Property Insurance Comparisons

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Overview

Steadily specializes in fast, affordable insurance for rental property owners. Available online and in all 50 States, Steadily offers owners easy free quotes for all types of rental properties, including short-term and mid-term rentals. In addition to standard property and liability policies, they can also meet special insurance needs including fix n’ flip, builder’s risk, umbrella policies, flood, earthquake, and more.

Price

Steadily is very competitively priced, with short-term rental policies averaging $1377 nationwide.

  • Recommended For the Following

    Steadily is recommended for any owners needing coverage for their real estate investment properties.  They know the needs of short-term, mid-term, and long-term rental owners.

  • Features

    Types of Insurance Available:

    • Dwelling policy
      • DP3
      • DP2
      • DP1
    • Umbrella
    • Builder’s risk
    • Flood
    • Earthquake

     

    Types of Coverage Offered:

    • Standard Coverages
      • Dwelling
      • General Liability
    • Policy Customization Available With Specialty Coverages
      • Bedbug Infestation
      • Liquor Liability
      • Squatters
      • Loss of Business Income and Business Interruption
      • Pet and Animal Liability
      • Additional Perils:
        • Earthquakes
        • Volcano
        • Forest Fire
        • Wind/Hail
        • etc.
      • Liability coverage for amenities off premises
      • Accidental Damage

     

    Customer Support:

    • Phone
    • Email
    • SMS
    • Knowledge Hub
  • Pros
    • Steadily was created to serve real estate investors and they know the needs of short-term rental owners.
    • Getting multiple quotes at once is a wonderful time saver.
    • Steadily customizes policies to suit owners' needs.
    • The National Association of Insurance Commissioners has no complaints listed on their website against Steadily.
    • Simplified administration with one monthly bill for all your policies.
    • Buy online, via phone, email, and SMS
    • 24/7 access to an online portal with all policy documents
    • Insures unique property types, including mobile homes, vacant properties, manufactured homes, and more.
  • Cons
    • Steadily is not found on the Better Business Bureau's site.
    • Claims are resolved through carrier partners.
Compare This

Overview

Proper Insurance is one of the Nation’s leading vacation rental insurance providers, with over 100,000 policies written in all 50 states. They’ve custom penned one of the most comprehensive policies on the market and offer protection for your property, income, host liability, equipment breakdown, amenity liability (bikes, kayaks, hot tubs, etc.), theft, vandalism, bed bugs, squatters and more.

Policy Highlights

  • Building and Contents – Special cause of loss (all-risk), replacement cost (new for old)
  • Liability – $1,000,000/$2,000,000 in commercial general liability
  • Income – Actual loss sustained business income coverage with no time limit

Price

Contact Proper for a custom insurance quote.  Get an online quote in minutes or call for an expert consultation.  Their insurance experts provide FREE no obligation coverage comparisons.

  • Recommended For the Following

    Proper is recommended for owners needing real estate investment property coverage.  They know and understand the needs of short-term rental owners.

    Short-term vacation rentals don’t fit into one insurance category, so they have developed a specialty policy that covers both commercial and personal use of your vacation rental.

  • Features

    Types of Insurance Available:

    • Short-Term Rental Insurance – A Commercial Homeowners Policy. Think of it as a homeowner’s policy, a landlord policy, and a business policy all wrapped into one.

     

    Types of Coverage Offered:

    • Commercial Business Liability
      • $1,000,000 standard occurrence limit, with $2,000,000 available in general aggregate
      • Commercial Liability extends to amenities on and off pre
      • Liability is enhanced for incidents involving pets/animals, liquor, personal & advertising injury with the invasion of privacy, communicable disease, and more.
      • No limitations on assault, battery, or molestation
      • Continues over amenities such as bicycles, golf carts, hot tubs, pools, fishing, rec areas, small watercraft, and more
      • Additional $1,000,000 in personal liability when rental “doubles” as a primary residence

     

    • Building and Contents Coverage
      • Special Form ‘All-Risk’ Cause of Loss (Building & Contents)
      • Replacement Cost Valuation (Building & Contents)
      • No limit on theft or damage caused by a guest, whether accidental or intentional damage (vandalism)
      • Vacant or Unoccupied
      • Water damage subject to your building limit
      • Back-up sewers and drains coverage up to $25,000
      • Complete ordinance or law (optional)
      • Bed Bug Extermination & Business Revenue – No Deductible
      • Squatters & Eviction Expenses Plus Business Revenue – No Deductible
      • Loss assessment
      • Debris removal
      • Unscheduled structures

     

    • Business Revenue Protection
      • Paid on an ‘actual loss sustained’ valuation
      • Reimburses lost revenue vs. lost income
      • No time limit on coverage payout
      • Only subject to the limits you choose

