6 Cheapest Landlord Insurance Companies

Starting a rental business is an expensive endeavor. You have to purchase a property, fix it up, potentially furnish it, pay various taxes, market the rental, and insure it. Getting good landlord insurance is a must in order to protect your investment property and yourself from the risks associated with renting out to others. However, rental property insurance can be quite expensive, adding up to all the other costs you need to cover and eating into your profit.

To help our investors who are just getting started, we’ve ranked the 6 cheapest landlord insurance companies in the US market. Importantly, we chose insurances that are not only affordable but that provide all the coverage that landlords need in order to be on the safe side. For each company, we looked at the risks covered, the cost of the insurance, what it takes to get started, and what existing customers think about it.

The 6 cheapest landlord insurance companies include:

• Obie: Best Overall Cheap Landlord Insurance
• Allstate: Best for Bundling
• Steadily: Best for Multiple Properties
• USAA: Best for Discounts
• CBIZ: Best for Short-Term Rentals
• Travelers: Best for Small Multifamily Homes

Obie: Best Overall Cheap Landlord Insurance

Obie was created with the aim of covering the needs of real estate investors including both landlords and Airbnb hosts. The company was founded in 2017, with headquarters in Chicago, IL. So far, Obie has insured over 4 billion dollars in property. Unlike traditional insurance companies, Obie relies on the latest technology to find the most relevant coverage at the best possible price for each rental property. This process makes it the most affordable landlord insurance company in the US.

Obie Landlord Insurance Cost

Obie has an innovative approach to providing and pricing rental property insurances. As an insurance brokerage, the company has access to the best insurance providers in the US. In this way, it is able to locate the most appropriate policy for each property, covering exactly what is required by the landlord. Then, it’s able to get the lowest possible price for the policy. The cost is customized based on the property type, size, age, construction materials, and design to make sure that landlords don’t overpay. Moreover, property owners with a clean claim history get discounts.

Landlords who use Obie are able to save a significant amount of money on their rental property insurance because they pay only for what they need. They do not have to pay for coverage that does not apply to their property.

Obie Landlord Insurance Coverage

Obie protects both short-term and long-term rentals. They provide cheap landlord insurance for different types of residential properties including single-family homes, condos, townhomes, duplexes, triplexes, quadplexes, and apartment buildings. The company also insures investment properties that are currently vacant or being renovated. Obie’s services are available in all 50 states.

The Obie landlord insurance covers:

• Property damage including fire, water, theft, and vandalism
• Personal liability
• Loss of rental income

Obie Landlord Insurance Pros and Cons

While insuring a rental property with Obie has some advantages and disadvantages, the advantages clearly outweigh the disadvantages, making it the best cheap landlord insurance.

The most important pros of the Obie landlord insurance include:

• Comprehensive, yet flexible policy coverage: Obie offers protection against all the risks associated with a rental property. At the same time, policies can be adjusted to the specific needs of each property.
• Brokerage: As a broker, Obie has access to numerous insurance companies to find the best match for each landlord.
• Customizable pricing: The pricing depends on the exact property and policy so that owners don’t pay more than what they should.
• Nationwide reach: Obie can insure properties across the US, including all the best cities to buy a rental property.
• Various property types: The Obie landlord insurance protects both single-family and multifamily homes, whether they are rented out short-term or long-term.
• Use of technology: Obie relies heavily on technology to deliver the best services to real estate investors.

The key cons of Obie are:

• Limited details on the website: The Obie website does not offer enough information on the exact coverage under each item.
• No price estimate: Obie does not give a range of expected costs per property type and size. However, landlords can get an instant quote when they contact the company.

Obie Insurance Reviews by Landlords

There are 100+ online reviews of Obie, with an excellent overall rating.

You can find Obie reviews on:

• Google: Currently 4.8/5 stars based on 171 reviews

Happy landlords praise the outstanding policies, the professionalism and expertise of the Obie team, the excellent quality of service, the smooth transition from other insurance companies, and the ongoing communication. Meanwhile, on the BiggerPockets forum, investors report 30% lower premiums with Obie than with other companies for the same coverage. Some unhappy property owners complain about delays in getting a quote and declined claims.

How to Get Obie Landlord Insurance

To get started with the cheapest landlord insurance company, property investors can submit an online form to get an instant quote.

