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Managing rental properties can be extremely stressful for landlords and property owners. In addition to keeping vacancies filled, properties properly maintained, and rents updated in line with market values, landlords also need to be mindful of the various risks that come with renting out properties. Fire, storms, and other perils could cause property damage requiring expensive repairs, and landlords could be found liable to pay for damages if a tenant or visitor is injured on the property. Landlord insurance can help property owners protect themselves against covered events that threaten their rental income or require them to pay a significant amount of money in damages or repairs.
Property owners have several options to consider when it comes to landlord insurance, but they may prefer to work with an insurance provider that specializes in this particular type of coverage. That’s where Steadily Insurance hopes to carve out its own place in this industry, as it focuses primarily on insurance coverage for rental properties. Does that singular focus translate into effective coverage terms, competitive rates, and an overall positive customer experience? This Steadily Insurance review takes a close look at what the insurance company has to offer to help landlords and property owners decide if this is the right provider to suit their needs.
See more of the best short-term rental insurance companies and the best rental property insurance companies.
At a Glance
Steadily
Our Verdict:
Steadily Insurance offers dedicated coverage for a variety of rental properties, including both long-term and short-term rental properties. The company’s strong focus on landlord insurance makes it something of a specialist in this industry, but that may make it a good fit for property owners who need this particular type of coverage. Steadily’s nationwide coverage is another strong point that’s worth calling out, especially as other insurance companies pull back property insurance coverage in certain areas of the country.
SPECS
- Coverage area: 50 states and Washington, D.C.
- Quote process: Online, phone
- Claims process: Phone, email
- Standard coverage: Dwelling, liability, personal property, loss of rents, medical payments, other structures
- AM Best rating: Not rated
PROS
- Speciality in rental property insurance (otherwise known as landlord insurance)
- Fast and detailed online quote process
- Standard other structures coverage
- Standard replacement cost coverage
- Loss assessment coverage available
- High $10,000 deductible possible
CONS
- Separate deductible for windstorm damage
- Not currently rated by AM Best
Steadily Review: Claims
Steadily Insurance positions itself as an insurance provider that focuses specifically on landlord insurance, which it views as an underserved segment of the property insurance business. The company’s website communicates a message of ease and affordability, promising a quick and streamlined enrollment process, straightforward policy management, and competitive insurance rates. There is also a strong emphasis placed on customer experiences, with many positive reviews posted on the website’s home page. Steadily even claims to be the best-rated landlord insurance company in the nation.
About Steadily
A relative newcomer to the insurance industry, Steadily officially began offering coverage to landlords and property owners in 2020. In a very short period of time, Steadily has made a name for itself by focusing almost exclusively on landlord or rental property insurance. While many major carriers offer this type of coverage to some degree, Steadily’s specialization in this area helps the company stand out among its competitors, as it can offer policies that are tailor-made to address the risks that landlords are most likely to encounter when managing rental properties. The company also offers homeowners insurance and renters insurance options to round out its services, but rental property coverage remains its primary focus and competency.
Steadily does not underwrite its insurance policies directly; instead, the company partners with multiple carriers to handle the underwriting process. Even so, policyholders will communicate directly with Steadily whenever they have a question about their policy, need to file a claim, or have a reason to address other issues, so this distinction may never impact the customer experience. Steadily is backed by several venture capital firms and investment groups, but it has yet to receive any grades from the insurance industry’s leading credit-rating agencies such as AM Best or Demotech. Prospective customers may rely on the ratings of insurance companies to get a sense of an insurance provider’s financial standing and long-term outlook, but that information is not readily available for Steadily beyond investor funding announcements.
Online Experience
Steadily offers a relatively user-friendly online experience, complete with various tools and resources that can aid landlords, property owners, and other prospective customers as they review their insurance options and go through the process of obtaining coverage. Perhaps the most useful feature on the company’s website is the online quote tool, which can provide a detailed landlord insurance quote in a manner of minutes. Site visitors may run into issues with the online quote tool from time to time, however, encountering error messages that require them to restart the process from the beginning. When it works as intended, though, Steadily’s online quote platform can generate detailed and customizable quotes in short order.
