What is the best rental property insurance company?
The best rental property (landlord) insurance company depends on your specific investing style, with American Family ranking best overall for customer satisfaction, and Steadily leading as the top digital specialist for new and independent landlords.
💡 Top Rental Property Insurance Companies
- ✅ American Family
- Best For: Overall customer satisfaction and low complaint records.
- Consideration: Available in a limited regional footprint (19 states); requires an agent to apply.
- ✅ Steadily
- Best For: Fast, 100% digital quotes and new landlords.
- Consideration: Operates nationwide across all 50 states with landlord-centric resources.
- ✅ Travelers
- Best For: Multi-unit properties (1–4 units) and strong financial stability.
- Consideration: Excellent bundling options, though quotes require speaking with an agent.
- ✅ biBerk
- Best For: High liability and commercial claim limits.
- Consideration: Backed by Berkshire Hathaway; great for scaling portfolios and apartment buildings.
- ✅ Proper Insurance
- Best For: Short-term and vacation rentals (Airbnb/VRBO).
- Consideration: Specialized coverage designed explicitly for short-term guest turnover risks.
📊 Quick Comparison
| Company | Best Use Case | Coverage Availability | Quote Process |
|---|---|---|---|
| American Family | Overall satisfaction | 19 states | Agent assisted |
| Steadily | Fast digital setup | Nationwide (50 states) | Instant online |
| Travelers | Multi-unit homes | Nationwide | Agent assisted |
| biBerk | High liability limits | Nationwide | Online / Phone |
| Proper | Short-term rentals | Nationwide | Specialized |
Who is the best insurance company for landlord insurance?
There is no single best insurance company for landlord insurance, as the right choice depends on your specific property type, location, and whether you prefer digital ease or working with a local agent.
According to industry evaluations and reviews for 2026, several top providers stand out for different needs:
- Best Overall / Customer Satisfaction: American Family Insurance ranks highly for low customer complaint levels and flexible coverage, though it is only available in select states.
- Best for New Landlords & Digital Quotes: Steadily specializes 100% in rental properties, offering fast online quotes in under a minute and a dedicated digital landlord hub.
- Best Market Presence & Comprehensive Portfolios: State Farm dominates the market share and is ideal for landlords who prefer working with local agents to cover diverse property types.
- Best for High Claim Limits: biBerk (backed by Berkshire Hathaway) provides high liability coverage limits suited for scaling property owners and apartment buildings.
- Best for Multi-Unit Properties: Travelers covers properties ranging from single-family homes to 4-unit residential buildings with robust financial stability.
- Best for Short-Term Rentals (Airbnb/Vrbo): Proper Insurance and Allstate offer specialized short-term rental protections that standard landlord policies often exclude.
As users on Reddit generally consensus agree, working with an independent insurance broker or comparing 3 to 5 direct quotes is the best way to find the most affordable rate for your specific investment.
How much does $100,000 rental insurance cost?
A renters insurance policy with $100,000 in personal liability coverage costs an average of $14 to $24 per month (or roughly $165 to $288 per year). This specific $100,000 threshold is the standard minimum liability amount required by most landlords and building managers.
The exact price you pay rarely changes based on the liability limit itself—bumping your liability up from $100,000 to $300,000 usually only adds about $1 to $2 per month. Instead, your actual monthly bill is heavily driven by your personal property coverage limits (the total value of your actual belongings like clothes, electronics, and furniture) and your deductible.
Average Costs by Coverage & Deductible
Assuming a standard $100,000 liability limit, national insurance data indicates how your monthly rate shifts depending on your personal property choice and deductible:
| Personal Property Limit | With $500 Deductible | With $1,000 Deductible |
|---|---|---|
| $40,000 Coverage | $21 / month | $19 / month |
| $60,000 Coverage | $27 / month | $25 / month |
| $80,000 Coverage | $33 / month | $30 / month |
| $100,000 Coverage | $38 / month | $35 / month |
Hidden Costs & Rate Variables
Your final quote will be personalized by several core components that insurers track behind the scenes:
- Your Credit Profile: In states where it is legally permitted, your credit history impacts your premium. Excellent credit averages around $15/month, whereas poor credit can drive the same policy up to $38/month.
