Landlord insurance is meant to protect your rental property from various risks that might spring up at any moment.
As a landlord, you want to make sure you get the right insurance policy/insurer for your property needs.
Regarding that, let’s show you 7 companies that offer the best landlord insurance policies.
7 Best Landlord Insurance Policies of 2022.
Table of Contents
- State Farm– Best Overall
- Allstate– Best for Multiple Properties
- Farmers Insurance– Best for Multi-unit Properties
- Liberty Mutual Insurance– Best for Value
- American Family Insurance– Best for Commercial Landlords
- Travelers– Best for Condo Landlords
- USAA– Best for Military members
State Farm:
State Farm provides the maximum range of coverage for all landlords(apartments, single-family homes, etc.,).
In addition to that, they offer flexible plans to suit each landlord’s needs.
They have a strong financial rating of A++ from AM Best.
Pros & Cons
Pros
- Highly customizable policy to suit your needs
- Availability of discounts
- Variety of coverage add-ons
Cons
- No quote online
- Add-ons may increase your premiums
Allstate:
Allstate is an insurer that’s best known for its multi-policy option which enables landlords to insure more than one rental property. They also have the best multi-policy discounts.
They have an A+ rating from AM Best.
Pros & Cons
Pros
- Offer best discounts for multiple properties
- Efficient online platform
- Customizable plans
Cons
- You’ll have to work with an agent to get quote
Farmers Insurance:
Farmers Insurance are known for their quality service in providing single-policy coverage for landlords with multiple rental units.
They are also known as the best in tenant screening for houses. They have a financial rating of A- from AM Best.
Pros & Cons
Pros
- Multiple-unit coverage
- Customizable policies
- Offer easy tenant screening services with discounts
- Satisfactory customer ratings
Cons
- No online quotes
- Unavailability of standard coverage for other home structures
Liberty Mutual Insurance:
We choose Liberty Mutual as best for value due to their customer-focused service ensuring you pay for only what you need as a landlord
They offer a special type of insurance for their landlords called ‘inflation protection. This coverage keeps up with the rising cost of repairs to allow you to get full coverage in the event of the total loss of property.
They have a strong financial rating of A from AM Best
Pros & Cons
Pros
- You get to pay for only what you need
- Availability of free discounts
- Availability of special add-ons
- Customizable policies
Cons
- No online quotes available
- Availability of coverage varies by state
American Family Insurance:
American Family Insurance is the best in commercial services as they offer special customizable policies for commercial landlords.
They are rated A in financial strength from AM Best.
Pros & Cons
Pros
- Option to customise a policy for commercial landlords
- Option for special add-ons
- Availability of an umbrella insurance policy
Cons
- No online quotes are available
- Outbuilding structures are not covered by default
Travellers:
Travellers offer unique coverage options for condo owners. They provide loss assessment covers for fees charged by condo associations.
They have a superior rating of A++ from AM Best.
Also, They deal in auto insurance and homeowners insurance services.
Pros & Cons
Pros
- Option to customize policy according to needs
- You get to qualify for discounts
- Outbuildings get covered
Cons
- Below-average rating in customer satisfaction
USAA:
USAA offer specially packaged coverages for landlords with military service. They also offer robust discounts for the members and have a high customer satisfaction rating.
They have an A++ rating from AM Best and have been given a score of 905 out of 1000 points by the J.D. power under the U.S. Property Claims Satisfaction Study.
Pros & Cons
Pros
- Availability of a special home-sharing coverage
- Availability of various discounts
- Customizable plans
- Online quotes available
Cons
- Military connection is required to qualify for a policy
- Have a number limit of rental properties covered—not more than 10
In Summary,
Getting the best insurer is essential for your property as a landlord.
However, it is important that you are aware of the various differences that exist among insurance companies with their landlord policies. This will enable you to match the right insurer to satisfy your property needs.
Before settling for any insurer, make sure to compare quotes of your choices online to pick the best deal.
