Just got a new policy with USAA on a short term rental property I have had for over 7 years in Texas. Very clear - this is an STR policy, not an umbrella policy. My policy clearly states that my property is a tenant-occupied home that will be rented for periods of less than 1 month at a time. This is new to USAA and due to the fact STR’s are becoming more common, they have decided to break into the market. This policy was sent to underwriting for approval and was finalized today. USAA offers extremely competitive rates and I am thankful they have decided to offer STR insurance. I do believe many larger companies will follow USAA’s lead which will help curtail the outrageous premiums that seem to be a major pitfall to anyone attempting to enter this investment arena. My policy premium has doubled in six years’ time. Not OK. I canceled my policy with Proper Insurance, a good company but the premium was just too high.
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