With more than eleven million landlords in the United States, another rental unit opportunity will make its way to the marketplace every eighty seconds. As the number of rental properties that you own continues to grow, so do your responsibilities. As a property owner, you will not only need to find a good tenant and a reliable property manager, but you’ll also need to keep up with the maintenance and overall safety of your four-wall investment.
What happens if your rental property is damaged in a thunderstorm or someone is injured on a front sidewalk? You should consider landlord insurance for your property to ease your worries and provide protection in unexpected situations. As you continue reading below, we’ve compiled a list containing our opinion of the 10 best landlord insurance companies in the US today.
10 Best Landlord Insurance Companies
Here are what we believe to be ten of the best landlord insurance companies in the United States today!
1. Liberty Mutual Insurance Company
Liberty Mutual is the 5th largest global property and casualty insurer in the United States. They offer auto and vehicle, property, casualty, commercial auto, and risk insurance. Their personal insurance lines comprise different regions that cover the United States.
Liberty Mutual also ranks 86th on the Fortune 100 list of one of the largest corporations in the United States based on their revenue in 2022.
2. Obie Insurance
Obie is also one of the best landlord insurance companies in the United States and offers simple quote request processing to pair you with the right insurance for your home. With Obie, you can get the coverage you need at an affordable cost to save money on your future investments.
Obie Insurance has embraced technology that helps streamline its landlord insurance and offers instant quotes to its customers in all fifty states. While independent insurance agents are important to work with, their digital tools help you receive your quotes and purchase your policy directly online, making it quick and easy.
3. Steadily Insurance
Steadily’s landlord insurance product is also for people renting their homes to others. While insurance generally isn’t required for landlords, it brings many benefits, such as protection from legal liabilities, loss of rental income, and various perils that can damage a structure and its contents such as fire, sudden water damage, and many natural disasters.
Steadily Insurance offers landlord insurance for Airbnb, VRBOs, apartment buildings, single-family homes, condo units, multi-family homes, manufactured homes, and vacant or restoration properties. You can work with an independent insurance agent who has access to Steadily products as well as their team of readily available and well-qualified agents to find the right coverage that is appropriate for your needs. Steadily Insurance offers no cancellation fees and competitive rates nationwide.
4. Allstate Insurance
Allstate Insurance, a longstanding national carrier, offers some of the most accessible and affordable ways to protect your investments, such as your rental home, vehicles, and pets. They offer bundled policies when you combine two or more coverages so you can save money on your overall costs. Allstate landlord insurance covers dwelling protection, premises liability coverage, fair rental income coverage, and certain medical protection for onsite accidents.
They also offer optional landlord insurance coverages, including vandalism, burglary, rental property under construction, and ordinance or law coverage.
USLI’s landlord insurance provides important financial protection against damage to rental property structure, liability claims from tenants or third parties, loss of rental income due to covered perils like fires, and more. Whether you own a single-family home that you rent out, an apartment building, or multiple rental properties, USLI or an independent insurance agency partner in their network will work closely with you to tailor a policy that meets your specific situation.
In addition to providing reliable coverage, USLI is committed to delivering exceptional customer service to clients, including real estate investors. They make the insurance process smooth and hassle-free by providing efficient quotes, easy online applications, and straightforward claims handling.
6. biBERK Insurance
Biberk Insurance offers landlord liability insurance coverage and includes five different types of primary policies that may be a fit for a real estate operation: a business owners’ policy, workers’ compensation insurance, commercial auto insurance, cyber insurance, and umbrella insurance. Whether you only need a few or all of these policies when searching for landlord insurance, having comprehensive financial protection can ensure you stay clear of unexpected lawsuits, and other losses.
Biberk Insurance can help determine what landlord insurance your business needs and provides fast, free, and other self-services online. The only information Biberk typically needs is streamlined information about your property, business, location, and size.
7. The Hartford Insurance
Hartford Insurance is a leading property and casualty insurance company in the United States. With Hartford Insurance, you can customize your insurance program to protect your rental home at a budget that best suits your needs. If you are an AARP member, your membership may give you access to additional savings and credit that may lower your rates on your landlord insurance.
With Hartford Insurance, you can get up to twenty percent off on your landlord insurance when you bundle it with other policies.
8. American Family Insurance
American Family Insurance is a family of companies dedicated to providing exceptional service to protect its customers. With their well-respected landlord insurance products, you’ll have access to quick and easy quoting, customizable coverage that can suit your needs, and experts who can support any coverage questions.
When you bundle your landlord insurance, you can typically save up to twenty percent when bundled with auto or other insurance through American Family.
9. Travelers Insurance
With Travelers Insurance, you can protect your property investment with landlord coverage designed specifically for rental property owners. Their landlord insurance offers protection for premises liability and building coverage and can provide other important coverage options like water and sewer backup protection. As one of the best landlord insurance companies, their insurance protects properties such as apartments, condominiums, and single or multi-family homes.
Travelers landlord coverage provides opportunities for broad protection and even covers an extension of rental properties that include detached structures such as garages and sheds.
10. Foremost Insurance Group
Foremost Insurance Group offers convenient packages and eligibility to get a customized quote for your property. Foremost Insurance Group is one of the best landlord insurance companies that can provide flexible and customizable options to people who own one or several properties as part of a residential portfolio.
Foremost landlord insurance covers perils including fires, explosions, lightning, and various windstorms. They offer flexibility for settlement options that include actual cash value and replacement cost coverage depending on your risk tolerance and budget. Make sure to ask your Foremost Insurance expert about their landlord insurance discounts.
Best Landlord Insurance Companies: FAQ
1. How can I save money on my landlord insurance?
To save money on landlord insurance, you can install safety devices in your property, legally screen tenants, reduce your frequency of filing claims, and increase your deductible.
2. What is landlord insurance in the U.S.?
Landlord insurance is a policy for someone who rents out a home or multi-unit property they own. Once you rent all or even a portion of your property, it’s important to obtain landlord insurance for your home vs. homeowners insurance.
3. How much is landlord insurance in Massachusetts?
While this varies based on the property specifics, the average monthly cost of landlord insurance in Massachusetts is around $112.
Important Note: This article and the list contained herein is for illustration purposes only and it is solely an opinion piece for all purposes and nothing herein shall be relied upon as factual for any particular use whatsoever.