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Best Landlord Insurance

Last modified: Sep 29, 2022

Landlord insurance is a type of insurance that provides landlords with protection for their rental property. While it is not mandatory by the government, landlords are advised to take out a landlord insurance policy. The homeowners insurance does not cover the dwelling you rent. That’s why it’s essential to purchase landlord insurance to take care of your investment.

It’s wise to choose the best landlord insurance policy to safeguard your rented home against any physical damages and financial losses. In addition to property coverage, you also get landlord liability insurance. In this review, we will take a comprehensive look at the various insurance options available for landlords.

Methodology

Naturally, selecting the right plan out of a wide variety of insurance options is not an easy process. Don’t forget that you should take into account your particular circumstances and situation to make a decision. However, we’ve made it easier for you and introduced a list of the best landlord insurance companies in our review. We’ve also gone the extra mile to find the best landlord insurance quotes in town with excellent policy benefits. Moreover, we’ve considered multiple factors to help you decide which landlord insurance policy will be the right fit for you. Our selection of the best companies is based on the following criteria:

Sure, you can get a landlord insurance quote online, but there’s so much more you need to consider before getting your property insured. For starters, you need to find the best landlord insurance companies in town that will take care of all of your financial needs. You can research thoroughly on your own, but before that, go through our best landlord insurance review to help you in the process.

To get a good idea of what you’re getting into with a landlord insurance policy, here are a few notable features of the best landlord insurance providers in town.

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1. State Farm Landlord Insurance
  • Building property
  • Comprehensive general liability
  • Loss of income
  • Equipment breakdown
  • Tenant move back expenses
  • Heating or air conditioning loss reimbursement
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2. Allstate Landlord insurance
  • Flood Insurance
  • Umbrella coverage
  • Coverage for dwellings
  • Other structures on the property
  • Vandalism, Burglary
  • Fair rental income
  • Building codes
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3. Liberty Mutual Landlord insurance
  • Coverage for physical structures
  • Liability insurance
  • Add-on options, such as personal property, fair rental value, and inflation protection
  • Umbrella insurance
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4. American Family
  • Full coverage
  • Coverage for outbuildings
  • Flood insurance
  • Full commercial coverage
  • Commercial umbrella policy
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5. Steadily Landlord Insurance
  • Great for coverage for AirBnB vacation rentals
  • Steadily is rated Excellent 4.8 out of 5 on Trustpilot
  • You can finalize your coverage in 2 minutes
  • Strictly focused on landlords
  • Available in all states
  • Everything is done digitally
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6. MetLife Landlord Insurance
  • Three-level packages
  • Complete homeowners coverage
  • Landlord insurance discounts
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7. Foremost Landlord Insurance
  • Bundled coverage options
  • Umbrella coverage
  • Add-ons
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8. American Modern Landlord Insurance
  • Basic and specialty coverage
  • Enhanced coverage endorsement
  • Other structures
  • Limited burglary
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9. USAA Landlord Insurance
  • Excellent bundling options
  • Complete coverage
  • Home sharing coverage
  • Home protector
  • Wildfire defense coverage
  • Water backup coverage
  • Special loss settlement for fires
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10. Farmers
  • Personalized coverage
  • Standard liability coverage
  • Coverage for multi-level buildings
  • Optional coverage
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11. Travelers Landlord Insurance
  • Coverage for damage and theft
  • Medical payments coverage
  • Special insurance for loss of use
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12. GEICO Landlord Insurance
  • Coverage for dwelling and other structures
  • Loss of use coverage
  • Nominal personal property coverage
  • No minimal cost
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13. Lemonade Landlord Insurance
  • Coverage for theft
  • Damage to your possessions
  • Personal liability insurance
  • Loss of use coverage
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14. Hippo Landlord insurance
  • Dwelling coverage
  • Coverage for other structures
  • Personal property coverage
  • Personal liability coverage
  • Medical payments
  • Loss of use coverage
  • Add-on options
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15. Country Financial Landlord Insurance
  • Coverage for outbuildings
  • Flood insurance
  • Full commercial coverage
  • Commercial umbrella policy

Detailed Reviews

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1. State Farm Landlord Insurance
Overall Rating - 5
Pros
  • Fast response time
  • Excellent financial ratings
  • Nationwide coverage
  • Discounts for bundling home and auto insurance policies
Cons
  • The online quoting system not available for mobile
  • Unavailability of insurance across state lines
  • Obligatory insurance of the property for replacement cost

State Farm landlord insurance is considered the best overall choice for landlords, especially for full-time landlords without any other source of income, who are looking to protect their investment. State Farm has been around for nearly 100 years and is known for delivering exceptional coverage for homeowners. The company was founded in 1922, and since then, it has helped thousands of people to get the right insurance for their needs.

