Landlord insurance protects your investment from harm and your business from liability exposure. The best landlord insurance companies make it easy to get insurance, manage your policy, and customize your coverage. For real estate developers working across state lines, the best landlord insurance providers offer insurance in every state.
Using our proprietary rubric, we evaluated over a dozen insurance companies to find the five best providers for rental property insurance:
- Obie: Best overall rental property insurance provider
- The Hartford: Best for homeowners endorsement
- Hiscox: Best for real estate developers
- Steadily: Best for protecting a wide range of insured properties
- Allstate: Best for coverage options and policy details
Top Landlord Insurance Providers Compared
Obie: Best Overall Rental Property Insurance Provider
Pros
- Cheap landlord Insurance
- Extremely fast and easy-to-use quoting system
- Available in all 50 states
Cons
- No 24/7 call center for claims or customer service
- Limited information on its partner providers
Why we picked it: Obie is the overall best provider of landlord insurance because of its convenience, affordability, and options for coverage. It is available nationwide and will insure nearly any type of dwelling. The provider also offers add-on coverage for vacant homes and specialty insurance for real estate investors.
Standout Features
- Large appetite for nearly every type of property
- Offers Obie Private Client, specialized insurance for real estate investors; there is no cap on owned properties, and you can insure up to 10,000 units
- Helpful coverage options like inflation guard
- Offers insurance for one-unit (or single home) and multifamily properties, apartment buildings, and condos. Obie claims to save people an average of 25%.
Financial Stability
Obie works with different carriers, including Munich Re, which has an AM Best rating of A+ (Superior).
Alternative Provider
Obie functions as a broker, so it does not handle some services—like claims—directly. If you would prefer to have one point of contact, then consider Allstate, which has an in-house claims department.
It’s easy to get insurance through Obie—simply enter information about your property and quickly receive quotes. The quotes are structured in tiers with increasing coverage and cost. For this article, we received the following quotes for a single-family home:
- Basic tier coverage costs $1,103 annually. It included a $5,000 deductible for wind and hail and a $5,000 deductible for all other perils, such as fire. Among other coverages and features, it carried $500,000 in general liability per occurrence, $1 million aggregate, and 3% inflation guard.
- Complete tier coverage costs $1,348 annually. The primary difference for this tier of coverage was the deductible: for all other perils and wind and hail, the deductible was lowered to $2,500 each. The liability increased to $1 million per occurrence and $2 million aggregate, and the inflation guard increased to 6%.
- Premium tier coverage costs $1,448 annually. Similar to the previous tier, some of the main differences for this coverage were a lower deductible ($1,000) and increased inflation guard (9%).
Its policy covers the structure and water backup and comes with a host of optional enhancements. You can purchase the policy online or call to finish the process.
While it is a newer option for insurance, having started in 2017, Obie has already expanded to cover all 50 states and has over $4 billion in property insured. While online reviews are limited at this time, Google has nearly 500 reviews for Obie, with an average rating of 4.9 out of 5.[1]
Once you have purchased insurance through Obie, you’ll have access to an online account where you can manage your policy and claims.
The Hartford: Best for Homeowners Endorsement
Pros
- 24/7 claims call center
- In-house claims
- Homeowners insurance discount for AARP members
Cons
- No way to determine potential costs of the policy
- To get a quote you will have to call
Why we picked it: Rental Property Protection Plus is a landlord policy that is available as an additional coverage for a homeowner’s policy or a separate policy. One advantage of this type of rental property insurance is that you can amend your existing homeowners policy with an endorsement, turning it into a rental property policy. When you factor in The Hartford’s discount for AARP members, it is an ideal option for a homeowner who rents out their home for additional money, e.g., when they are living in another state for part of the year or traveling
Standout Features
- Great claims process and customer service, with overwhelmingly positive reviews from customers online
- Lost rental income coverage available
- Various endorsements and additional coverage like personal property, coverage for detached structures, and premise liability
- Offers a wide range of other business insurance coverages, so if rental is just one need of several, you can purchase other coverages too
Financial Stability
An established carrier with centuries of experience in the insurance industry, The Hartford has a rating of A+ (Superior) from AM Best.
Alternative Provider
To purchase this policy, you will need to either already have a homeowners policy with The Hartford or purchase homeowners insurance through the company. If the rental property isn’t your primary dwelling or you want a separate landlord policy, consider Obie.
