
Steadily is the best-rated landlord insurance company in America
Rated Excellent (4.8 stars out of 5) on TrustPilot
Rated Excellent (4.8 stars out of 5) on TrustPilot
Landlord insurance policies usually cost about 25% more than homeowners insurance policies, according to the Insurance Information Institute. As of a few years back, average cost landlord insurance was $1,478 in annual premium, and the average cost of homeowners insurance was $1,192.
Landlord insurance costs more than homeowners insurance because landlord insurance applies when the owner does not occupy the property. Insurance companies have learned that when a tenant lives in the home there’s usually an increase of claims and higher average loss amounts when compared with owner-occupied homes. Landlord insurance also costs more due to higher insurance coverage in case the landlord is found responsible for issues that happen in the rental. Because a rental property is an investment, owners need to protect themselves in case there are any lawsuits or legal fees that arise due to injured tenants or guests on the property.
There are two different ways you can save on your landlord insurance. First, install safety alarms like burglar alarms fire sprinkler systems or motion sensors in your rental – these precautions help to lower the overall price. Second, if you own multiple rental properties bundle them together to save. By bundling together the landlord insurance for your properties with the same company you’ll be able to lower each policy premium. If your property is unoccupied you need what is called a vacant policy. Remember: landlord insurance is only required when there are tenants living in your rental property.
Landlord insurance (also known as rental insurance) is a policy for people who rent their homes to others. Landlord insurance is not required for a landlord, but insurance can bring many benefits:
We make it easy to get property insurance for whatever type of property you own.
Your insurance policy can cover a wide range of risks, or you can choose a limited set of coverages for a lower premium.
Because of modern safety codes, fires have become rarer, but the fires that do start tend to cause total destruction of the property.
Broken pipes and appliance leaks are the most common and overall the most expensive property damage for rental properties.
Roof damage from storms has become increasingly common as the intensity and frequency of storms have increased over the last two decades.
Liability protection covers the cost of defending you and settling claims from tenants and their guests for injuries sustained on your property.
When violent protests break out, riot coverage can pay to fix property damage caused by looters and protestors.
Malicious mischief coverage, as it’s known, covers repairs to broken glass, graffiti removal, and replacement of stolen or damaged property like shared washing machines.
Injury protection can keep you from getting stuck with the cost of medical bills if a tenant or visitor gets injured on the property.
Many policies also include coverage for a long list of other perils such as riots or civil commotion, explosions, volcanic eruptions, and damage caused by vehicles.
Steadily offers affordable landlord insurance across all 50 states. Our team of knowledgeable sales agents across the country are experts at finding the right coverage for your needs. From one local property to a portfolio across various states, we have you covered.
No hidden cancellation fees. Competitive rates nationwide.