State Farm enjoys a stellar A++ rating from AM Best and an AA rating from S&P Global. According to J.D. Power’s 2020 Study of US Homeowners Insurance, the company comes in 7th regarding customer satisfaction. Clients also get coverage for all other structures attached to the property, such as storage buildings, garages, fences, etc.

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2. Allstate Landlord insurance
Overall Rating - 4.9
Pros
  • Bundling policy discounts
  • Good financial strength and reliability
  • Special add-ons offering personalized coverage
Cons
  • Assigning an agent to each customer

Allstate has been around since 1931, offering a variety of services, including the famous Allstate landlord insurance coverage. Allstate enjoys positive ratings because of its high-quality service. The insurance provider has a high A+ rating by AM Best and an AA- rating by S&P Global. Some of the standout features that Allstate has to offer are flood insurance and umbrella coverage, applicable specifically to landlords. And that’s not all; landlords also get to enjoy a 25% discount for multiple policies from Allstate to boost their protection.

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3. Liberty Mutual Landlord insurance
Overall Rating - 4.9
Pros
  • Great discounts
  • Tailored policies
  • Special add-on protections
Cons
  • Below average scores in J.D. Power’s 2019 US Home Insurance Study
  • Insurance on a primary residence required in order to qualify for landlord policies

Liberty Mutual is considered the sixth-largest property and casualty insurer in the world, with thousands of clients. It’s been around for over 100 years. Liberty Mutual Landlord insurance offers plenty of benefits to homeowners, which makes it the go-to choice for reliable and affordable coverage. The insurance provider enjoys a positive rating because of its exceptional customer service.

Both Standard & Poor and AM Best give Liberty Mutual an A rating (excellent). You can expect the usual suspects when it comes to landlord property insurance, which includes coverage for physical structures and liability, along with plenty of add-on options such as personal property, fair rental value, and inflation protection. Landlords also get to take advantage of umbrella insurance for added benefits.

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4. American Family
Overall Rating - 4.5
Pros
  • Tailored coverage
  • Access to add-ons
  • Flood insurance and umbrella insurance policy
Cons
  • A slow process of getting a quote for landlord coverage if you are not an American Family's client
  • Extra charges for outbuildings, garages, and sheds

American Family is one of the go-to options for landlord home insurance mainly because it offers some of the best optional medical expenses, making them viable for commercial coverage. The insurance provider has been serving customers since the 1920s and is still held in high regard because of its excellent customer service and fast claims process.

American Family also boasts about a high A rating from Standard and Poor and AM Best, which is a testament to its dedication to providing reliable and affordable landlord insurance. You can also expect flood coverage, coverage for outbuildings, and a comprehensive commercial umbrella policy.

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5. Steadily Landlord Insurance
Overall Rating - 4.8
Pros
  • Available in all states
  • Steadily is rated Excellent 4.8 out of 5 on Trustpilot
  • You can finalize your coverage in 2 minutes
  • Strictly focused on landlords
  • Everything is done digitally
Cons
  • Relatively new on the market.
  • Not BBB accredited.

Steadily insurance is a newcomer on the market but it managed to grab our attention fast. It was established back in 2020 but it has amazing reviews on the Trustpilot. It is available in all states. The company is dual-headquartered in Austin, Texas, and Overland Park, KS. 

The entire process is digital - you can insure your rental property in a few simple steps. Describe your property, finalize the coverage details in a matter of minutes and sign your insurance policy electronically. Steadily landlord insurance offers Property Insurance Protection and Liability Insurance Protection. Both types of policies protect landlords from financial loss. 

Steadily also offers coverage for AirBnB vacation rentals as well as vacant and properties that are under renovation. You can also get insured if you have mortgaged property

The only potential downside might be it is a relatively young company and they are still gaining traction.

