Steadily Landlord Insurance Review: Cheap w/Great Service

As a landlord, you’re always looking for efficient ways to protect your rental properties, and Steadily might just be the solution you need. This innovative, tech-driven insurance company is changing the game with its online platform, offering coverage in all 50 states.

We conducted a thorough review of Steadily’s insurance coverage and compared it to other, similarly priced online providers. Here’s what we found.

The Quick Notes

• Steadily’s landlord insurance covers everything from liability protection to property damage and even income loss if your rental is temporarily out of service.
• When setting up, Steadily apart has a fast, straightforward quote process. You can get a quote online in no time without dealing with long forms or endless back-and-forth.
• Steadily has competitive pricing for the amount of coverage it offers; its rates stand up very well to alternatives like Honeycomb and Obie.

Now here’s the deep dive:

Understanding Landlord Insurance

Landlord insurance is a specialized type of coverage designed specifically for property owners who rent out their real estate. It’s different from the usual homeowner’s insurance in several important ways.

This policy typically protects the physical structure of your rental property, covering damage from events like fires, storms, or vandalism. It also often includes liability coverage to help if someone gets injured on your property. Many policies also include protection for lost rental income, which can be a real lifesaver if your property becomes uninhabitable due to a covered event—this way, you’re not left financially stranded while repairs are made.

Here’s a quick rundown of common coverage features:

• Dwelling protection (coverage for the building itself)
• Liability coverage (for accidents or injuries on the property)
• Loss of rental income (if the property can’t be rented out due to damage)
• Personal property for property maintenance (coverage for tools and equipment used to maintain the property)

It’s also important to note that landlord insurance doesn’t cover your tenants’ belongings. For that, renters should be encouraged to get their own renter’s insurance.

Landlord insurance comes in different levels, known as DP-1, DP-2, and DP-3 policies. These range from basic coverage to more comprehensive protection, depending on how much security you need. The cost of this insurance can vary, often depending on your property’s location, size, and condition. It’s typically a bit pricier than standard homeowners insurance due to the higher risks associated with rental properties.

Steadily Landlord Insurance Overview

Steadily is a relatively new player in the landlord insurance space, but it’s quickly gaining attention for its simple, affordable coverage options. Founded in 2017, the company offers comprehensive insurance solutions to landlords across all 50 states and Washington, D.C., making it accessible to a wide range of property owners.

Steadily’s policies are designed with landlords in mind, covering essential risks involved in renting out property. Common coverage features include:

• Property damage: Covers repairs or replacement costs for physical damage to your rental, ensuring you don’t bear the financial burden of events like fires or storms.
• Liability protection: Safeguards you against legal claims if a tenant or visitor is injured on your property, helping you avoid costly lawsuits.
• Loss of rental income: Replaces lost income if your property becomes uninhabitable due to a covered event, so you don’t suffer financially while repairs are underway.
• Legal fees: Covers the costs of defending yourself in case of legal action, giving you peace of mind knowing you’re protected from expensive legal battles.

These features work together to give landlords like you the security and support you need to protect both your property and your income.

What sets Steadily apart is its all-digital platform. This online-only approach simplifies the insurance process, allowing landlords to easily get quotes and manage their policies with just a few clicks. Whether you’re new to insurance or have years of experience, Steadily makes it easy to navigate the paperwork.

The company caters to various types of rental properties, such as single-family homes, multi-family units, and condos, and offers flexible policies that can be tailored to each landlord’s unique needs.

Customer feedback for Steadily has been largely positive, with many praising the helpfulness of the service and the company’s competitive pricing. Landlords especially appreciate how clearly Steadily’s representatives explain policy details, making it easier to understand what’s covered and why.

To ensure financial reliability and stability, Steadily works with reputable insurance carriers to underwrite their policies. This partnership ensures that landlords can count on solid, dependable coverage when they need it most.

Coverage Options

Steadily provides customizable landlord insurance coverage to meet the unique needs of property owners. Their policies typically include essential protections like dwelling coverage, liability coverage, and loss of rental income, ensuring your investment is secure across the board.

