Medium Term Rental- Insurance Options: STR Insurance or Landlord Insurance?

[Ross Alcorn]

I am looking at purchasing my first MTR and running comps but want to make sure I have my insurance numbers right. I've reached out to my insurance broker and let them know of my MTR strategy. They said anything from 0 to 6 months, I'll need STR insurance for my property which will cost 25-50% more than landlord insurance.

I am looking at 2 bd/2ba condo's, so being a condo it won't be crazy expensive but also knowing I could get tenants that could be on longer term 6-9 month leases with my MTR strategy, I'm wondering will landlord insurance suffice or with STR insurance be needed. I'm looking into Steadily, Proper, and Foremost to see what they offer too but wondering if there is any product or talks of a product that would fit the MTR strategy for a 30+ day stay that isn't only the landlord insurance long term policy.

[Allen Duan]

I would recommend an STR policy. We manage many MTRs and do the same. 6+ month bookings for MTRs is rare.

Proper and Steadily are the two I'm familiar with. Proper is more expensive but I believe they provide more coverage. We've used Proper for the past 6 years and the few times we've had to file a claim it was pretty painless.