jcm55
New Member
I've got a high-end short term rental property (AirBnB / VRBO) on the Nevada side of Lake Tahoe. 7-bed / 4000 sqft. Looking for help insuring it properly.
It was previously our primary residence. At the moment it still has a standard homeowners policy with a "home sharing" endorsement. But we converted it to an investment property a year ago, and we're pretty far out of bounds for that policy now. I.e. we've got no legit case that it's a primary (or even secondary) residence, way more rental days than the endorsement allows, etc. If something happens, I think we're at risk of having a claim denied based on the property's current use. And that policy definitely doesn't cover loss of rents on a property that grosses $300K+ / year.
I've talked to all the folks I can find who specialize in short-term rentals, or at least are known to accept them. Proper and Steadily both declined due to wildfire risk, though Proper would write a liability-only monoline. AMIG would take it, but they don't write policies above $1M. Etc, etc. A couple independent agents shopped E&S markets with both Amwins and Burns & Wilcox, who came back with nothing.
Commercial E&S options? I dunno. Local agents insist insurers won't write those for a SFH.
Help!
It was previously our primary residence. At the moment it still has a standard homeowners policy with a "home sharing" endorsement. But we converted it to an investment property a year ago, and we're pretty far out of bounds for that policy now. I.e. we've got no legit case that it's a primary (or even secondary) residence, way more rental days than the endorsement allows, etc. If something happens, I think we're at risk of having a claim denied based on the property's current use. And that policy definitely doesn't cover loss of rents on a property that grosses $300K+ / year.
I've talked to all the folks I can find who specialize in short-term rentals, or at least are known to accept them. Proper and Steadily both declined due to wildfire risk, though Proper would write a liability-only monoline. AMIG would take it, but they don't write policies above $1M. Etc, etc. A couple independent agents shopped E&S markets with both Amwins and Burns & Wilcox, who came back with nothing.
Commercial E&S options? I dunno. Local agents insist insurers won't write those for a SFH.
Help!