What insurance is really needed for a STR/Airbnb?

[Brenna Ellison]

Hi All,

I am setting up my basement (with a private entrance) as an Airbnb. I have homeowners insurance (of course) and an umbrella policy currently, but am curious what other insurance and policies folks recommend as a STR owner.

Do I need a STR policy on my homeowners insurance? Do I need Landlord insurance like Steadily? Is my umbrella policy duplicative because of what AirCover covers?

Any information would be helpful! I feel super overwhelmed with the jargon, what policies are necessary, and which aren't.

Thank you in advance.

[Kevin Hoag]

I would speak to your local insurance agent and see what they recommend. They can call the carrier and speak to the underwriters to find out what endorsements might be available. Your umbrella policy is extra liability on top of the liability that your home insurance offers. Before you start offering Airbnb it is important to confirm that you have the proper coverage in place. The last thing you want is for something to happen and your claim to be declined since the insurance was not set up correctly. Waivo Insurance and proper insurance are both great option to look into.