All Forum Posts by: Joel Oh

Quote from @Bruce Woodruff:

Quote from @Joel Oh:

Ah well there's your problem....If you read similar threads on this very Forum, you'll see that most host's experience with AirBnB are the opposite. They don't cover nuthin' for most people, particularly not major things like severe damage to structure.

But hey if you want to take the risk, go ahead. IF $100 a mo breaks your budget, then I'd say you need to raise your rates......

Just my $0.02....

Honestly, I think if people can't get the cover from Aircover, they will not get the insurance coverage from bigger insurance companies. People just need to understand how to put the claims following their format. I understand the most people are not familiar with their system though. Aircover is honestly the reason why I use Airbnb. The concept of insurance without paying premium is crazy.

Hey every penny matters! XD 

Quote from @Jeff E.:

Here is a link to an explanation of what is covered in a good STR policy. This was written by Proper insurance who writes one of the most comprehensive policies you can get for an STR.

http://tinyurl.com/nhjryw42

 Yes… but do you really think anyone will put an insurance claim for those small claims they talk about? I understand it gives you peace of mind but even flea damage will only cost you a maximum of $2,000 and it still isn’t worth the premium increase you will see next year.

Quote from @Bruce Woodruff:

Owning a STR is not like owning a typical house, even a LTR. There are so many moving parts involved in vacation rentals....more people, in and out of your property every week or few days...people on vacation like to party more, so drinking and running around doing dumb stuff. It's just an accident waiting to happen IMO.

Why take a risk? I paid approx $100 mo for insurance on my STRs, both insured through State Farm. I am currently using Proper to insure another property, and they're very good and reasonable as well.

Like I said above - why take a risk?

 From my experience, Aircover never failed to cover any damage. The best part is they don’t increase my insurance quote. As you know, a lot of STRs claims are pretty small so they don’t worth putting a claim and increasing your insurance premium for your portfolio. $100 per month is a pretty significant amount considering the volume. If you have 10 units, it is $12,000 expense per year which is a downpayment for a small house. I just never find myself using all those small claims ($10,000 under) through insurance and increase $10,000 premium for my portfolio. Insurance always scoop their money back haha

Quote from @Maxwell Banton:

Quote from @Joel Oh:

Your place needs a serious visual update. People who visit Disney are ready to spend money and they want the lifetime experience. They don't want to stay at a regular home when they are spending a fortune for their memories. There are places you can save money, but your furniture and decor look cheap and not screaming dream and fantasy. You have a very nice pool. Try to match your house to your pool then you will see a serious revenue increase.

This is what I've been dwelling on, It's just hard for me to gauge the ROI

You are worrying about numbers before having something to offer. There is no ROI if you don’t have something to attract customers. Don’t try to run backward. Hack you are losing money now anyway. What is the downfall

Have you even seen TikTok video of kids go there to have some fun?

It used to be kids going to the mall for small cosmetics or candies. 

Now they do it for their home goods XD

Toilet paper, toothpaste, bread.. you name it.

Pretty sure many blue state's humanitarian law didn't help the situation.

Also the insurance in ghetto went up like never. 

Hi guys, 

I know I will get a lot of hates from this but does STRs insurance really good as their price?

From my experience so far, Airbnb never failed to cover any issues I had caused by guests. 

Also in case of fire or flood, I know a regular homeowner's insurance will have no problem covering it.

I have been wondering, if the local regulation doesn't require it, why do we need pay thousands of extra for STRs? 

Also I am having more and more difficulty finding insurance companies service STRs.

My agent recommended a visitor covering option to my regular insurance. Any thoughts on this?

Your place needs a serious visual update. People who visit Disney are ready to spend money and they want the lifetime experience. They don't want to stay at a regular home when they are spending a fortune for their memories. There are places you can save money, but your furniture and decor look cheap and not screaming dream and fantasy. You have a very nice pool. Try to match your house to your pool then you will see a serious revenue increase.

Quote from @Lauren Lockett:

Hey Joel, 

I've seen that same playset on Sam's and think that's such a cool idea. I don't have any experience, but thought as a mom of 2 boys and avid traveller, it's something I'd appreciate when we travel. Good luck and happy closing! 

Yeah I think this can be a fun addition 😁

Quote from @Kyle Momany:

@Joel Oh Congrats on the soon to be closing!

Typically we shy away from playgrounds for the same reason @John Underwood mentioned.

Another thing you could do that is minimal liability is a putting green area. You can get most of the supplies from Lowes, without spending a ton.

Let me know what you end up going with!

Yeah I was thinking about throwing some rubber mulch so the kids are safe. I will check the green ones! Thank you :) 

Quote from @Richard Elvin:

What @John Underwood said, "Make sure you discuss it with your insurance agent first to make sure they would insure this"! As long as your insurance company is good with it, I think it's an excellent addition. 

My kids are older now, but that would have been a compelling reason to choose your place when my kids were smaller. As most parents will attest, a vacation with the kids isn't much of a vacation for the parents. Having a place they can occupy themselves while the wife and I chill and watch them, (or make dinner, plan for the next day, etc) serious value add!

Awesome! I was thinking about putting up some benches and a picnic table for parents. Thanks for your feedback!