Landlord insurance is a must-have for anyone who owns rental property. It’s like a safety net, protecting you from financial losses due to things like property damage or tenant lawsuits. Even if you’ve paid off your rental property, it’s still a good idea to have enough coverage to handle any unexpected situations.
There are many insurance companies out there offering rental property insurance, but one that really stands out is Steadily. What makes Steadily unique is that you can customize your coverage to fit your needs. But, like all insurance products, it has its ups and downs, so make sure you understand what you need before you sign up.
Steadily is all about property insurance. You won’t find car or health insurance here. They do offer renters and homeowners insurance, but they don’t really advertise these services. You wouldn’t even know they exist if you just looked at their website.
This means Steadily is really focused on serving rental property owners like you. You can trust that they understand your needs and will provide the coverage and service you expect.
Steadily offers landlord insurance for a variety of property types, including single-family homes, small multifamily properties, apartment buildings, condo units, manufactured homes, and even rental properties that are currently vacant or being renovated. They also cover both long-term and short-term rentals, so if you list your property on vacation rental platforms like Airbnb and Vrbo, you can get a policy from Steadily.
Steadily is licensed to provide insurance in all 50 states. They don’t have physical offices, but you can get coverage for your rental property no matter where it’s located, as long as it’s in one of the 50 states or the District of Columbia. They also offer insurance for short-term rentals, but local regulations might limit where you can operate these types of rentals.
One of the biggest advantages of Steadily is that you can customize your coverage. You can build a policy that’s just right for you, including only the coverages you need and excluding the ones you don’t.
Steadily offers specific coverage options for things like fire damage, water damage from broken or leaky pipes and appliances, storm damage, vandalism and theft, riot and civil commotion, liability for tenant and guest injuries, loss of rent, and umbrella insurance. They even offer bonus coverages for property damage caused by vehicles, volcanic eruptions, and explosions.
Most of Steadily’s coverages apply only to the insured property, but their umbrella coverage goes with you wherever you go. For example, if you’re injured in a car accident and your auto insurance policy’s limit isn’t enough to cover your medical expenses, your umbrella coverage might kick in.
However, there are some things that Steadily’s landlord insurance policy doesn’t cover. These include tenant property, tenant vehicles parked on or near the property, mechanical system repair or replacement, repairs and replacements due to general wear and tear or lack of maintenance, and damage caused by the property owner.
Many landlords encourage or even require their tenants to have renters insurance policies to protect their personal belongings. You can get one of these policies through Steadily, but you’ll need to contact them directly for more information and to apply.
Steadily has a completely digital application and account management process, making it easy for you to create and modify your policy whenever you need to. You don’t need to go through an insurance agency or independent insurance agent, or spend hours on the phone to get started or make changes to your coverage.
Steadily’s customer service team is easy to reach online and by phone, but you can do a lot through your online account, like adding or removing coverage, adjusting your coverage limits or deductibles, changing property or owner information, submitting a claim, and getting discounts for adding security devices.
Steadily has some clear advantages for rental property owners. They focus solely on landlord insurance and offer customizable coverage for various property types. They have an easy application process, offer coverage for short-term rentals, and cover a variety of building types.
However, Steadily isn’t perfect. They don’t offer a full range of insurance products, so they can’t be your one-stop shop for all your insurance needs. They don’t offer multipolicy bundles, and they don’t advertise their renters and homeowners insurance policies. If you want to learn more about these policies, you’ll need to contact the company directly.
Steadily is definitely an innovative landlord insurance company, but they’re not the only game in town. Many other insurers offer rental property insurance, including some of the biggest names in the industry.
For example, let’s compare Steadily to State Farm Insurance. Steadily offers fully customizable policies, doesn’t require you to use an agent, has an all-digital application process, and offers affordable premiums. State Farm, on the other hand, doesn’t offer fully customizable policies, requires you to use an agent, doesn’t have an all-digital application process, and whether their premiums are affordable depends on various factors.
In conclusion, Steadily is not your typical property insurance company. They focus on doing one thing really well: offering affordable, fully customizable landlord insurance coverage. If you’re a rental property owner, this should definitely pique your interest, whether you own just one property or a portfolio of properties in multiple states. And if you’re a renter or homeowner, you might find something to like here too.
