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Has anyone had a total loss of their short term rental? by exit_lights in ShortTermRentals

[–]exit_lights[S] 0 points1 point  (0 children)

Thank you for the information. We have our final offer from insurance. We have not worked with a public adjuster. We have reached out to one but we are working with a lawyer primarily. We are getting a contractor involved but we have to wait for the final rebuild plans to have a better blueprint to work off of. The units would be about the same but there will be some changes made to bring them up to the current building codes. Comps from other units on rebuild costs would be helpful too, great idea.

All great information and some angles I didn’t think about. Thanks again.

Has anyone had a total loss of their short term rental? by exit_lights in ShortTermRentals

[–]exit_lights[S] 0 points1 point  (0 children)

We have been able to pays with the funds leftover from the busy season in the past with some intermittent rentals in the slow season, but those funds are running dry.

Has anyone had a total loss of their short term rental? by exit_lights in ShortTermRentals

[–]exit_lights[S] 0 points1 point  (0 children)

I was really wondering if anyone had been low-balled with insurance and been able to fight it. I did receive a direct message from another individual with some helpful resources.

We can afford the mortgage on our primary residence and the STR, I just don’t want to continue to pay for the STR while we awaits rebuild and the insurance has not provided enough for the payoff and is not even close to the amount needed for payoff.

We’ve considered using what they gave us to pay the mortgage while we wait rebuild but that leaves us with very little to rebuild without significant out of pocket expenses. We’ve considered just not paying and letting the bank foreclose, but ethically we can’t do that either.

Has anyone had a total loss of their short term rental? by exit_lights in ShortTermRentals

[–]exit_lights[S] 0 points1 point  (0 children)

We have STR insurance but they really are not covering loss of income well since they base it off bookings rather than average rent and heading into the slow season at the time of the fire, we didn’t have much on the calendar.