- Location Constraints: Regional weather patterns and localized crime rates create massive state-by-state variance. For example, a $100k liability policy averages around $14/month in Connecticut but jumps significantly higher in storm-prone regions like Louisiana.
- Property Type: Rates are lower for units inside high-rise buildings with built-in security features and fire sprinkler systems compared to wood-framed single-family rental homes.
Action Plan to Lower Your Premium
If you need to secure a policy immediately to satisfy a lease requirement, use these quick steps to get the best deal:
- Bundle with Auto: Most major companies like Progressive and State Farm provide a multi-policy discount that can save you up to $30 or more per month across both plans.
- Opt for a $1,000 Deductible: Choosing to pay a higher out-of-pocket amount if you file a claim will drop your recurring monthly cost right away.
- Shop the Baseline Providers: According to rate analyses from NerdWallet and other independent industry indexes, companies like State Farm and digital apps like Lemonade regularly log some of the lowest baseline averages for standard tenant packages.
Who is the best landlord insurance provider?
The best landlord insurance provider depends on your specific property and portfolio size, with Alan Boswell Group ranking as a top overall Which? Best Buy choice for comprehensive coverage and larger portfolios.
Top Landlord Insurance Providers
- Alan Boswell Group: Rated a top choice by consumer surveys for comprehensive buildings, contents, and liability protection, making it ideal for multi-property portfolios and HMOs (Houses in Multiple Occupation).
- Total Landlord: Frequently voted best provider at the Insurance Choice Awards and partnered with the NRLA (National Residential Landlords Association), known for robust specialist policies and high customer satisfaction.
- Simply Business: The Simply Business broker platform works best for first-time landlords who want to quickly compare quotes from a wide panel of underwriters.
- Direct Line for Business: Offers direct, specialized coverage including property owners' liability and optional rent guarantees without relying on standard comparison sites.
What type of insurance should I get for a rental property?
You need a specialized landlord insurance policy (often a DP-3 dwelling policy) instead of a standard homeowners policy to properly cover a rental property.
Core Coverages Included
- Dwelling Coverage: Protects the physical structure of the building (walls, roof, built-in appliances) against fires, windstorms, or vandalism.
- Liability Protection: Covers legal fees and medical expenses if someone is injured on the property and holds you responsible.
- Loss of Rental Income: Reimburses you for missed rent if the property becomes uninhabitable due to a covered disaster like a fire.
- Landlord Contents: Covers appliances, furniture, or tools you provide inside the unit for tenant use.
Specialized and Add-On Policies
- Short-Term Rental Insurance: Required if you run a vacation rental (like an Airbnb or VRBO) rather than a long-term lease, due to higher guest turnover.
- Umbrella Insurance: Provides extra liability protection above your landlord policy limits in case of a major lawsuit.
- Flood or Earthquake Insurance: Standard landlord policies exclude these natural disasters, so you must buy separate endorsements or policies.
- Renters Insurance (Tenant Policy): Require your tenants to carry their own HO-4 policy to cover their personal belongings and personal liability.
Read more about the differences in Allstate's Home vs Landlord Guide or learn structural details from Belong Home's Insurance Overview.
Rental Property Insurance - Watch this Video If YOU Own Rental Properties!
Who offers the cheapest landlord insurance?
There is no single cheapest landlord insurance provider for everyone, because rates depend heavily on your property’s location, age, rebuild cost, and your own claims history. However, several major companies and digital brokerages are widely recognized for offering competitive and affordable rates.
Top Affordable Providers & Specialists
- GEICO: Often cited for budget-friendly baseline rates, especially for first-time or smaller landlords.
- Steadily: A prominent digital landlord insurance specialist that provides fast online quotes and competitive nationwide coverage.
- Baselane: A financial platform for real estate investors that offers digital landlord insurance comparisons with average reported savings of 25%.
