Short Term Rental Insurance for FL

[Samuel Boyd]

Hi everyone. I have a property that I am trying to convert from a long term rental to a short term rental in Palm Bay, FL (property #2). The property is owned outright and does not currently have insurance at all. I got a quote from the holder of my other STR policy (Proper Insurance, property #1) and here are the details.

Current policy on property #1: Liability, building contents, structure, loss of business income, theft, etc. EXCLUDING wind (they did not offer wind coverage at the time of writing the policy) for roughly $3,000 annually.

Proposed Policy for property #2: Same as above OR add wind coverage for a total of $10,000.

We are trying to weigh the options (wind vs no wind), but it seems that the cost of wind coverage at $7,000 year isn't really worth doing. Aside from the property being basically flattened by a hurricane, the cost for a new roof is roughly $14,000 (or the cost of holding the wind policy for 2 years). 

The only other idea was to put just a general landlord policy including wind coverage and to add liability only coverage separately (I have heard others talk about something similar but admittedly still learning insurance nuances). Not sure if this third option is even feasible and if it would leave us too exposed anyway to negate any benefit of cost savings.

Any and all input would be greatly appreciated!