insurance for renting "cottages" short term (e.g. AirBnb)

mswlogo · 08-21-2020, 04:13 PM

I'm about to close on a property that has a large 4 season home, a small 4 cottage and two 3 season cottages.

I've never really wanted the headaches of being a landlord (fixing plumbing, cleaning, trash, supplying cable TV etc.). We are not sure we even will rent out the cottages, but it's a little silly not too. They are pretty nice and there is 300 ft of beach to go around.

Anyway, a couple hurdles have come up, namely insurance.

We have an umbrella policy (everyone should BTW). We no longer do if we have short term rentals in our name. We could put the property in an LLC or S-Corp, but that would include the house and it would be all commercial rates and don't really want to get into that.

Property has some AirBnb (to fill in gaps) but most of it is word of mouth renters and repeat customers every year.

I'm sure some folks here must rent their primary "lake house" or extra capacity on the lakes.

What do you do for insurance? I'm not as concerned about insuring the cottages themselves as much as I am about the liability.

08-21-2020, 04:13 PM	#1
mswlogo Senior Member Join Date: Jun 2014 Posts: 660 Thanks: 196 Thanked 224 Times in 143 Posts	insurance for renting "cottages" short term (e.g. AirBnb) I'm about to close on a property that has a large 4 season home, a small 4 cottage and two 3 season cottages. I've never really wanted the headaches of being a landlord (fixing plumbing, cleaning, trash, supplying cable TV etc.). We are not sure we even will rent out the cottages, but it's a little silly not too. They are pretty nice and there is 300 ft of beach to go around. Anyway, a couple hurdles have come up, namely insurance. We have an umbrella policy (everyone should BTW). We no longer do if we have short term rentals in our name. We could put the property in an LLC or S-Corp, but that would include the house and it would be all commercial rates and don't really want to get into that. Property has some AirBnb (to fill in gaps) but most of it is word of mouth renters and repeat customers every year. I'm sure some folks here must rent their primary "lake house" or extra capacity on the lakes. What do you do for insurance? I'm not as concerned about insuring the cottages themselves as much as I am about the liability.