Allstate: Best for Bundling

Allstate is a large insurance company with a long history of providing different types of insurance. The company was founded in 1931, with headquarters in Northbrook, IL. Allstate has become one of the most popular names in the US insurance industry. They provide the most affordable options for investors who’d like to bundle their landlord insurance with other insurance types.

Allstate Landlord Insurance Cost

The price of the Allstate landlord insurance depends mostly on the selected types of protection and coverage limits. This means that property owners don’t need to pay more than what they need.

Additionally, landlords can save on their monthly premium cost by bundling their rental property insurance with another insurance, like a homeowners insurance or an auto insurance.

Allstate Landlord Insurance Coverage

The Allstate landlord insurance works with different residential property types rented out on a monthly basis but excludes condos. It is available across the entire US market.

The affordable landlord insurance offered by Allstate provides:

• Dwelling protection in case of fire, smoke, windstorm, hail, falling objects, water damage
• Other structures protection
• Liability coverage
• Fair rental income coverage
• Premises medical protection
• Vandalism coverage (at an additional cost)
• Burglary coverage (at an additional cost)
• Rental property under construction coverage (at an additional cost)
• Building code coverage (at an additional cost)

Allstate Landlord Insurance Pros and Cons

The Allstate landlord insurance has some important benefits and drawbacks that investors need to account for.

The main pros of this affordable landlord insurance include:

• Customizable coverage: Landlords can choose the type of protection and the deductible they want for a personalized landlord insurance.
• Entire US coverage: Allstate is available in all US markets.
• Reputable company with long history: Allstate has been in business for many decades, proving its trustworthiness.
• Bundling discounts: Investors can lower the cost of their monthly premium by bundling a few different insurances together.

The most important cons of working with Allstate are:

• Limited coverage: The Allstate landlord insurance does not protect against floods, earthquakes, and water backups.
• Lack of cost information: The Allstate company website does not allow landlords to estimate the cost of their insurance.

Allstate Insurance Reviews by Landlords

There are thousands of online reviews of Allstate that show varying experiences.

You can find Allstate reviews on:

• Clearsurance: Currently 4.0/5 stars based on 11,411 reviews
• ConsumerAffairs: Currently 3.8/5 stars based on 966 reviews
• BBB.org: Currently 1.1/5 stars based on 824 reviews
• InsurEye: Currently 1.4/5 stars based on 261 reviews
• Trustpilot: Currently 1.3/5 stars based on 260 reviews
• Sitejabber: Currently 1.4/5 stars based on 234 reviews

Positive reviews by satisfied property owners focus on the best coverage options, the quick service, the clear explanations, the accommodating customer support team, and the friendly communication practices. Negative reviews mention false information, premium cost increases, delays in claim responses, and unavailable customer service.

How to Get Allstate Landlord Insurance

To get started with the cheapest landlord insurance for bundling insurance policies, real estate investors can find an agent on the Allstate website or call 877-597-0570 to get a quote.

Steadily: Best for Multiple Properties

Steadily was established with the goal of providing affordable landlord insurance to investors across the US. The company was founded in 2020, with headquarters in Austin, TX, which makes it the newest company on our list of the cheapest landlord insurance providers. Steadily protects both single-family and multifamily homes and offers discounts on bundling multiple rental properties.

Steadily Landlord Insurance Cost

The price of the Steadily landlord insurance depends on a number of different factors.

What makes Steadily one of the cheapest landlord insurance companies in the US is the fact that investors can save on the premium by bundling together a few rental properties. So, this insurance is especially affordable for investors with portfolios of rentals.

In addition, landlords can save even more money by installing home security systems.

Steadily Landlord Insurance Coverage

The Steadily landlord insurance covers single-family homes, condos, manufactured homes, multifamily properties, and apartment buildings. Moreover, it protects vacant and restored homes and can also work with short-term rentals. The insurance is available in all US locations.

The specific risk coverage provided by Steadily includes:

• Property damage as a result of fire, water, windstorm, hail, lightning, riot, civil commotion, vandalism, and theft
• Bodily injury
• Lawsuits
• Bonus coverage including explosion, volcanic eruption, and damage by vehicles

Steadily Landlord Insurance Pros and Cons

Before choosing the best insurance for their needs, investors need to know the pluses and minuses of working with Steadily.

