5 Best Short-term Rental Insurance Companies 2023

To obtain a quote, you will need to speak directly with an agent.

Foremost offers a landlord policy for your vacation or short-term rental needs. It also offers a seasonal policy if you want to insure a second home, and the policy does not have a primary residence requirement.

For vacation rentals, check out the landlord and vacation rental policy. Whether you rent your home out rarely or every other weekend, there is no cap on the frequency of rentals. The only cap is the property cannot be rented out to the same tenant for more than five consecutive months. The same coverage is available if you are an individual homeowner or a small business limited liability company (LLC).

There are two options for the landlord policy: named peril or comprehensive coverage. Both have a wide range of endorsements to make the policy entirely flexible for your specific needs.

Customer service is available when you need it, with 24/7 claims support and an app to help you manage your policy anytime. The provider’s complaints are also lower than the national average for homeowners’ claims.

Conveniently, Foremost has flexibility with claims settlement. The landlord policy can be structured as an agreed loss value for your home if it is a total loss and actual cash value if your claim is for a partial loss. There are also options for replacement, extended replacement, or repair costs.

If your rental property is vacant and you cannot find a tenant, Foremost allows you to switch the policy over from a landlord policy to one for vacant home insurance.

Also, it has multiple discounts available. For example, if you screen your tenants, then you may be eligible for a discount.

In a few minutes (at most), we received one quote with three tiers of coverage.

1. Basic costs $898 annually and includes building coverage, $5,000 in business personal property, $18,000 in loss of rent with $500,000 per occurrence, and $1 million total in general liability coverage. It also had 3% inflation guard coverage.
2. Complete costs $1,114 annually and has the same coverages as the basic option—except the general liability was increased to $1 million per occurrence and $2 million aggregate and the inflation guard rate increased to 6%. It also had some additional coverages, like $25,000 in water backup.
3. Premium is the top-tier coverage and costs $1,200 annually. It has the same coverages as above but with increased limits, like $10,000 for business personal property and $50,000 for water backup. It also included 9% for inflation guard.

Each level is a customized option that gives you total control over the level of coverage you purchase for the property. After customizing the option to fit you best, you can then purchase the policy online.

Obie is a newer rental insurance company. It was founded in 2017 but has expanded rapidly and has over $4 billion in property insured in all 50 states. Its customers seem to be happy with it. There are around 190 reviews for Obie, with an average rating of 4.7 out of 5 on Google.

The broker offers landlord insurance and short-term and long-term rental insurance and is great for real estate investors because of how quickly it can generate a quote. No paperwork is needed to finalize a quote or purchase the policy online.

For policy management, you will have an online account. If you have questions about the policy or billing or need to file a claim, you can email or call. It is only available during the weekdays.

To obtain a quote, you will need to fill out an online application, and then an agent will contact you.

The vacation rental insurance policy it offers can replace your dwelling or landlord policy and serve as one policy for the property. Its policy offers a mixture of dwelling with a commercial general liability policy with 2 million aggregate limits.

It also has a wide range of coverage for rental frequency, including long-term tenants of six months or longer. If you own multiple properties or one with a lot of exercise equipment, CBIZ will provide coverage. The policy also has a loss of income built into the standard coverage. You can even add bed bug clean-up as an endorsement with no deductible.

The type of property you insure with CBIZ is not an issue as it has a broad appetite for different structures—townhomes, single-family residences, condos, and duplexes are all covered.

CBIZ insurance is available for all types of properties and rental classifications: primary residence, second home, vacant home, or condo in a metropolitan area can all be insured under its rental insurance program.

For convenience, its website offers a quick and easy system for quoting your vacation rental insurance. Answer a few specific questions, and a quote is available immediately.

CBIZ is only available on weekdays from 8 a.m. to 5 p.m. CT. However, if an issue arises outside of those hours, you can contact the provider directly. Helpfully, it lists the contact information for all of the carriers it works with on the contact section of the website.

Quotes are available only through American Family agents.

In the frequently asked questions (FAQs) section, the provider states the cost can range from $2,000 to $3,000 annually. It also provides discounts, like for using a smart home security system.

Two policies are available for your vacation rental needs:

1. Second home insurance: If you own a home that is an occasional family getaway, this is the policy you would want to consider.
2. Short-term rental insurance: Under this policy, an endorsement to its standard homeowner’s policy, you can rent your home for up to 62 days a year. American Family has no problem with frequently renting the house out through Vrbo, Airbnb, or similar businesses—although any period beyond 62 days is not covered. This policy is excellent for snowbirds who leave their home for up to two months a year. Many retirees are on a fixed income, making the diminishing deductible a nice incentive to check out the provider.

American Family is an established carrier, providing insurance since 1927. While it has developed an app, it seems that it is primarily for managing a personal auto policy and wouldn’t be applicable to any rental properties, from our research.

However, the provider does offer a 24/7 claims reporting line. You can also file a claim online. Online you can also manage your policy, file a claim, and pay your premium.

There are multiple ways to save too. These include bundling an auto policy and generational discounts.

To get a quote, provide your information, and a representative will reach out to you.

Safely’s policy provides coverage in three different areas. Coverage is up to $1 million for the dwelling, $10,000 for your contents, and $ 1 million for bodily injury. There is no lost income or endorsements.

It also has a broad range of coverage for structures. Whether it is a spare room or a duplex, or a single-family home, it will provide coverage. Visit Safely’s website to see the convenience of working with the company.

Get an instant quote and purchase your policy through Safely’s website without having to talk to an agent. You also can submit a claim and manage your policy through its online portal.

It has a streamlined claim process. Not only can you file a claim online, but the turnaround time from reporting a claim to being paid is under four days.