While for most insurance needs you can get a quote online for The Hartford, to get landlord insurance you will need to call the provider directly or reach out to an independent agent that works with the company. The Hartford does provide an annual estimate of $1,590 for rental property insurance on its website, though this figure is from 2019.
The Hartford offers Rental Property Protection Plus, an endorsement for a homeowners policy that lets you rent out your home and retain coverage. The policy includes liability, property, and lost income protection if something happens to the building that prevents you from renting it.
The Hartford is an established carrier with a robust customer service and claims department. It is available 24/7 and utilizes in-house adjusters to handle claims.
Users can leave reviews of their claim experience on its website—a risky chance for a provider to take since usually people aren’t happy with claims—but the reviews are overwhelmingly positive. For homeowners, The Hartford has 4.7 out of 5 stars overall and for commercial property coverage specifically. Both categories have thousands of reviews.[2]
For The Hartford’s typical business accounts, you can manage your account online, get an instant certificate of insurance (COI), and file a claim online. However, it isn’t clear whether this level of accessibility is also possible with the Rental Property Plus Package.
Hiscox: Best for Real Estate Developers
Pros
- Online quotes for same-day coverage
- Instant COI and 24/7 account access
- Dedicated insurer for small businesses
Cons
- Landlord insurance focused on developers
- Higher than normal complaints
- Sometimes the online quotes have low limits
Why we picked it: Hiscox has developed a specialized policy, Hiscox RED (which stands for Real Estate Developer), for developers, real estate professionals, and property managers. The policy includes key coverages like allegations against tenant discrimination and additional insureds for joint ventures and subsidiaries.
Standout Features
- Coverage for construction projects for real estate developers or landlords of large properties
- Capacity to insure up to $10 million in property
- Insurance for real estate management services includes coverage for allegations of tenant discrimination
- Coverage afforded for claims from tenants, investors, and other third parties related to real estate development
Financial Stability
While relatively new to the United States small business insurance market, Hiscox has a solid rating of A (Excellent) from AM Best.
Alternative Provider
If you are looking for a dedicated landlord insurance provider, then check out Obie, which also has coverage for real estate developers.
We received a quote for a property manager for Hiscox’s specialized policy for developers, Hiscox RED. This is a general liability policy. The cost was $350 annually, or you could pay $58.40 down and 10 monthly payments of $29.16. The limits were $1 million per occurrence and $2 million aggregate, and the policy carried (oddly, for general liability) a $1,000 deductible.
As mentioned, Hiscox RED is a specialized policy for real estate developers and property managers. For example, this policy would protect a landlord being sued for rental rate inflation by covering the expense of a defense attorney and, if necessary, a resulting settlement.
While Hiscox is not open 24/7, it does give you 24/7 access to your account, where you can manage your policy, create a COI, and file a claim, among other options.
In terms of customer service, Hiscox has an improving reputation among its customer base. While complaints remain higher than normal via the database maintained by the National Association of Insurance Commissioners (NAIC), reviews on Hiscox’s website are overwhelmingly positive, with an average rating of 4.7 out of 5.[3]
Steadily: Best for Protecting a Wide Range of Insured Properties
Pros
- Get quick online quotes and purchase a policy online
- Customer service can be reached through email, phone, and text message
- Insurance available in all 50 states
Cons
- Unclear what providers it works with
- The claims process is not well-developed
- Does not maintain its own 24/7 claims call center
Why we picked it: Steadily is a landlord, short-term rental, and vacant home insurance provider. It stands out for its wide range of insurable properties—single, multifamily, vacant/restoration, apartment building, condo, and even manufactured homes are all covered.
Standout Features
- Provides coverage for water-related losses like broken pipes and leaky appliances
- Numerous resources for helping landlords, including free checklists and a generative AI chat to ask questions about landlord insurance
- Coverage for renovation/vacant homes available, plus other coverages for different types of property owners and managers, including fix-and-flip insurance for property investors
- Includes limited coverage for furnishings owned by the insured
Financial Stability
Steadily doesn’t publish what carriers it works with and doesn’t have its own rating from AM Best. However, it has a partnership with Obsidian, which AM Best has given a rating of A- (Excellent).
Alternative Provider
Steadily’s quoting system and digital interface system are similar to Obie’s, except Steadily doesn’t offer the same level of customization with quotes as Obie does. If you want a provider similar to Steadily but with more customization options, then check out Obie.
