Landlord insurance is specifically designed to protect property owners from financial losses linked with their rental properties. If you’re a landlord, this insurance is essential for safeguarding your investment. At the same time, no landlord has an unlimited budget for insurance. The challenge is finding a policy with the right coverage for the specific needs of your portfolio at the lowest possible price.
Owning rental property comes with unique risks that standard homeowners insurance doesn’t cover. From tenant damage to liability claims, landlord insurance is essential to protect both your property and your financial investment.
While cost is always a concern, going for the cheapest policy without enough coverage can leave landlords vulnerable. The key is finding affordable insurance that still provides reliable protection.
This article compares some of the best cheap landlord insurance providers, helping you identify options that balance savings with the coverage you need.
That’s what this article is about. We compared the market for low-cost landlord insurance and filtered out the plans and policies that didn’t stack up to list the overall best value for money this year.
Here are the results:
The Winners
Based on our analysis, these companies offer the best cheap insurance for landlords today:
- Best Overall Affordable Coverage: Obie
- Best for Bundling Policies: Allstate
- Best for Multiple Properties: Steadily
- Best for Discounts: USAA
- Best for Short-Term Rentals: CBIZ
Top Cheap Landlord Insurance Providers
1. Obie: Best Overall Affordable Coverage
Price: Varies based on property type and coverage options
Pros:
- Comprehensive coverage for a range of accommodation styles
- Easy online quote and policy management
- Nationwide availability
- Unlimited property insurance for real estate investors
Cons:
- The online platform might feel less personal than meeting face-to-face.
Obie stands out for its comprehensive and affordable coverage, catering to various property types, including:
- Single-family homes
- Condos
- Townhomes
- Duplexes
- Triplexes
- Quadplexes
- Apartment buildings
It provides the ultimate protection for landlords, and Its policies cover:
- Property damage
- Rent loss
- Liability
Obie’s user-friendly online platform allows landlords to quickly obtain:
- Quotes
- Purchase an insurance policy
- Manage policies
- Initiate claims
This convenience, along with its extensive coverage options, makes Obie a preferred choice for a cost-effective, all-encompassing insurance solution.
Rating:
- Price: 9/10
- Coverage Options: 10/10
- User Experience: 9/10
- Overall: 9.5/10
2. Allstate: Best for Bundling Policies
Price: Varies based on bundled policies and coverage options
Pros:
- Significant savings through multi-policy discounts
- Comprehensive coverage options
- Nationwide availability
- Positive customer service feedback
Cons:
- Bundling may not be suitable for all landlords
Allstate is ideal for landlords interested in bundling their insurance policies. Combining landlord insurance with homeowners or auto insurance can lead to significant multi-policy discounts.
Allstate provides diverse coverage options, such as vandalism and property under construction coverage, ensuring thorough protection for rental properties.
Allstate’s nationwide availability and positive customer service feedback make it a reliable choice for property owners. Though bundling may not suit everyone, the potential savings and extensive coverage options, position Allstate as a strong contender for maximizing insurance protection.
Rating:
- Price: 8.5/10
- Coverage Options: 9/10
- User Experience: 8/10
- Overall: 8.5/10
3. Steadily: Best for Multiple Properties
Price: Varies based on property types and coverage options
Pros:
- Affordable coverage for multiple properties
- A wide range of property types covered
- Easy online quote process
- Nationwide availability
Cons:
- A newer company with a less established reputation
Steadily is perfect for landlords managing multiple properties and for investors with diverse portfolios. This provider’s insurance covers various property types, including:
- Single-family homes
- Condos
- Manufactured homes
- Multifamily properties
- Apartment buildings
- Vacant homes
- Restored homes
- Short-term rentals
Established in 2020, Steadily has quickly built a reputation for stable and affordable coverage tailored to various rental formats (as in the above list). Landlords can easily get a quote by filling out an online form or contacting their support team, ensuring a hassle-free process.
Rating:
- Price: 9/10
- Coverage Options: 9/10
- User Experience: 8.5/10
- Overall: 8.8/10
4. USAA: Best for Discounts
Price: Varies based on available discounts and coverage options
Pros:
- Wide range of discounts available
- Comprehensive coverage for rental properties
- Generally cheaper than homeowners’ insurance
- Home-sharing coverage available
Cons:
- Only available to eligible members
USAA provides numerous discounts on landlord insurance, making it appealing for eligible members. Landlords can enjoy a 10% discount by bundling a landlord policy with other USAA policies.
USAA’s policy ensures comprehensive protection and covers:
- Building
- Personal liability
- Rental income
USAA’s landlord insurance is typically cheaper than standard homeowners’ insurance, making it a cost-effective option. Home-sharing coverage is also available for those renting out parts of their homes. Despite being restricted to eligible members, the potential savings and comprehensive coverage make USAA a top choice.
Rating:
- Price: 9/10
- Coverage Options: 8.5/10
- User Experience: 8/10
- Overall: 8.5/10
5. CBIZ: Best for Short-Term Rentals
Price: Varies based on property type and coverage options
Pros:
- An affordable option for Airbnb hosts
- Comprehensive coverage for various forms of property
- Cost-efficient pricing strategy
Cons:
- Might not be ideal for long-term rental properties
CBIZ is the top choice for short-term rentals, especially for Airbnb hosts. As the largest vacation rental insurance company in the US, CBIZ covers various property types, namely:
- Vacation rentals
- Long-term rentals
- Second homes
- Small multifamily properties
Their pricing strategy ensures landlords pay only for the protection they need, combining standard homeowners and landlord insurance into one comprehensive fee.
Affordable and extensive coverage options make CBIZ ideal for landlords involved in short-term rentals. Whether it’s a vacation rental or a small multifamily property, CBIZ offers the necessary coverage to guard against financial losses.
Rating:
- Price: 9/10
- Coverage Options: 9/10
- User Experience: 8.5/10
- Overall: 8.8/10
How to Choose Cheap Landlord Insurance
Choosing the best affordable landlord insurance cover requires considering several key factors.
- Start by comparing coverage options and endorsements from different insurance companies.
- Understanding each policy’s coverage helps determine the best fit for your needs. For instance, Allstate offers cheap landlord insurance against unexpected losses and expenses, including rent loss and reconstruction costs from natural disasters.
- Securing multiple quotes from various providers is crucial for finding the most cost-effective insurance tailored to your needs.
- Installing smart home protection devices can also qualify you for premium discounts. Explore different discounts offered by carriers to further lower your landlord insurance costs.
- Consider factors like property type, location, budget, and personal preferences when selecting a rental property insurance coverage plan. Carefully evaluating these aspects ensures you choose the best coverage to protect your rental property investments.
Summary
In conclusion, cheap landlord insurance doesn’t have to mean cutting corners on protection. The right provider can give you solid coverage at a price that makes sense for your budget.
Each option we’ve covered serves a different type of landlord—whether you prefer a tech-driven experience with Obie, bundling convenience with Allstate, exclusive benefits through USAA, or tailored short-term rental coverage with CBIZ. Steadily, meanwhile, offers strong value for those seeking customizable policies at competitive rates.
To get the most out of your investment, compare multiple quotes before making a decision. By doing so, you’ll find the balance between affordability and reliable coverage that best fits your rental property needs.
Best value for cost-conscious landlords → Obie, Steadily
Best for full-service insurance & bundling → Allstate
Best exclusive option for military → USAA
Best for short-term rental specialists → CBIZ
By understanding the unique benefits and potential drawbacks of each provider, you can make an informed decision that best suits your needs. Remember to compare coverage options, obtain multiple quotes, and take advantage of available discounts to ensure you get the best protection for your investment.
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