All Forum Posts by: Villy Ellinger

I have CBIZ on my short term rentals just for commercial liability. You can ask them to "strip" the rest of the coverage and get it through a regular insurance company. A regular hazard policy will still cover your property for wind damage, fire, etc. just not for commercial liability. I get regular H06 policies (condo hazard insurance) and pay the premium for the fact that it is a short-term rental through a regular insurance. I just pay the commercial liability through CBIZ. My policy is about $770 a year for "each occurrence" $1M and total aggregate $2M. That includes a "terrorism rider" which is $100. I just don't want to have any claim excluded because the definition for terrorism can be very broad. I am trying to find out info on anyone who has actually had a claim with CBIZ though and would love to know how it worked out. 

I have CBIZ for commercial liability for my short term vacation rentals. Was not aware of Proper until I saw it here and will go check it out immediately :-). I do buy regular HO6 (condo homeowners in Florida) for regular insurance issues. To one of the earlier posts in the discussion, my understanding is that while traditional umbrella covers multiple properties and is relatively cheap, it does not cover any claims relating to "commercial activity" which pretty much includes anything that might happen while a short-term paying guest is on the premises. I don't buy the whole "package" from CBIZ because I think that regular hazard insurance is so very locality-specific. I deal with the same agent at CBIZ and she is really quick to respond. What I really want to know is if anyone  has actually had a claim through CBIZ and how it was handled. Has anyone had a liability claim covered by CBIZ?

@Scott Mackinnon Hi, Scott, I'm not sure if this will apply to your situation or not, but two years ago I sold an investment rental property in Memphis (long-term rental) and did a 1031 exchange for a vacation rental in Ft Walton Beach. The 1031 intermediary company I used was IPX. I had a hard time getting a fixed rate loan but did get a 20 year ARM (5/1) with a decent rate through BancorpSouth. I did not use projected income from the new property to his the required ratios, but did use income from other properties. The property I bough is a condo on the beach and considered "nonwarrantable" so loans are tough. A lot of loans on short-term rentals are apparently "portfolio loans" for banks, but they do exist.

@Luke Carl I'm glad you find value in my comment, although I really wish that Booking.com would be a viable source of reservations. My experience with TripAdvisor has not been very positive either. One of my properties is still listed there because I have several pending reservations. As soon as those are done I plan to no longer list on TripAdvisor as well. Their booking fees to the guests are very high and they are so concerned about owners asking travelers to book "directly" that they make communicating with guests nearly impossible. For example, apparently we don't get to learn the phone number or the last name of the guest until they have paid in full. I'm always looking for recommendations about where other owners have been successful listing, so if you have any I would appreciate the information. Also, if you know anything about Tripping.com, please do tell. I have never used them, but would love to know.

Booking.com charges up to 15% of booking fees to the guest. A couple of years ago I tried it on one of my properties and had a friend try to "ghost" book a week just to check on the customer-side experience. What my friend was quoted on the guest-end was way higher than my rental prices. The problem is that Booking.com (just like Tripadvisor.com) wraps the whole quote into one. So the guest thinks the property is overpriced and nobody books. After I cancelled the Booking.com account/listing they kept soliciting me. I use them for hotel travel, but don't think they are very good for vacation rentals or short term rentals.