Protect your short term rental with the right insurance strategy

Jason Bott joined Robertson Ryan in 2004 as a Vice President and in 2016 he became a Shareholder. Being part of Robertson Ryan, the largest independent insurance agency in Wisconsin, and a Top 100 US Agency, gives Bott the resources to handle standard and non-standard policies. He specializes in real estate risk management and has developed a national reputation for insuring real estate owners and investors of varying sizes. The short-term rental space has become more accessible over the last several years, with industry leaders like Airbnb currently boasting 5.6 million active listings worldwide. Short-term rentals can be an attractive alternative to long-term rentals because of the increased cash flow on your investment. Before deciding to rent a portion of your home for a vacation rental, though, you need to consider how your homeowner's insurance views short-term rentals. In this episode, Jason will walk us through the short-term rental space and what we as landlords need to know about the types of insurance that are available. Episode Links: [email protected]  https://www.robertsonryan.com/ --- Before we jump into the episode, here's a quick disclaimer about our content. The Remote Real Estate Investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.   Michael: What's going on everyone? Welcome to another episode of the Remote Real Estate Investor. I'm Michael Albaum, and today I'm joined by Jason Bott an insurance broker with Robertson and Ryan, and Jason's gonna be talking to us about the short term rental space and what we as landlords need to know about the types of insurance that are available. So let's get into it.   Hey, Jason, welcome to the show. Thank you so much for taking the time to hang out with me today. I appreciate you.   Jason: Thanks for having me.   Michael: No, my pleasure. So for those folks that don't know who you are, give us a quick bio on who you are, where you're come from, and what it is you're doing real estate.   Jason: Sure. My name is Jason Bond, I'm an insurance commercial insurance broker with Roberts, Ryan and Associates based on Waukee. I currently write about 25,000 units in 30 states with my team and we specialize in the real estate space, specifically in small to mid-size landlords. So anybody that's got a small single family portfolio, kind of building that all the way up to some of my largest clients have maybe up to 1000 units but that's kind of the space that operated   Michal: Right on and today, we're gonna be talking about a super-hot topic that's been popping up all over the real estate space, short term rentals. So I would love if you could just give us kind of a high level on what people need to be aware of what questions they should be asking. But maybe we could start with like, if someone's going to go get an insurance policy and they own like they own the property, its landlord, give us a breakdown of all the different types of policies they could get if it's your long term rental, and we can build up to the short term.   Jason: Sure, sure, yeah and this is such a fast moving space, at least in the insurance world terms at the insurance market hasn't fully developed to take on the short term rentals. So it's still in flux and even if somebody listened to this five years from now, it's probably going to even be more, it might even be fully developed at that time who knows. But the way they traditionally the way that the insurance world works is a property in a sort of building the insurance policies based on the occupancy so you could have your homeowner's policy, a long term rental, you could have it use for business and retail, industrial, or basic