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Bed & Breakfast / Short Term Rental Host Forum

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Nika

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When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent..
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
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Nika said:
The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high.
So our premium for the next year is $5,148, plus another $726 for the company truck. But it is impossible to compare with your quote without looking at exactly what is covered and for how much.
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Thanks for sharing. Agreed, it is impossible to compare. It does ease my mind to know others are paying as much so I appreciate that
. Thanks, again.
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We are right in that ballpark also. It's unbelievable how many variables there are. For us, it's a historical old house built out of wood. Our rural volunteer fire department is just 1/2 mile down the road bus has the worst rating there is. That really has affected our premiums. Some companies won't even do a quote for us.
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We are experiencing similar issues. I'm going to take the lowest bid (which seem astronomical) for now to avoid any gaps. Hopefully, I can find a better rate and better coverage soon.
 

Morticia

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When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent..
Thanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...
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I used Wolf also. Very responsive and the premium for all the coverage seemed reasonable. I had two structures to cover, too. I did also keep my regular homeowners coverage to provide additional coverage for "our" part of the main building. That was on the recommendation of Wolf.
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Thanks for the advise. I'll make sure our personal space in the inn is covered as well. I'm looking forward to hearing back from Wolf.
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Nika said:
Thanks for the advise. I'll make sure our personal space in the inn is covered as well. I'm looking forward to hearing back from Wolf.
Your personal space may need to be covered under renter's insurance. Ask the insurance broker. The business will cover the building as part of the inn. Your stuff needs to be covered separately. Ask about this. It's important to not have that gap between what belongs to the business and what belongs to you personally.
 

GoodScout

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I was very happy with Wolf but was forced to look elsewhere when they made a change in how they calculated alcohol liability. Their service is very good.
 

Momma Smurf

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We are a corporation, and are covered by Maine Mutual Group. Unfortunately, MMG does not do business in NY -- just ME, NH, VT, PA, MD, and VA.
We are covered by MEMIC, or Maine Employer's Mutual Insurance Company, for Worker's Comp insurance - they are nationwide (except for OH, ND, WY, and WA)..
We just happened to get our bill today: $3336 from above. We are an SP. Coverage: Buildings 1,285,666 (Inflated), Business Prop 200K, Personal contents 100K, plus liability and loss of income. Deductible" 2500.
 

Jcam

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We are a corporation, and are covered by Maine Mutual Group. Unfortunately, MMG does not do business in NY -- just ME, NH, VT, PA, MD, and VA.
We are covered by MEMIC, or Maine Employer's Mutual Insurance Company, for Worker's Comp insurance - they are nationwide (except for OH, ND, WY, and WA)..
We just happened to get our bill today: $3336 from above. We are an SP. Coverage: Buildings 1,285,666 (Inflated), Business Prop 200K, Personal contents 100K, plus liability and loss of income. Deductible" 2500.
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I know you have wooden houses in the USA but our UK rates are half yours! I paid £550 for 11 bedrooms, my flat - full buildings and contents! plus only £500 deductable
 

Generic

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We are a corporation, and are covered by Maine Mutual Group. Unfortunately, MMG does not do business in NY -- just ME, NH, VT, PA, MD, and VA.
We are covered by MEMIC, or Maine Employer's Mutual Insurance Company, for Worker's Comp insurance - they are nationwide (except for OH, ND, WY, and WA)..
We just happened to get our bill today: $3336 from above. We are an SP. Coverage: Buildings 1,285,666 (Inflated), Business Prop 200K, Personal contents 100K, plus liability and loss of income. Deductible" 2500.
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I know you have wooden houses in the USA but our UK rates are half yours! I paid £550 for 11 bedrooms, my flat - full buildings and contents! plus only £500 deductable
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My rate is a bit like yours, just not as many bedrooms. But the difference for us is the liability limitations (ie tort reform.) We have severe limitations on liability in our countries that don't exist in the US.
 

Nika

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We are a corporation, and are covered by Maine Mutual Group. Unfortunately, MMG does not do business in NY -- just ME, NH, VT, PA, MD, and VA.
We are covered by MEMIC, or Maine Employer's Mutual Insurance Company, for Worker's Comp insurance - they are nationwide (except for OH, ND, WY, and WA)..
We just happened to get our bill today: $3336 from above. We are an SP. Coverage: Buildings 1,285,666 (Inflated), Business Prop 200K, Personal contents 100K, plus liability and loss of income. Deductible" 2500.
.
Our property values are much less here in Buffalo, NY, Momma Smurf. My liability limits are about half of what you've listed and there is no mention of coverage for my personal space/contents, only business. I am taking the advice of Samster and Morticia and looking into an umbrella policy for our part of the home. Adjusting for your policies liability limits, your rates seem decent when comparing them to what we were originally paying as an SP. Thanks for sharing...
 