The most significant pros of the Steadily landlord insurance are:

• Full, yet customizable coverage: Steadily allows landlords to choose the exact risk coverage they require from the multiple options the company provides.
• Diverse property types coverage: The company protects most residential rental property types.
• No location limitations: The landlord insurance is available in all US states.
• Bundling discounts: Entrusting a few rental properties to Steadily leads to premium discounts.
• Other discounts: Having a home safety system results in price discounts.

The main cons of having your rental property insured by Steadily include:

• Short history: As the newest cheap landlord insurance provider, Steadily might not exhibit the same financial stability as the other companies.
• No mention of lost rental income: It is not clear whether Steadily covers loss of rental income.
• No online cost information: The Steadily website does not provide details on the pricing structure and range of costs.

Steadily Insurance Reviews by Landlords

There are almost 1,000 online reviews of Steadily, which show that the company fulfills its mission to provide affordable, yet comprehensive landlord insurance.

You can find Steadily reviews on:

• Trustpilot: Currently 4.7/5 stars based on 821 reviews
• Google: Currently 4.3/5 stars based on 44 reviews

Satisfied property owners praise the cheap price (compared to competitors), the instant quotes, the personalized policies, the easy switch, the professional team, the smooth communication, and the top-notch customer services. Dissatisfied customers complain about poorly conducted property inspections, cancellations, delayed refunds after cancellations, and insufficient communication.

How to Get Steadily Landlord Insurance

To get started with the cheapest landlord insurance company for multiple rental properties, investors can fill in an online form on the Steadily website or call 888-966-1611 to get a quote in minutes.

USAA: Best for Discounts

USAA boasts a long history and a strong reputation of offering a range of financial services including landlord insurance. The company was founded in 1922, with headquarters in San Antonio, TX. Although it started as a military community-focused institution, USAA currently works with all types of investors. What makes their landlord insurance particularly affordable is the access to multiple discounts.

USAA Landlord Insurance Cost

USAA is able to provide cheap landlord insurance because the price is customized based on the market, the property age, the building materials, and the number of rental units within the property. This means that investors pay only for what they get. Overall, the USAA landlord insurance is cheaper than the homeowners insurance, which is not usually the case. That’s what makes USAA one of the best providers of affordable rental property insurance.

A major benefit of opting in for USAA is the availability of numerous discount opportunities which allow landlords to save not only on their premium but also on other expenses related to running a rental property business. Investors can be eligible for the following discounts:

• Premium discounts when bundling an auto and landlord insurance
• Up to 15% off after 5 years of no claims
• Up to 5% off for the presence of a monitored fire alarm and security system
• 25% off on the tenant screening service provided by TransUnion
• 20% off on handymen and cleaning services provided by Angi

USAA Landlord Insurance Coverage

The USAA landlord insurance works with all residential properties that have between 1 and 4 units and are rented out on a long-term basis. The market coverage includes the entire US housing market.

The affordable landlord insurance offered by USAA covers:

• Property damage including tenant accidents, weather, fire, water, and vandalism
• Personal liability including legal fees
• Loss of rental income
• Vacation rental insurance (additional coverage)
• Flood insurance (additional coverage)
• Umbrella insurance (additional coverage)

USAA Landlord Insurance Pros and Cons

In order to be able to decide if USAA is the best cheap landlord insurance for their needs, investors need to know the advantages and disadvantages of USAA.

The main pros of the USAA rental property insurance include:

• Full risk coverage: USAA covers everything that’s needed to operate a rental business with peace of mind.
• National coverage: The USAA landlord insurance is available in all 50 states plus DC.
• Bundling options: Landlords can bundle their rental property insurance with other insurances, like an auto insurance, for additional discounts.
• Available discounts: USAA offers more discount opportunities than any other best landlord insurance company in the US.

The chief cons to take into consideration are:

• Lack of coverage for vacant properties: USAA does not protect rentals that are staying vacant for extended time periods.
• Lack of online pricing details: The USAA website does not offer a range of possible costs for the landlord insurance.

USAA Insurance Reviews by Landlords

There are several thousand online reviews of USAA, with varying overall ratings.

