STR Insurance Medical Liability Coverage plus Underwriting request for Gross Income

[Christina B.]

Currently, we have a commercial policy with State Farm but when our lawyer reviewed it, she recommended we increase our medical liability coverage. Both Air Cover & VRBO provide medical liability up to $1M (and we are currently only listed with those two with no plans yet to host directly). Do most of you add additional medical/general liability on your policy (in addition to what Airbnb/VRBO provides)? If so, do you recommend $1M?

Second, I received a request from State Farm today:

• Please provide the gross sales/receipts amount for the insured location(s) as reflected on their most recently completed tax filing or anticipated gross sales for the upcoming fiscal year.

This strikes me as a little weird and perhaps I shouldn't jump to the conclusion that this info will be used against us (and result in a higher premium). But I'm curious as to the collective experience here. Is this a typical request? Possibly, it's just time for me to get other quotes. FWIW, I have talked with both Steadily and Proper. I didn't realize that Steadily basically uses Fortegra and then also outsources to other insurance companies. Proper's quote came in 3x as much as State Farm's (although we could probably get that number down if I go item by item to remove a bunch of unnecessary items). Thanks for your feedback!

[Christina B.]

Thx so much, @Michael Baum. I'm looking forward to your insurance post (whenever you get around to it... it's complicated as you understand!). I think Underwriting requested gross income to better assess "loss of rental income". However, I'm curious if there's a correlation between higher gross and higher premium. Hoping others will either chime in with- it's pretty standard/no effect on higher premium or provide better insight. In general, I'm loathe to provide that info unless I have to.