STR Insurance Recommendations for Tennessee/Smoky Mtns.

[Josh Myrick]

We are looking to put an offer on a property in Tennessee/Smoky Mtns area. I am trying to get things lined up while I wait and was wondering if anyone could recommend an insurance company. Does anyone have umbrella insurance on top of this? Or what would be your recommendations to best protect my investment. The property will be in my name not a corporation or LLC.

I also own a LTR in my name and wondering if I could get umbrella insurance that would cover both properties? I currently have insurance through USAA for this property. 

I really appreciate any help yall can give me. Best of luck on your investments.

[Collin Hays]

Quote from @Josh Myrick:

We are looking to put an offer on a property in Tennessee/Smoky Mtns area. I am trying to get things lined up while I wait and was wondering if anyone could recommend an insurance company. Does anyone have umbrella insurance on top of this? Or what would be your recommendations to best protect my investment. The property will be in my name not a corporation or LLC.

I also own a LTR in my name and wondering if I could get umbrella insurance that would cover both properties? I currently have insurance through USAA for this property. 

I really appreciate any help yall can give me. Best of luck on your investments.

There is a limited number of actual insurers in the short term rental industry; last I checked, this risk category is exclusively underwritten by three different Lloyd’s of London syndicates. So the policy could say “Nationwide”, but if you peel back the onion, the risk probably resides at Lloyd’s.

Therefore, you are really shopping agencies, not insurers; the actual paper is underwritten by these same syndicates. Agencies mark up these policies by varying amounts.

When my cabin in the Smokies burned to the ground a few years ago, having a local agency, Southpoint Risk in Knoxville, proved to be invaluable. I believe them to be the gold standard in the Smokies.  

An umbrella policy is to cover you, personally, from a large claim.  It is a prudent investment for anyone with assets. Those policies are cheap and plentiful.  You will want to be certain that the particular policy you are interested in provides coverage for losses related to a commercial enterprise, such as a vacation rental.  Some do, some do not.