You can find USAA reviews on:

• Clearsurance: Currently 4.72/5 stars based on 6,421 reviews
• Trustpilot: Currently 1.3/5 stars based on 2,029 reviews
• BBB.org: Currently 1.14/5 stars based on 1,162 reviews
• ConsumerAffairs: Currently 4.0/5 stars based on 644 reviews

Positive reviews by landlords reveal comprehensive risk coverage, easy processes, uncomplicated experiences, a user-friendly mobile app, expert company representatives, and present customer support. Negative reviews focus on declined claims, intentional misinformation, unexpected premium rises, and poor customer service.

How to Get USAA Landlord Insurance

To get started with the cheapest landlord insurance resulting from discounts, real estate investors can fill in an online form on the USAA website or call 210-531-8722 to get a quote.

CBIZ: Best for Short-Term Rentals

CBIZ Vacation Rental Insurance was established as the first provider of short-term rental insurance. The company was founded in 2002, with headquarters in Kansas City, MO, as a division of CBIZ Insurance Services, Inc. Currently, it’s the largest vacation rental insurance company in the US. CBIZ provides cheap insurance options for Airbnb hosts in specific, but it can also cover long-term rentals.

CBIZ Landlord Insurance Cost

The CBIZ vacation rental insurance is very cost efficient because it replaces the standard homeowners insurance and landlord insurance. This means that investors pay a single fee for comprehensive coverage and risk protection for their short-term rental properties.

CBIZ is one of the cheapest landlord insurance companies also because it tailors the policies and the pricing based on the amenities available at the property, the Airbnb experiences provided alongside the rental, the results of the safety inspections, and the presence of safety equipment. This means that property owners pay only for the protection that they receive, not more. For example, it doesn’t make sense to pay the same price when insuring a luxury beachfront house with its own hot tub in California and a small cabin with no amenities in Georgia.

CBIZ Landlord Insurance Coverage

While the CBIZ insurance focuses on vacation rentals, the company can also insure long-term rentals, second homes, and vacant investment properties. In terms of property types, CBIZ covers single-family homes, townhouses, condos, apartments, cabins, and small multifamily properties (up to 4 units). Insurance policies can be underwritten in all US markets.

At a cheap price, CBIZ is able to cover all the risks experienced by Airbnb hosts including:

• Property damage

• Replacement cost for the building and its contents (furniture and fixtures)
• Guest damage
• Sewer and drain backup
• Additional structures up to 100 ft. outside the property

• Commercial general liability

• $2 million general aggregate
• $1 million per occurrence
• $1 million for personal/advertising injury
• $5,000 in medical expenses
• Legal fees related to the landlord’s defense
• Property managers coverage

• Business income loss

• Lost rental income
• Lost use and extra expense

• Bed bug removal and clean up (additional coverage)

• $17,500 with no deductible in bed bug infestation-related issues

CBIZ Landlord Insurance Pros and Cons

Like all other cheapest landlord insurance companies, CBIZ has its own benefits and drawbacks.

The most significant pros of the CBIZ Vacation Rental Insurance are:

• Comprehensive coverage: The CBIZ insurance protects the rental property, its insides, the outsides, and the landlord.
• Detailed information online: The CBIZ website explains in detail the available risk coverage and the limits under each item.
• All US market coverage: Properties in all US cities are eligible for this cheap landlord insurance.
• Coverage for both rental strategies: Although CBIZ specializes in vacation rentals, they also work with traditional, long-term rentals.
• Various property types: The company is able to protect all properties with 1-4 rental units.
• Adjustable cost: The price depends on the property specifications instead of a flat fee.

Some cons to consider include:

• Focus on vacation rentals: While CBIZ can work with traditional rentals, they mostly serve the needs of Airbnb hosts.
• Lack of online reviews: CBIZ does not have reviews by customers on third-party websites.
• No online cost structure: There is no estimation of the expected insurance price on the CBIZ website.

CBIZ Insurance Reviews by Landlords

There are no online reviews of CBIZ by landlords and Airbnb hosts. All CBIZ reviews on third-party websites have been written by employees.

How to Get CBIZ Landlord Insurance

To get started with the cheapest landlord insurance for short-term rentals, Airbnb hosts can submit an online form on the CBIZ website or call 855-945-5221 to request a quote.

Travelers: Best for Small Multifamily Homes

Travelers has a long history of providing various types of insurance, including landlord insurance. The company was founded in 1853, with headquarters in New York, NY. Throughout its history, Travelers has gained a reputation as one of the best property casualty insurance companies. While Travelers protects different properties, it’s a particularly good choice for small multifamily homes that can be insured at affordable prices.