What’s great is the flexibility Steadily offers—you can adjust coverage limits for different aspects of your policy, meaning you can tailor your protection based on your specific needs and how much risk you’re willing to take on.

Steadily covers a wide range of rental property types, including single-family homes, multi-family units, and even short-term rentals like Airbnb properties. They even offer insurance for vacant units, something other insurers often overlook.

However, while Steadily’s liability coverage maxes out at $500,000—lower than the $1 million offered by some competitors—you can always bridge that gap with umbrella insurance if you feel it’s necessary.

They also offer optional add-ons that can provide additional peace of mind, including:

• Coverage for personal property used in the maintenance of your rental
• Protection against vandalism and malicious mischief
• Equipment breakdown coverage
• Ordinance or law coverage for property upgrades to meet building codes

It’s important to keep in mind that coverage options and limits can vary depending on your state or the type of property you own, so be sure to carefully review the policy details to ensure you have the right protection for your specific rental needs.

Pricing Structure

Steadily offers competitive pricing for landlord insurance by using a data-driven approach to calculate premiums. They take into account factors like the location, type, and age of the property, ensuring that landlords get a price that reflects their specific situation.

The cost of a policy can vary depending on your individual needs. For example, a basic policy for a single-family rental home may start around $1,000 per year, but for larger, multi-unit properties, the premiums can be much higher.

What’s great about Steadily is their customizable coverage options, which let landlords adjust deductibles and coverage limits to match their budget and risk tolerance. This flexibility makes it easier for property owners to get the coverage they need without overpaying.

Steadily also offers discounts for landlords who meet certain criteria, including:

• Insuring multiple properties
• Maintaining a claims-free history
• Installing safety features like security systems or fire alarms
• Owning new or recently renovated properties

Their online quote system allows you to compare different coverage options quickly, giving you full visibility into the prices and helping you make an informed decision. Plus, Steadily has received positive reviews from customers, with many noting that they found more affordable coverage compared to traditional insurers.

That said, while Steadily offers great pricing, it’s always a good idea to shop around and compare quotes from other providers to ensure you’re getting the best value for your specific needs.

Policy Customization and Add-Ons

Steadily gives landlords the flexibility to shape their insurance coverage based on their specific needs. Their customizable policies allow property owners to select protections that matter most to their unique rental situation.

The standard coverage typically includes:

• Property damage protection
• Liability coverage
• Lost rental income reimbursement
• Dwelling replacement costs

Landlords can fine-tune the coverage limits and deductibles, balancing the right level of protection with their budget. This approach ensures you’re not paying for unnecessary features while still getting the coverage that counts.

For landlords looking for extra protection, Steadily offers several useful add-ons:

• Flood insurance
• Earthquake coverage
• Equipment breakdown protection
• Ordinance or law coverage

These add-ons are designed to address location-specific risks or special property features. For example, if you own property in a flood-prone area, adding flood coverage is a no-brainer. Likewise, if you’re in a seismic zone, earthquake insurance could save you from a major headache.

Steadily’s customization options also extend to landlords with multiple properties. You can protect all your investments under one policy, simplifying management and potentially lowering costs.

The goal of Steadily’s flexible approach is to give landlords the exact coverage they need, avoiding unnecessary gaps or over-insurance. This tailored strategy helps ensure you’re getting the best protection without paying for coverage you don’t need.

Claims Process and Support

Steadily Insurance aims to make the claims process as easy as possible for landlords. If an event covered by your policy occurs, you can file a claim online or over the phone, and the company works to handle claims quickly and minimize any interruptions to your rental income.

With 24/7 claims support, landlords can report incidents anytime, which is especially helpful when emergencies pop up out of the blue.

The company has a dedicated team of claims adjusters who specialize in rental property insurance, so you can expect knowledgeable professionals to assess damage and speed up the resolution process.

Steadily’s online platform lets you track your claim’s progress, so you’re never left in the dark. This feature brings transparency, helping you stay updated every step of the way.

