STX Insurance  


reydavila
Posts: 17
(@reydavila)
Active Member
Joined: 2 years ago

Any referrals on insurance providers with competitive rates and good service?

Hurricane
Hazard
Liability - I'll be renting to vacationers
Flood - small portion of lot in flood zone but working with lender and surveyor to get exception
Auto

Thank you

7 Replies
Gator's Mom
Posts: 995
(@Gator's_Mom)
Trusted Member
Joined: 6 years ago

With what company was the property previously insured?

For us, Marshall Sterling let us continue the previous owner's hazard/hurricane policy without new underwriting. Our homeowner's policy covers long-term rentals - I believe we would need a separate liability rider for short-term rentals. Pools can be an issue as well to insure property used in either the long- or short-term market.

If you short-term rent through AirBnB, AirBNB's US liability policy works in the VI.

If there is no structure in the flood zone on your property, what would you be insuring - maybe tsunami threat? In FL, most flood insurance is underwritten by FEMA and purchased through any affiliated insurance agent.

Auto - Marshall Sterling as well.

Reply
speee1dy
Posts: 8734
(@speee1dy)
Expert
Joined: 11 years ago

i use M & S for the cars

Reply
Alana33
Posts: 12163
(@Alana33)
Expert
Joined: 7 years ago

Depends.
AARP has Insurance provider thru Real Legacy out of PR.
I've also used Kreke Insurance in STT.
It pays to shop around depending on your needs.
Don't know about Airbnb but I'm pretty sure it's not going to give you the coverage of full need in a catastrophic event.
Check details.

Reply
Gator's Mom
Posts: 995
(@Gator's_Mom)
Trusted Member
Joined: 6 years ago

When I priced AARP Real Legacy, it did not cover rented property (short or long term).

Airbnb provides $1 Million in liability insurance only when your short-term tenant rents through Airbnb. The Airbnb US liability policy does cover the VI. It subsidizes your homeowner's liability insurance that won't cover losses caused by vacation renters.

https://www.airbnb.com/host-protection-insurance

Depends.
AARP has Insurance provider thru Real Legacy out of PR.
I've also used Kreke Insurance in STT.
It pays to shop around depending on your needs.
Don't know about Airbnb but I'm pretty sure it's not going to give you the coverage of full need in a catastrophic event.
Check details.

Reply
Scubadoo
Posts: 2239
(@Scubadoo)
Trusted Member
Joined: 5 years ago

I have a Lloyd's policy through Marshall Sterling for condo fire/windstorm/earthquake with short term rental rider. The rider isn't expensive. The pool is covered by HOA insurance. I have only basic liability with this policy as I have umbrella and other policies that provide incremental liability coverage to the primary policy at little additional cost. Additional liability on the primary policy to cover rental would have been expensive but not as expensive as windstorm/earthquake.

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Alana33
Posts: 12163
(@Alana33)
Expert
Joined: 7 years ago

When I priced AARP Real Legacy, it did not cover rented property (short or long term).

Airbnb provides $1 Million in liability insurance only when your short-term tenant rents through Airbnb. The Airbnb US liability policy does cover the VI. It subsidizes your homeowner's liability insurance that won't cover losses caused by vacation renters.

https://www.airbnb.com/host-protection-insurance

Depends.
AARP has Insurance provider thru Real Legacy out of PR.
I've also used Kreke Insurance in STT.
It pays to shop around depending on your needs.
Don't know about Airbnb but I'm pretty sure it's not going to give you the coverage of full need in a catastrophic event.
Check details.

I had my rental house and complete coverage for my primary home with different insurance providers over the course of the decades and mega hurricane events I've endured.
I'm not sure I'd trust Airbnb to own up to a catastrophic event.

Reply
JE
Posts: 319
 JE
(@JE)
Advanced Member
Joined: 14 years ago

I live on STX and have Homeowners and auto insurance through AARP out of PR. I also have content and liability insurance through AARP for a vacation rental condo I own on STX (I discussed the rental aspect and that I had a business license for it in gory detail with the AARP rep). I originally had Homeowners insurance through Marshall and Sterling for years until AARP started offering it here. When I switched the new policy was page for page exactly the same as my policy with M&S and both policies were signed at that time by John Harper of M&S, with the only difference being the AARP policy was 20% less. They don't have the same working relationship any longer but the point is that AARP policies provide essentially the same coverage but at a lower cost. And AARP does have their own claims adjuster on island, who I talked with before switching auto insurance coverage to verify it would not be too much of a hassle if I ever did have to make a claim. Fortunately, in 12 plus years I have never made a claim with either company so I don't know just how much of a hassle it actually would be.

Regarding vacation rentals, VRBO/HomeAway also provides $1,000,000 liability insurance for any rental booked through them and it is valid here.

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