About to close on a STR home

[Victor Noriega]

My wife and I had an offer accepted for a home in NE El Paso.  We already flip land, and had been looking for a rental to help stabilize the income and build equity.   We landed on Short Term Rentals as we visit the city often and planned on staying there when in town.  We are going thru the closing process, got the inspector lined up.  However my insurance carrier said they would not be able to cover the Airbnb.  What company are other investors using for home insurance?  Anything to look out for?  We are only at the beginning steps, next is getting the appraisal done to secure financing.  

[Liam Tennies]

Hi Victor, look into Proper Insurance. They specialize in vacation/STR insurance options and are supposedly the best on the market. High premiums but really solid coverage and they'll actually have your back if something happens. If you have a high enough ADR and revenue coming in from your STR, they're worth the expense. Can shop around some of the other basic options as well (I've heard Farmer's covers STR's) to compare terms and rates with what Proper has to offer.

https://www.proper.insure