Insurance for AirBnB/STR

[Ramzi Nuseibeh]

Hi guys,

I have a duplex (3/2 and 1/1) where I own this property in it's own LLC and do LTR on both. However, I'd like to use the 3/2 as an airbnb. I have a normal commercial real estate policy on this with an umbrella policy as well. I know airbnb has it's own 1 million liability, but I'd like to have my own coverage as well. My real estate agent was just getting ready to leave on vacation (of course), but said my normal policy would not cover the airbnb STR. What do others do in these situations? For now, I'd like to keep the 1/1 as a LTR, so it would be "mixed use" of sorts so I assume i need to keep my current policy and either add or modify. I don't believe my agent has experience in this. Is there a specific add-on insurance I should purchase? Would my umbrella cover me in addition to the airbnb?

Thanks,

Ramzi

[Luke Carl]

Originally posted by @Ramzi Nuseibeh:

@Lucas Carl Its my insurance agent who is on vacation, he takes too many! :)

Thanks, I’ve been reading through but have not really found clarity on the insurance answer. Would it be in place of what I have now or in addition to? Do you have any idea how that works? I also haven’t decided if I’m going to use Management or not... so many decisions!

By the way, just heard your wife on the BiggerPockets podcast, she was great!



Thanks again!

 Thank you :) 

It would be a different policy not in auditions to. Proper and foremost don't do anything but STR but they will be more expensive than your current carrier IF your current carrier can offer commercial.

If you're going to use a manager you'll likely end up going back to LTR. Very difficult to find anyone that can manage a STR worth a damn. And they're going to charge a ton. I'm happy to teach you how to do it. I self manage 26 doors. LTR & STR. With a day job and a family.