see what they can do for you.
After Proper increased my premium by 30-40% two years running, I worked with an agency who worked with an insurer to develop a modified homeowners policy for me to cover STR, at a much lower premium.