- Safeco & Foremost: Frequently recommended on community forums like Reddit by real estate investors who report reliable, lower-cost coverage for single-family and multi-unit properties.
- State Farm: Known for robust structure coverage and up to 20% bundling discounts if you insure multiple properties or combine policies.
How to Get the Lowest Rate
- Bundle policies: Insure your personal home, auto, or multiple rental properties with the same carrier.
- Raise your deductible: Opting for a $1,000 or $2,500 deductible instead of $500 lowers your monthly or annual premium.
- Use an independent agent: Independent brokers can pull quotes across multiple regional and national companies (like Auto-Owners or Foremost) to find the cheapest option for your specific ZIP code.
What is the No. 1 insurance company?
State Farm Group is the No. 1 property, casualty, and auto insurance company in the United States by market share.
The top spot can change depending on the category of insurance you need:
- Auto and Homeowners: State Farm holds the largest market share in the U.S. for personal lines like auto and home insurance.
- Health Insurance: UnitedHealth Group is the top health insurance provider in the country.
- Life Insurance: MetLife ranks first for direct premiums written in life and annuity lines, while companies like Northwestern Mutual score highest for customer trust and experience.
- Global Revenue: UnitedHealth Group and Berkshire Hathaway are the largest globally by total revenue.
What is a good price for rental insurance?
A good price for renters insurance is around $10 to $15 per month, or about $120 to $180 per year.
According to data analyzed by NerdWallet, the national average cost is about $14 a month ($165 a year) for a standard policy. This typical baseline includes:
- $30,000 in personal property coverage (for your belongings)
- $100,000 in personal liability coverage
- A $500 deductible (the amount you pay out-of-pocket before insurance kicks in)
What Changes the Price?
- Location: States with high risks of severe weather or crime (like Louisiana or Mississippi) have higher averages, sometimes hitting $26 a month. States with calm weather (like Wyoming or Wisconsin) average around $10 a month.
- Coverage Limits: Insuring more expensive belongings or choosing higher liability protection raises your rate.
- Deductible: Choosing a higher deductible (like $1,000 instead of $500) lowers your monthly payment.
- Bundling: Combining your renters policy with an auto insurance policy often saves you extra money.
What does Dave Ramsey say about renters insurance?
Dave Ramsey considers renters insurance an absolute must-have policy that you cannot go without.
Key Views on Renters Insurance
- Essential Protection: He lists it among the core, non-negotiable types of insurance everyone needs because a landlord's policy only covers the physical building, not your personal belongings.
- Dirt Cheap Cost: He frequently points out that coverage is very affordable, often averaging around $10 to $15 a month (or roughly $150 to $300 a year depending on the location and limits).
- Critical Liability Coverage: Even if you own very few possessions (like a college student living in a modest apartment), Ramsey emphasizes that the personal liability portion—which protects you if a visitor is injured and sues you—makes the policy worth every penny.
- What It Covers: A standard policy protects your personal property against theft, fire, storms, and vandalism, while also paying for additional living expenses (like a hotel) if you are temporarily displaced.
- Roommate Warning: He advises against sharing a renters insurance policy with roommates, noting it complicates claims history, raises rates, and creates financial liability risks if a roommate misses a payment.
Does GEICO offer rental property insurance?
You can get a quote and learn more about landlord coverage options through the GEICO Landlord Insurance portal or by calling (800) 841-3005.
What GEICO Landlord Insurance Covers
- Structure damage: Repairs for the physical building if damaged by fire, wind, or other approved risks.
- Landlord appliances: Protection for furnishings and appliances you provide inside the rental.
- Liability: Legal and medical costs if someone is hurt on the property and you are found responsible.
- Lost rent: Compensation if the rental becomes uninhabitable due to a covered loss and tenants cannot pay.
How GEICO Provides Coverage
- Partner underwriters: GEICO does not underwrite these policies directly; they are secured through the GEICO Insurance Agency, LLC and issued by non-affiliated partner companies.
- Service and claims: Once your policy is active with a partner carrier, that specific company handles your billing, policy changes, and claims.