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Insurance for Rental Property
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Do I Need Insurance For Rental Property?
Generally, insurance providers consider renting out your home in order to generate income as a business activity, which will not be covered by a traditional homeowners policy. You should ensure that you are protected against property damage and claims of personal liability before renting out your property to tenants. Steadily offers affordable homeowners insurance for a rental property, as early as the next business day. Whether it’s a single-family home, multi-family home, condo, apartment building, vacation rental property, or something else altogether, we offer insurance coverage.
Find out more about the differences between homeowners and rental property insurance in the video below.
Insurance for 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:
Legal liabilities
Fire and water damage
Financial protection against natural disasters
Protection for your furnishings
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Properties we cover
We make it easy to get property insurance for whatever type of property you own.
Apartment building
Single-family
Condo units
Multi-family
Manufactured
Vacant or restoration
Our coverages
Your insurance policy can cover a wide range of risks, or you can choose a limited set of coverages for a lower premium.
Fire
Because of modern safety codes, fires have become rarer, but the fires that do start tend to cause total destruction of the property.
Water
Broken pipes and appliance leaks are the most common and overall the most expensive property damage for rental properties.
Windstorm, hail, & lightning
Roof damage from storms has become increasingly common as the intensity and frequency of storms have increased over the last two decades.
Lawsuits
Liability protection covers the cost of defending you and settling claims from tenants and their guests for injuries sustained on your property.
Riot and civil commotion
When violent protests break out, riot coverage can pay to fix property damage caused by looters and protestors.
Vandalism & theft
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
Injury protection can keep you from getting stuck with the cost of medical bills if a tenant or visitor gets injured on the property.
Bonus coverages
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.
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We're national & local
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.
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No hidden cancellation fees. Competitive rates nationwide.