Supplemental Insurance for Your Airbnb
Airbnb's AirCover is great, but it only covers you when guests are in the home. This means it will not cover damage that occurs while the home is vacant, or occupied by yourself or friends/or family staying outside of an Airbnb booking (that's where supplemental insurance can help).
I recommend Steadily, a company that specializes in in home insurance for Airbnbs. Its the best-rated STR Insurer in the US. These types of policies can be difficult to find. I've been impressed by this company-- they are quick with communication and their claim process seems very simple and direct. Also, they'll reimburse you for any money you lose if you have to cancel due to a plumbing problem, broken major appliance, or weather event that causes property damage. If you use my link, you can get a quick quote for free. (And I do mean quick!)
https://hostwithelise.steadilypartner.com/
Insurance isn't the most exciting part of hosting, but it's great to know that you're thoroughly covered, so you can move on with the more fun parts!
As much as we try, things occasionally go wrong, and it’s best to know that your short term rental is protected.
Protect Your Rental With Landlord Insurance
With Steadily you will:
Ensure you have the right coverage to protect you and your investment
Save money by finding the most competitive rates
Work with the best-rated landlord insurance company in America
Landlord insurance is a policy for people who rent their home to others. Landlord Insurance is not required for a landlord, but insurance can bring many benefits:
Legal liabilities
Fire and water damage
Financial protection against natural disasters
Protection for your furnishings
Steadily make it easy to get property insurance for whatever type of property you own including AirBNBs, VRBOs, and other rentals.
Single-family
Multi-family
Vacant or restoration
Apartment buildings
Condo units
Manufactured
Did you know?
Landlord and homeowners insurance policies are not the same
Landlord insurance is specifically for owners who rent out a property that they don’t live in. A good, comprehensive policy will typically cover the value of the dwelling and improvements, along with liability protection and coverage of rental income losses.
The cost of a landlord policy can be more than a homeowners insurance policy, but it offers more coverage that landlords need. Costs vary due to location, size of the rental, level of coverage, etc.
But do I really NEED it?
Many mortgage companies and lenders may not only require that you have a landlord insurance policy on a rental property, but that you also insure your home for 100% of its replacement cost. This is to protect your lender’s investment in your home.
Make sure you have the right policy. If you have a Homeowners policy instead of a Landlord policy, collecting on a claim for a tenanted rental investment property could be difficult at the time of loss.
Choose the right insurance
When working with your agent, ask questions like:
Are there additional overages I should add on given my location?
Does my policy cover both short and long-term rentals?
How is replacement cost calculated at the time of a claim?
Are there any upgrades/repairs I can do to this property to reduce my insurance costs?
What is NOT included in my landlord insurance policy?
I like Steadily, but a different company might be a better fit for you and for your property! But it’s good to get multiple quotes, so don’t hesitate to use my link for a FREE quote from Steadily today.
