To obtain protection from the best landlord insurance companies, you must consider several factors such as their ratings. You also must check out the discounts it offers, its coverage range, accessibility, affordability, etc. Let us look at this article to learn about the 10 best landlord insurance in the USA.

Landlord insurance companies offer protection to own or rent properties. Some of the main factors to consider to pick the best landlord insurance company are coverage, flexibility, liability protection, etc.

In this article, we will take a look at the 10 best landlord insurance companies and when each of them should be opted for.

Best Companies for Landlord Insurance

State Farm

State Farm insurance extends not just to your rental property alone. It also extends its protection to other attached properties such as gardens, swimming pools and fences. state Farm has good ratings for its financial strength. Moreover, it offers a wide range of options for insurance policies with reasonable insurance premium rates. This company also provides customization of your insurance policy as per your protection requirements. However, you must contact an agent for more specific information such as pricing and limitations of liability coverage, etc.

Allstate

This insurance policy is highly beneficial for someone who owns several properties. It is also very useful for those renting or owning properties. Allstate’s insurance policy covers protection against damages of not just the existing properties, but also of your future rental property. Additionally, this covers the liability incurred by other costs that are attached to the building codes. It may also cover the medical expenses for injuries caused while on your property.

Liberty Mutual

Liberty Mutual covers the liability on a standard scale. Along with a fair rental value, this policy also considers factors like hail and wind. This company provides you with great flexibility with aspects such as inflation protection and coverage customization. It, however, comes along with a 24 hours assistance for claims and it offers great opportunities and reasonable discounts for tenants.

Steadily

Steadily enables owners of rental homes of single families and other property managers a variety of insurance policies and products. This scheme is specifically designed to enable provisions to any landlord and property, without any unreasonable limitation. One of their programs includes the Owner Benefit Package. This package enables the provision of insurance in case of rent default. It provides insights on updates, both market-wise and legally.

Obie

This company provides insurance that is available all over the United States of America. Obie landlord insurance in the USA policy enables protection from property damages or rental issues using customizable coverages. Obie can extend to providing insurance even to empty or vacant properties, rentals, etc. This company’s policy extends to protecting losses by rent defaults, floods, hurricanes, tornadoes, earthquakes and other climatic adversities as well.

Farmers

This policy is highly suitable for properties with several units. It covers the liabilities in a standard manner. Some of the circumstances include protection against loss due to weather or water, such as water pipe damage. This policy scheme is appropriate if you wish to go for a wide range of loss coverage. This is one of the best companies for landlord insurance as you can opt for coverage for potential or anticipated claims. For instance, you may resort to this if there is a reasonable belief or possibility for a rent default, property or personal injury, or any other attached property.

GEICO

GEICO provides several coverage options to landlords. It is also properly known for its provision of auto insurance. This is one of the best landlord insurances in the USA that enables coverage at very reasonable and affordable rates. Therefore, this policy is highly suitable for seasonal landlords or those who are new to the market. They also have protection against vandalism. You may however contact an agent for precise information and for proper calculation of the costs and expenses.

American Family Insurance

This is one of the best companies for landlord insurance. It has the facility to customize the policy according to your coverage requirements. Additionally, this insurance may be opted even to obtain protection for fences, pools, garages or even for flood protection. You may also resort to this insurance policy under the umbrella protection to get coverage on a more general level.

Foremost

Foremost is not a separate company in itself. It is in fact a part of the Farmers Insurance Group of Companies. It is the fifth-biggest company in the country in terms of homeowner’s insurance and the ninth-biggest in terms of personal property. This policy’s coverage extends to the scope of damages by hailstorms, floods, dire, and other similar forms of loss. This landlord insurance policy is known for its cost-efficiency and amenities. It also provides protection for various forms of personal and property damage such as rent defaults, water pipes or other repair costs.

Travelers

Travelers enables insurance, especially for multi-family and single-family units. Further, it enables you in customizing the scale of your coverage. This is one of the best landlord insurance companies that provides protection to protect the building that you own as well as other attached properties.

FAQs

1. Which insurance is best for an investment property?

Landlord insurance is a great path in which you may go if you wish to buy an investment property. This insurance policy even covers losses or damages incurred by any of the equipment. Additionally, in case of any default in the payment of rent by the tenants, this insurance policy is capable of recovering the required amount.

1. Who is the biggest property insurance company?

Currently, State Farm is the biggest casualty and property insurance company all over the USA. As of 2021, it had over $70 billion in premiums alone. Following State Farm, the next large property insurance companies are Liberty Mutual, Berkshire Hathaway, Allstate and Progressive.

1. How much is landlord insurance in Texas?

Approximately, landlord insurance costs about 15% less than other insurance policies such as homeowners insurance in Texas. The amount, however, may vary between $2500 and $850. The cost may depend on several determinant factors such as risks involved, type of investment property, location, etc.

1. What is better investment or insurance?

There is no simple one-word answer to this question. It all depends on what your expectations are at that point in time. While insurance has a purpose to serve in the long term, investments will focus on the present or your immediate future. So which one to opt for completely depends on your desired outcome.

Conclusion

Finally, the company that you opt for covering your landlord insurance, may make a little to a lot of difference. Therefore, you must pick the company as well as decide on the customization with due diligence. Overall, you should consider several factors and your requirements while opting for any insurance.

You must try to minimize your burden from all the liabilities as much as possible. It is very important to keep the risks involved, recovery range, costs involved etc. in mind before paying the premium. You also need to consider the reputation of the company. You should check its ratings, financial strength, experience and customer feedback to pick the most suitable landlord insurance policy.