Liability Insurance for room rental
Hi BP nation I rent a property out by the room. It's a 5 bed 3 bath. I was insured through NREIG when it was a single rental to one family but now since I have transferred to room they dropped me. Does anyone else do it like this and who do you use for liability insurance? Thank you in advance for any help
If you PM me, I can share our structure for this.
@William Stewart If you were able to find a solution, I would love to know - I am in the same boat now. Thanks!
Any update on this question, I'm also in the same boat and would love to know how to proceed. @Mohit Gupta @Ron Brady @William Stewart
@Steven Toth I was actually able to find multiple carriers who would insure for a slightly higher premium, which I am happy to pay. Travelers, Farmers, Steadily are some who allow this model. They may call it by different names though, for example, "home-share endorsement". And there are even more carriers who would insure co-living rental w/o owner-occupied - for example Obie. The quotes were only a few hundred dollars extra annually. At the moment, we are using American Modern and Sage Sure through our insurance broker.
What @Mohit Gupta says here sounds good to me