Steadily’s quote system is fast and has options for customization. The company gives you the option to purchase the policy online or over the phone.
We received a quote for a single-family home that costs$1,015 annually. Outside of coverage for the structure, the limits were low: $300,000 in liability with a $2,500 deductible. The policy also carried, among other coverages, $25,000 in medical payments.
Despite starting in 2020, Steadily is already in all 50 states, and its customers are happy with their experience. On Trustpilot, Steadily has nearly 1,000 reviews with an average rating of 4.5 out of 5.[4]
Online, you can now manage your Steadily policy by requesting changes to coverage and getting a copy of all policy documents. You can also file a claim through your account.
Allstate: Best for Coverage Options & Policy Details
Pros
- Track claims online
- Multiple types of policies available
- Available in all 50 states
Cons
- Quote process is unclear
- No 24/7 claims call center
- Vandalism is not included in standard coverage
Why we picked it: Allstate stands out because it publishes a detailed list of all available coverages, along with an interactive policy example so you can better understand your policy and know what is—and isn’t—covered. This level of transparency is rare among providers.
Standout Features
- Provides detailed overview of available coverages in an easy-to-understand format
- Features an interactive map of an example policy to help you understand the contract
- Coverage for renovation/vacant homes and short-term liability
- Other coverages available for different types of property owners and managers
Financial Stability
Financially, Allstate is in a solid position and has a rating of A+ (Superior) from AM Best.
Alternative Provider
For landlord insurance, Allstate does not provide online quotes. If you need insurance quickly and would like to remain with a traditional insurer, then check out Hiscox, which offers online quotes and same-day coverage while also maintaining its own in-house claims team.
Steadily’s quote system is fast and has options for customization. The company gives you the option to purchase the policy online or over the phone.
We received a quote for a single-family home that costs$1,015 annually. Outside of coverage for the structure, the limits were low: $300,000 in liability with a $2,500 deductible. The policy also carried, among other coverages, $25,000 in medical payments.
Despite starting in 2020, Steadily is already in all 50 states, and its customers are happy with their experience. On Trustpilot, Steadily has nearly 1,000 reviews with an average rating of 4.5 out of 5.[4]
Online, you can now manage your Steadily policy by requesting changes to coverage and getting a copy of all policy documents. You can also file a claim through your account.
How We Evaluated the Best Insurance for Landlords
Drawing on over a decade of experience working in small business insurance, I determined the best landlord insurance companies using our in-house proprietary evaluation system. We have developed separate and distinct systems for insurance providers and brokers. In both cases, when evaluating them, we focused on the customer’s needs. We paid particular interest to convenience, financial ratings (AM Best), customer service, types of policies offered, and the overall experience as a policyholder for a specific provider or broker.
Frequently Asked Questions (FAQs)
In September 2023, the median price of rent in the US was $2,011. This represents only a slight increase of 0.4% from 2022. The price of rent has slowed recently due to increased construction of rental properties.
Short-term rental insurance differs from landlord insurance because it is insurance for a property that is rented out on a short-term basis, usually as a vacation house or through a home-sharing platform like Airbnb or Vrbo. The property is often the main residence of the person renting it out.
Standard homeowner policies do not cover rental properties because they are written on the basis of the home being occupied by the owner. However, many providers do offer endorsements that add rental coverage to the existing homeowners policy.
No. Landlord insurance is for the owner of the property. It is similar to a BOP and has coverage for the dwelling or structure and liability coverage in case a tenant or someone else on the property gets hurt. The tenant will need renters insurance to protect their personal possessions.
Bottom Line
It can be exciting to purchase your first rental property, and if you’re successful, rental properties can be a great source of income. However, if a tenant gets hurt on the property or a wind storm damages the roof, those good vibes will quickly disappear if you aren’t carrying the best landlord insurance.
We’ve done the work for you and evaluated providers to determine which is the best for each scenario in which landlords may need insurance. Based on our evaluations, Obie offers the best insurance for landlords. It is fast and simple to work with, and in just minutes you can get an affordable quote and purchase a policy.
Customer review sources:
[1]Obie | Google Reviews
[2]Customer Claims Ratings & Reviews | The Hartford
[3]Claims Reviews | Hiscox
[4]Steadily Insurance Reviews | Trustpilot
