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Updated almost 3 years ago,
Homeowner's Insurance for Rental Arbitrage?
Anyone have insurance advice for a homeowner who is handing his SFH over to a short-term rental property manager for a year?
He's paying me $1840/mo plus security deposit with the agreement that he can sub-lease it via AirBnB, HomeAway, etc., for a year...Of course I have to have homeowner's insurance of some kind, but any advice on exactly what type/level of coverage I'll need? The AirBnB/HomeAway/VRBO platforms all offer insurance, plus the property manager has short-term rental insurance for his business (I'll look closely at his policy, of course). That's a couple layers of insurance before any claim gets to me, right? ...but I know insurance ain't that easy. Open to thoughts, especially if anyone's already done this...thank you in advance!
Please note: I've hosted on AirBnB before and had nothing but great experiences...I believe short-term rentals are easier on homes than long-term, but I don't have the time to host on AirBnB myself, therefore the arbitrage with the middle-man.