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6. MetLife Landlord Insurance
Overall Rating - 4.5
Pros
  • Robust coverage
  • Comprehensive website
  • Three home insurance coverages (Standard, Platinum, GrandProtect)
Cons
  • Limited information regarding MetLife’s policies available online

MetLife was established in 1868 and since then has been providing reliable insurance coverage to its clients. It is one of the top 15 home insurers in the US, with a considerable market share of around 1.12%. The insurance provider has a positive A rating from AM Best and a decent rating from Standard and Poor.

MetLife offers a comprehensive condo landlord insurance that allows its customers to perform both claim processing and bill payments online. The clients also get to take advantage of up to three levels of home insurance packages, enabling them to receive the perfect coverage for their property.

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7. Foremost Landlord Insurance
Overall Rating - 4.6
Pros
  • Comprehensive coverage for homeowners
  • Option to bundle all rental property policies into a single landlord policy
  • Excellent financial strength
Cons
  • Paying for full replacement cost coverage can lead to a rise in premiums
  • Higher premiums in case of add-ons

Foremost offers a comprehensive landlord house insurance with plenty of benefits to homeowners of single or multiple-unit rental properties. The insurance provider has been serving its customers since 1952, so you can rest assured that you will get robust insurance coverage.

The company also enjoys an A rating from AM Best and has excellent financial strength. Since it is a part of the Farmers Insurance Group, it is the fifth-largest small business insurance carrier

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8. American Modern Landlord Insurance
Overall Rating - 4.6
Pros
  • Add-on extra coverage
  • Coverage for specialty markets
  • Mobile app
  • Ability to pay online
Cons
  • No basic discounts
  • No online rate calculator

If you’re a landlord owning more than 10+ units, American Modern is the best landlord insurance company for you. The insurance provider has been around since 1965 and consistently ranks high in terms of customer service and insurance coverage.

American Modern enjoys a positive A+ rating by AM Best for its strong financial standing. The company has rave reviews for its excellent customer service and prompt claims processing. What’s more, the customers are entitled to free claims for up to five years, along with auto/home bundling options.

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9. USAA Landlord Insurance
Overall Rating - 4.8
Pros
  • Free claims for five or more years
  • Available in all 50 states
Cons
  • Average online experience

USAA is a members-only home insurance policy for military members and families. It offers several types of property insurance, making it easier for you to find the perfect coverage for your specific needs. The insurance provider enjoys a high financial strength rating of A++ by AM Best, which is a testament to its superior level of quality.

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10. Farmers
Overall Rating - 4.7
Pros
  • Best for multi-unit properties
  • Coverage for triplexes and fourplexes available
  • Optional coverage available
  • Tenant screening
Cons
  • No coverage for sheds and garages

Farmers Insurance has been providing landlord insurance and numerous other coverage options since 1928. It’s an excellent choice for homeowners with multiple rental units, such as triplexes and fourplexes. Customers get standard coverage for property damage. Also, the company enjoys a positive A rating from AM Best because of its financial strength.

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11. Travelers Landlord Insurance
Overall Rating - 4.4
Pros
  • Available for single-family and multi-family units
  • Coverage for damage and theft
  • Great financial strength
  • The best option for single-family homes
Cons
  • Low J.D. Power’s score

If you’re looking for traditional landlord property insurance, Travelers is one of the first names that comes to mind. The insurance provider has been operating for the past 160 years and has enjoyed stellar ratings from AM Best (A++) and other rating agencies.

Travelers landlord insurance offers full coverage for single-family homes and multi-family units. Customers are highly satisfied with the company’s claims processing and customer service.

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12. GEICO Landlord Insurance
Overall Rating - 5
Pros
  • Excellent financial strength
  • Covers dwelling and other structures
  • Loss of use coverage
Cons
  • No coverage for tenant turnover
  • Natural flooding and sewer line backup excluded

If you are looking to get the best value for your money, then GEICO landlord insurance is your best option. The insurance provider was founded in 1936 and provided a high level of insurance coverage to its customers. The company received a positive A+ rating from BBB and an excellent A++ rating from AM Best. GEICO offers comprehensive landlord home insurance to its clients.

