I will soon put up my property upstate New York on HomeAway and VRBO, I am concerned about liability insurance for such small periods of time, lets say someone falls down the stairs and decides to sue..how are you protected? my home insurance does not do landlord insurance except if you rent for a whole year..the liability I do have is not considered "commercial" and would only cover family and friends. How does everyone on this site deals with this??? is it possible for guests to sign a waiver?
Also, I saw on this forum that it may be illegal to do short term rentals in NYC's apartments, where I would also like to rent out my apt? does it extend to upstate NY?
For insurance: You need a landlord's policy for short-term rentals. Normal renters insurance is for long-term leases. I had to switch from State Farm because they don't offer landlord's insurance. After getting quotes from several companies I chose Foremost. They're the largest "specialty" insurance company in the country. Their quote was also the lowest. For a $300,000 replacement value, $500,000 liability, $1,000 deductible and a few minor additional coverages my premium is $1,285. I was quoted as high as $2,600 for the same coverage.