     

    • Special Enhancement Coverages
      • Property Entrustment – Most insurance policies exclude theft, vandalism, and intentional or malicious damages to your home and contents due to entrusting your property to another party. Proper’s custom enhancement removes this limitation, so full property coverage applies as an STR.
      • Bedbug Infestation – Proper provides comprehensive Bed Bug Protection. Their coverage includes protection for general commercial liability, extermination costs, and loss of business revenue.
      • Liquor Liability – This policy covers bodily injury and property damage arising from the selling, serving, or furnishing of liquor/alcohol. However, there is no such coverage if you are legally required to have a license or permit to sell, serve, or furnish liquor/alcohol.
      • Squatters – Proper’s Squatter protection covers Loss of Business Revenue and the legal fees incurred when removing the squatter from your STR.
      • Pet and Animal Liability – This policy covers bodily injury and property damage from animals/pets. This coverage is provided on and off the premises and has no special breed exclusions.
      • Amenities On & Off Premises Liability – This policy provides coverage for bodily injury and property damage resulting from many popular amenities provided on and off the premises, such as swimming pools, hot tubs, ponds, saunas, docks/piers, exercise equipment, bicycles, paddle boards, kayaks, small watercraft, fishing, cross country skiing and more. (Amenities are subject to underwriting and safety guidelines – be sure to discuss your offered amenities with your account representative.)

     

    Mobile App – No

    Customer Support:

    • Phone
    • Email
  • Pros
    • At Proper, they have what’s called in-house claims administration, which means they administer the claim from start to finish themselves and do not use a third-party administrator.  The Proper Insurance Claims Department strives to create a seamless experience and get checks issued as soon as possible, as their sole interest is with the insured.
    • Proper is a cover holder for Lloyd's of London; this means that insurance policies written and bound by Proper also carry the backing of Lloyd's of London.  Be aware that Proper manages claims as opposed to Lloyd's of London.
    • Proper has an A+ rating with the Better Business Bureau.
    • Proper was specifically created to serve the needs of short-term vacation rental property owners.
    • Proper will make a free policy comparison.
  • Cons
    • Proper strives to provide ‘best in class" coverage for your business, which can come at a cost. As a vacation rental owner, you are a business owner; therefore, you need business insurance which can come at a higher cost than a regular homeowners policy. Be sure to read the details of the insurance quotes you receive from other companies and compare the coverages and exclusions.
    • The language of Proper policies could be written in a more customer-friendly manner. Compared to other companies we’ve reviewed, Proper’s policies can be especially wordy.
Compare This

Overview

Protect your investment with a CBIZ vacation rental insurance policy, developed exclusively for short-term vacation rentals. Our vacation rental insurance provides property (building and contents), liability, and loss of income coverage.

Price

Contact CBIZ for a custom insurance quote.

  • Recommended For the Following

    Individual Self-Managing Property Owners – Yes, for properties within the United States

    Property Managers and Co-hosts – Not applicable. Property insurance coverage is held by the property owners, not the property managers.  Property managers can contact CBIZ for alternative insurance products to cover their property management operations.

  • Features

    Types of Insurance Available:

    • Vacation Rental Insurance

    Types of Coverage Offered:

    • Standard Coverages
      • Dwelling
      • Commercial Liability – 1-2 million aggregate coverage available.
      • Commercial Property – Coverage will vary according to the cost of rebuilding the property.
    • Policy Customization Available With Specialty Coverages
      • Bedbug Infestation – Yes, $17,50 in coverage.  No deductible applied.
      • Liquor Liability Coverage – No
      • Squatters Coverage – No
      • Loss of Business Income and Business Interruption Coverage – Yes, coverage amounts vary by property.
      • Pet and Animal Liability – No
      • Additional Perils:
        • Earthquakes – No.  This coverage would require a separate earthquake policy.
        • Volcano – CBIZ does not write in areas adjacent to volcanos.
        • Forest Fire – Yes
        • Wind/Hail – Yes
      • Liability coverage for amenities off premises: Yes, with the exclusion of watercraft with motors.
      • Accidental Guest Damage – No
      • Pools: Yes, with the exclusion of pools with a diving board or slide.

     

    Customer Support:

    • Email
    • Phone
  • Pros
    • CBIZ is an insurance brokerage that can get quotes from multiple insurance companies simultaneously, which is a helpful timesaver.
    • The vacation rental insurance policies include commercial property and liability coverage.
    • Bedbug coverage is available.
    • Policy rates are competitive.  Users looking to save should get a quote.
  • Cons
    • Certain coverages are not available such as squatters, liquor liability, and pet and animal liability.