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

Susie Cougar · 08-22-2020, 09:56 AM

You have stated many times that you really do not want to be a landlord. Also, you have a list so long of all the things that you need and want to do. You mentioned as a possibility that you would tear down the cabins and build a new home for yourself. How about selling off the cabins? You said that you could create another lot so instead of giving yourself more things to do, you would have some extra cash to fix up the main house.

mswlogo · 08-22-2020, 10:10 AM

Quote:

Originally Posted by Susie Cougar

You have stated many times that you really do not want to be a landlord. Also, you have a list so long of all the things that you need and want to do. You mentioned as a possibility that you would tear down the cabins and build a new home for yourself. How about selling off the cabins? You said that you could create another lot so instead of giving yourself more things to do, you would have some extra cash to fix up the main house.

Ideally we want to sell off half the property. But it will take time and we don’t know if planning boards will allow it. The day of closing will have renters, some into October. So we need to have something (liability insurance) in place as of closing even if it’s not long term.

If we can’t sell off half we might have to rent for a while to build up some cash. Meanwhile I can do some improvements that don’t involve a lot of cash.

A lot of things I don’t have control over.

TiltonBB · 08-22-2020, 12:34 PM

I have had rental property for years, both long term and weekly rentals on the lake. I have an umbrella as well as a primary policy and coverage has never been a problem. If your agent can't find you a carrier then I would consult with another agent.

My leases, even for the weekly rentals, state that the tenant assumes all liability for any injury or damage sustained by them or their guests. Obviously that is not bullet proof but it is a good start.

If you manage or maintain the property you will be a defendant in any lawsuit regardless of whether it is in an LLC or any other type of ownership. I don't worry about it, whatever happens, the insurance company will have to defend any lawsuit.

Flylady · 08-22-2020, 05:59 PM

Talk to a commercial insurance broker. They should have experience and know which companies will underwrite the liability policy you are looking for.

08-22-2020, 05:59 PM	#4
Flylady Senior Member Join Date: Apr 2006 Location: So. California & Lakes Region Posts: 256 Thanks: 225 Thanked 106 Times in 61 Posts	Insurance Talk to a commercial insurance broker. They should have experience and know which companies will underwrite the liability policy you are looking for.

08-22-2020, 09:56 AM	#1
Susie Cougar Senior Member Join Date: Aug 2019 Location: Parrish, Florida Posts: 606 Thanks: 283 Thanked 225 Times in 160 Posts	You have stated many times that you really do not want to be a landlord. Also, you have a list so long of all the things that you need and want to do. You mentioned as a possibility that you would tear down the cabins and build a new home for yourself. How about selling off the cabins? You said that you could create another lot so instead of giving yourself more things to do, you would have some extra cash to fix up the main house.

08-22-2020, 12:34 PM	#3
TiltonBB Senior Member Join Date: Feb 2005 Location: Gilford, NH and Florida Posts: 2,994 Thanks: 696 Thanked 2,196 Times in 931 Posts	I have had rental property for years, both long term and weekly rentals on the lake. I have an umbrella as well as a primary policy and coverage has never been a problem. If your agent can't find you a carrier then I would consult with another agent. My leases, even for the weekly rentals, state that the tenant assumes all liability for any injury or damage sustained by them or their guests. Obviously that is not bullet proof but it is a good start. If you manage or maintain the property you will be a defendant in any lawsuit regardless of whether it is in an LLC or any other type of ownership. I don't worry about it, whatever happens, the insurance company will have to defend any lawsuit.