Travelers Landlord Insurance Cost

The affordability of the Travelers landlord insurance comes from the fact that each policy reflects the specific location, property type, rental size, amount of rental activity, and chosen coverage and deductible. This means that landlords pay only for the coverage that they need and request.

Furthemore, the cost can be brought down by installing and maintaining smart home security systems and devices. To get access to cheap landlord insurance, it’s important to take advantage of all possible discounts.

Travelers Landlord Insurance Coverage

Travelers offers a cheap landlord insurance that works with different property types including small multifamily homes with up to 4 units. This includes apartments and condos as well as other structures. The landlord insurance focuses on long-term rentals. The company has extensive geographical coverage across the US market, with no limits.

The risks covered by Travelers include:

• Property damage
• Damage to outside structures like garages and sheds
• Landlord personal property such as furniture and appliances
• Body injury
• Medical payments
• Lost rental income at fair market value

Travelers Landlord Insurance Pros and Cons

The cheap landlord insurance provided by Travelers brings certain advantages and disadvantages.

The pros that real estate investors should pay attention to include:

• All-in-one coverage: Travelers protects landlords not only from property damage and personal liability but also from loss of rental income.
• Wide geographical scope: This affordable landlord insurance works in all 50 US states.
• Various residential property types eligibility: The company can insure all rental properties with up to 4 housing units.
• Long history: Travelers has a long, proven track record of delivering top-notch insurance services.
• Custom pricing: The insurance cost depends on the market and the property specifications to make sure that landlords don’t overpay.
• Available discounts: The presence of working home security devices can lower the cost of the landlord insurance.

The most considerable cons of Travelers are:

• No short-term rental coverage: The Travelers landlord insurance only covers properties rented out on a monthly basis.
• Lack of price estimation: The company website does not have a calculator to estimate the expected cost before contacting them.

Travelers Insurance Reviews by Landlords

There are thousands of online reviews of Travelers, revealing mixed experiences.

You can find Travelers reviews on:

• Clearsurance: Currently 4.08/5 stars based on 1,730 reviews
• ConsumerAffairs: Currently 3.4/5 stars based on 779 reviews
• BBB.org: Currently 1.03/5 stars based on 148 reviews
• Trustpilot: Currently 2.4/5 stars based on 13 reviews

Positive reviews by property owners focus on the low cost (compared to competitors), the straightforward explanation of policies, the smooth claim process, and the available and helpful customer service team. Negative reviews talk about sudden premium increases, difficult claim processes, and impolite customer support.

How to Get Travelers Landlord Insurance

To get started with the cheapest landlord insurance for small multifamily properties, rental property investors can find an agent on the Travelers website or call 888-519-3772 to get a quote.

How We Ranked the Best Affordable Insurance Companies

In our ranking of the top cheapest landlord insurance providers in the US market, we looked at numerous factors in order to ensure comprehensiveness and objectivity.

In specific, we used the following criteria:

• Protection coverage: We looked for insurance companies that offer a wide range of risk coverage with the option to customize your own landlord insurance package.
• Rental property type coverage: We considered whether a company works with different types of property types and whether they insure both short-term and long-term rentals.
• Market coverage: We focused on cheap landlord insurances that are available in the entire US.
• Cost: We took into account the factors that determine the price of the landlord insurance and whether it is designed to fit the specific needs of each landlord and each property.
• Discounts: We searched for companies that offer discounts when bundling insurances or under other circumstances.
• History and reputation: We looked at the history, the services portfolio, and the overall reputation of insurance companies.
• Online customer reviews: We checked out the reviews by landlords to see if companies manage to fulfill their promises.
• Value for money: Most importantly, we ranked the companies that bring the best value for money to landlords in the US rental market.

Takeaway

When choosing the best landlord insurance for your rental property, it’s important to look at both the coverage and the cost. If you ignore the price, you might end up paying too much and unnecessarily inflating your rental property business expenses. The cheapest landlord insurance company is Obie, which uses technology to find the best policy at the best pricing. Other top affordable options for rental property investors include Allstate for combining several insurances and Steadily for bundling multiple properties. CBIZ could be an affordable insurance for Airbnb hosts.