Nika

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We are a corporation, and are covered by Maine Mutual Group. Unfortunately, MMG does not do business in NY -- just ME, NH, VT, PA, MD, and VA.
We are covered by MEMIC, or Maine Employer's Mutual Insurance Company, for Worker's Comp insurance - they are nationwide (except for OH, ND, WY, and WA)..
We just happened to get our bill today: $3336 from above. We are an SP. Coverage: Buildings 1,285,666 (Inflated), Business Prop 200K, Personal contents 100K, plus liability and loss of income. Deductible" 2500.
.
I know you have wooden houses in the USA but our UK rates are half yours! I paid £550 for 11 bedrooms, my flat - full buildings and contents! plus only £500 deductable
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Our property is brick too, Jcam. Insurance is big business here in the States and New York State can be cost prohibitive for anyone to do business in.
 

Nika

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The company we were going with has an issue with our extended stay guests. The carrier wants us to put something in writing that says we'll only host guests for a few days or a week. We get a lot of business from folks that are relocating to the area for employment or school or are in our area on short-term work assignments. We love to accommodate these guests because it keeps our occupancy rates up and it's just so much easier than constantly turning around a room. In no way do we want to eliminate this portion of our business and we need both traditional travelers and extended stay guests to be covered in our policy. Is this a situation where I will need to have a few overlapping policies such as one that has typical B&B coverage, one that will cover extended stay lodgers in addition to a homeowner's policy? None of this was an issues when I filed as a Sole Proprietor.
 

Samster

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The company we were going with has an issue with our extended stay guests. The carrier wants us to put something in writing that says we'll only host guests for a few days or a week. We get a lot of business from folks that are relocating to the area for employment or school or are in our area on short-term work assignments. We love to accommodate these guests because it keeps our occupancy rates up and it's just so much easier than constantly turning around a room. In no way do we want to eliminate this portion of our business and we need both traditional travelers and extended stay guests to be covered in our policy. Is this a situation where I will need to have a few overlapping policies such as one that has typical B&B coverage, one that will cover extended stay lodgers in addition to a homeowner's policy? None of this was an issues when I filed as a Sole Proprietor..
Just remembered another company: Markel Insurance. They also cover B&Bs/inns.
Best of luck!
 

OnTheShore

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The company we were going with has an issue with our extended stay guests. The carrier wants us to put something in writing that says we'll only host guests for a few days or a week. We get a lot of business from folks that are relocating to the area for employment or school or are in our area on short-term work assignments. We love to accommodate these guests because it keeps our occupancy rates up and it's just so much easier than constantly turning around a room. In no way do we want to eliminate this portion of our business and we need both traditional travelers and extended stay guests to be covered in our policy. Is this a situation where I will need to have a few overlapping policies such as one that has typical B&B coverage, one that will cover extended stay lodgers in addition to a homeowner's policy? None of this was an issues when I filed as a Sole Proprietor..
Just remembered another company: Markel Insurance. They also cover B&Bs/inns.
Best of luck!
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We have insurance for another business (not our lodging business) with Markel, the other business also being organized as a corporation (independent from the corporation that is the lodging business). The premium for this other business is about $2700 per year, and that is for liability only (I think we have physical damage coverage for just one of our assets in that business, but that is just a small component of the premium). We haven't had to make any claims, so no experience with that end of things, but Markel's reputation is good I think.
 

Jack

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Agree with you ,Few days back i am also looking for B&B but most of the companies didn't provide it or some companies are providing it on high cost. I will suggest you to visit UIC website they provide best Travel Insurance in Pakistan.
 

Nika

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Hey everyone! I just wanted to post an update to this thread. I ended up getting reinsured with the company below. The folks at CBIZ found them for me when they could no longer provide coverage to us. Surprisingly, I saved a significant amount with the switch. My premium ended up being around $2,100. I know we're all looking to cut costs so I thought I'd pass this information on as an FYI to anyone in the market for a new carrier. xoxoxox

Philadelphia Insurance Companies
One Bala Plaza, Suite 100, Bala Cynwyd,
Pennsylvania 19004
610.617.7900
Fax 610.617.7940
PHLY.com
 

Tamelon

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I also use Erie through The Shults Agency in NY. I've had a very positive experience with them. We started with them when we had four rooms.
 
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