Insurance Quote Questions

[Mike Sather]

I am seeking to insure a property that I rent to mid term tenants, and I have, on occasion filled it with short term guests. I reached out to a local insurance broker, who came back with a quote that seemed very high to me ($3,800 yr), from a company called Foremost. He claimed that the reason it was so high is because the insurance industry doesn't have "mid-term" insurance, so they use short term insurance policies. Has anyone else found this to be true? Also, I have not been able to find a single good review for Foremost Insurance Group. Does anyone out there have any experience with them?

[Owen Rosen]

Quote from @Mike Sather:

I am seeking to insure a property that I rent to mid term tenants, and I have, on occasion filled it with short term guests. I reached out to a local insurance broker, who came back with a quote that seemed very high to me ($3,800 yr), from a company called Foremost. He claimed that the reason it was so high is because the insurance industry doesn't have "mid-term" insurance, so they use short term insurance policies. Has anyone else found this to be true? Also, I have not been able to find a single good review for Foremost Insurance Group. Does anyone out there have any experience with them?

Even if there was insurance specific to MTR you're also occasionally doing STR so you need insurance that also contemplates that usage.

Foremost is a specialty carrier that is owned by Farmers.  Farmers is actually owned by Zurich.  Foremost specializes in non-owner occupied dwelling insurance along with watercraft and motorcycle insurance.

It's hard to say if the $3800 is high considering we don't really know anything about the property other than you use it for MTR and STR and it might be in Nebraska.

I doubt it's "high" because of short term rental usage specifically but there are fewer options for STR vs. LTR so it might be higher just because your agent doesn't have as many options to check with.

All that said, Foremost is an excellent carrier and I would not hesitate to use them.  Most people only take the time to review insurance companies when something has gone wrong.