Customer feedback on Steadily’s claims handling is mixed. Some landlords have had quick and hassle-free resolutions, while others have encountered delays or issues with payment processing.

Remember, every claim is unique, and factors like the type of damage, the documentation you provide, and your specific policy details can all affect how quickly things are resolved.

Customer Service and Satisfaction

Steadily Insurance has earned praise for its customer service, with many clients sharing positive experiences. On Trustpilot, the company holds an impressive 4.7 out of 5 stars based on around 500 reviews from customers.

A lot of the feedback highlights Steadily’s smooth onboarding process. One reviewer even went as far as to say that the customer service during onboarding was “definitely worth 5 stars”, showing the company’s dedication to supporting new clients right from the start.

The online quote system is another point of praise. One property owner called the process “very simple”, suggesting that the system is designed to be easy and accessible for users. New property owners also seem to appreciate the service. A first-time landlord left a review praising Jennifer for being “extremely well-versed” in landlord insurance needs, which helped them navigate the process with confidence.

Steadily’s pricing doesn’t go unnoticed either. Many reviews mention that Steadily’s rates were more reasonable compared to other insurers.

Financial Strength and Ratings

Steadily is a relatively fresh face in the landlord insurance world, having launched just in 2020. As a newer company, it hasn’t yet earned the traditional ratings from the big insurance agencies like A.M. Best, Moody’s, or Standard & Poor’s.

That said, despite its youth, Steadily shows promise when it comes to financial stability. The company has attracted substantial investment, which speaks to the confidence investors have in its business model and growth prospects.

To underwrite its policies, Steadily collaborates with established insurance carriers, which helps ensure the company can meet its financial obligations to policyholders. This partnership adds an extra layer of security for landlords seeking coverage.

For landlords considering Steadily, it’s worth:

• Checking out the financial health of Steadily’s underwriting partners
• Keeping an eye out for ratings as the company matures
• Paying attention to the company’s track record of customer satisfaction

How Does Steadily Compare?

Steadily has carved a niche for itself in the landlord insurance space, thanks to its modern, tech-forward approach. The company offers coverage in all 50 states, making it a great option for property owners with varied portfolios and different regional needs.

One of the standout features of Steadily is its intuitive online platform. Landlords can easily manage policies, request adjustments, and access important documents—all from the comfort of their own home. No need to deal with waiting in line at a branch.

When it comes to pricing, Steadily is highly competitive. Many customers have shared that they’ve found Steadily’s quotes more affordable than those of other insurance providers.

What’s also worth noting is that Steadily focuses exclusively on landlord insurance. While some competitors offer a wide range of insurance products, Steadily’s specialized expertise in the landlord space could be a big advantage for property owners who want coverage tailored to their needs.

Pros and Cons of Steadily Landlord Insurance

Steadily offers specialized landlord insurance that’s designed specifically for property owners. This specialized focus means you get coverage options that are tailored to your needs, which might not be available from standard insurers.

The company makes it easy for landlords to get started with a quick and secure online quote process. This streamlined system saves you time and cuts down on the hassle of navigating complicated insurance paperwork.

Steadily’s competitive pricing is a big plus for property owners. It can offer cost savings, especially for those managing multiple properties, making it an attractive option for landlords looking to keep their expenses in check.

Steadily’s availability across all 50 states ensures that landlords nationwide can benefit from its services, making it a versatile choice for property owners, no matter where they’re located.

On the flip side, Steadily’s narrow focus on landlord insurance might not suit those who are looking for bundled policies with auto or other types of coverage.

If you’re someone who prefers to consolidate all your insurance with one provider, this could be a bit of a drawback.

Final Thoughts and Recommendations

In conclusion, Steadily stands out as a landlord insurance provider that understands the unique needs of property owners. With quick quotes, competitive pricing, and customizable coverage, it’s designed to make protecting your rental properties both simpler and more affordable. While no insurer is perfect, the overall benefits make Steadily a strong choice for landlords looking to balance cost savings with reliable protection.

Take the next step in safeguarding your rental investments—explore Steadily’s landlord insurance options today and see how well they fit your property needs.

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