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13. Lemonade Landlord Insurance
Overall Rating - 4.8
Pros
  • Coverage for theft
  • Tenant damage coverage
  • Personal liability insurance
  • Loss of use coverage
Cons
  • Only available in selected states

Lemonade landlord house insurance is one of the best options out there for humanitarians. Customers get to enjoy incredibly low rates and a transparent business model, which encourages reliability. In fact, the peer-to-peer model has completely disrupted the traditional insurance market. 

The only downside of Lemonade is that it’s still not available in all US states. Some of the covered states include New York, California, Illinois, Texas, Pennsylvania, New Jersey, and Washington. Visit the company’s official website for the full list of states and any updates regarding the newly covered areas.

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14. Hippo Landlord insurance
Overall Rating - 4.7
Pros
  • Comprehensive landlord insurance options
  • Quick quotes
  • Extensive free add-on options
  • Free monitoring device
Cons
  • Not available in all states
  • No bundling options

One of the advantages of Hippo is that it offers a wide variety of add-ons along with a comprehensive landlord home insurance policy. Customers also get to take advantage of a reputable company that is relatively new. Having opened its doors only in 2015, Hippo enjoys an excellent financial standing. The insurance provider offers coverage for the dwelling, other structures, personal liability, and medical payments, along with many other options. Hippo has a positive rating of 3 out of 5 stars from BBB and an A- rating from AM Best.

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15. Country Financial Landlord Insurance
Overall Rating - 4.6
Pros
  • Strong financial stability
  • Several discounts available
  • Annuities offered
  • Specialty coverage available
Cons
  • Only available in 26 states

Country Financial is your go-to choice for the best comprehensive coverage. The insurance provider was established by Illinois farmers. With its roots in the Midwest, the company offers basic insurance coverage, premier home insurance, and combined coverage. Add-on options include coverage for water backup, earthquake protection, identify theft expenses, and advocacy service. According to J.D. Power, Country Financial ranks the highest in the country because of its top-quality level of service and a positive A+ rating by AM Best.

What Is Landlord Insurance?

Landlord insurance is the insurance that protects landlords from risks related to their rental property. 

Landlord insurance offers coverage for the building and generally not the contents, while renters insurance covers the contents and personal property inside the dwelling, but not the entire building. However, both include liability insurance.

Is Landlord Insurance Necessary?

Landlord insurance is not required by law. However, it’s the best way to protect yourself as a business owner. The primary difference between landlord insurance and homeowners insurance is that the latter does not cover a dwelling that’s not occupied by its owner. That’s why landlord insurance is necessary. To find out how much coverage you need, call an insurance agent or broker to evaluate your property.

What Does Landlord Insurance Usually Cover?

Landlord insurance coverage usually varies depending on the insurance provider. To know more detailed information regarding a particular policy, visit the insurer’s website or contact the customer support team, who’d be able to answer all of your landlord insurance questions. The following are some of the coverages found in landlord insurance:

  • Dwelling
  • Other structures
  • Property damage
  • Loss of use

Add-on options include but aren’t limited to:

  • Burglary
  • Inflation protection
  • Building codes
  • Vandalism 

Common landlord insurance exclusions include:

  • Natural disasters
  • Tenant belongings
  • Maintenance and repairs

How Much Does Landlord Insurance Cost?

The landlord insurance cost differs depending on the insurance provider and your specific requirements. Add-ons or more comprehensive landlord insurance cost more than basic landlord coverage. The other factors that influence the price are location, security systems, and deductibles. The good news is that many insurers offer free quotes online.

FAQ

How do I lower my landlord insurance?

To lower your landlord insurance, you can do several things:

  • Raise the deductible
  • Maintain the property
  • Combine multiple locations with the policy
  • Take advantage of group policy options

What Are the Most Common Claims?

Loss of rental income is the most common claim made by landlords.

How to File a Landlord Insurance Claim?

The process is incredibly easy and involves:

  • Assessing the damage
  • Calling the police (if needed)
  • Documenting damages
  • Contacting the insurance agent
  • Contacting the adjuster

What are the most common types of home insurance claims?

Wind and hail damage, water and fire damage are some of the most common types of home insurance claims.

How does landlord insurance affect my mortgage?

With a mortgage, most lenders require landlord insurance.

What kind of insurance does a landlord need?

Landlord insurance is the best way for landlords to protect their investment.

True or false: landlord insurance policies cover all items on a rental property

False

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