The company’s website also holds many free online resources that can educate property owners and tenants alike so they are better informed when purchasing landlord or renters insurance. Steadily’s online glossary is extensive and detailed, reviewing key insurance terminology that policyholders may come across either when buying a policy or filing a claim. This section also breaks down the different types of insurance available so policyholders can choose the right plan based on their circumstances and relationship to the insured property, as well as the intended use of said property.
The site’s FAQ section is another helpful resource that can educate policyholders on the basics of landlord and rental insurance, as well as provide more general background and advice on managing rental property as a landlord or property owner.
After purchasing coverage, Steadily policyholders will be given access to their own dedicated account that can be accessed online through the company’s website. Policyholders can manage their policy, view insurance documents, and submit claims through their account.
Coverage: What’s Included?
Steadily offers three primary forms of insurance: landlord, homeowners, and renters insurance, although landlord coverage is the focal point for the company. The exact coverage options will vary across those insurance types, but coverage typically spans several core areas:
- Fire damage
- Water damage from broken pipes and leaking appliances
- Property damage from windstorms, lightning, and hail
- Lawsuits after a tenant or guest is injured on the rented property
- Vandalism and theft
- Medical bills if a tenant or guest is injured on the rented property
Landlord Insurance
Steadily is, first and foremost, a landlord insurance provider, as the company specializes in this type of coverage. Steadily’s standard landlord insurance policies include dwelling, liability, and loss of income coverage, which is typical of any landlord insurance plan. These coverage terms can protect landlords’ finances in the event that one of their properties suffers structural damage, a tenant or guest is injured on the property, or a covered event results in lost rental income, among other scenarios. For dwelling and liability coverage, landlords can select coverage limits as high as $1 million, which could lead to a significant payout in the event that they need to file a claim.
There are additional coverage options for policyholders to explore if they need expanded or more specialized coverage, including insurance for short-term rental properties, extra liability protection, and builder’s risk insurance for fix and flip or rehab projects. Although Steadily’s insurance plans are geared toward residential properties, property owners may also be able to purchase a commercial landlord insurance policy.
Homeowners Insurance
Although Steadily does offer homeowners insurance, the company’s coverage is tailored to the needs of property owners who plan on renting out their home in some capacity. In particular, Steadily’s homeowners insurance offerings may be most appealing to property owners who will use their home as a short-term rental property, as a traditional homeowners insurance policy may exclude coverage for these scenarios since rental agreements are considered business activities. Homeowners looking for a straightforward policy to insure their primary residence may not need such specialized coverage terms, though, and it may make more sense for them to look elsewhere for coverage.
Renters Insurance
A renters insurance policy through Steadily offers personal property, liability, and additional living expenses coverage. These standard terms can protect tenants in the event their belongings are stolen or damaged by a covered peril, they cause damage to a common area in their building, or they need to find temporary housing if their rental property is uninhabitable following a covered peril, among other scenarios. Policyholders can also choose from actual cash value or replacement cost coverage with their renters insurance, which could significantly affect the size of an insurance payout since the former accounts for depreciation when assessing the value of insured property, which would result in a smaller payout, whereas a policy with replacement cost coverage would result in a larger payout.
Steadily’s insurance policies—landlord, homeowners, and renters insurance—can cover a wide variety of property types, including single-family and multifamily homes, apartment and condo buildings, vacant or rehab properties, and even manufactured homes. This allows more property owners to adequately protect different types of properties that might otherwise be difficult to insure with other insurance providers.
Although perhaps a rare occurrence, civil unrest could result in property damage requiring expensive repairs. Steadily’s policies also include riot coverage to help landlords and property owners pay for repairs in the aftermath of such incidents.
What’s not included?
Coverage exclusions will vary depending on what type of insurance a policyholder has with Steadily, but there are some notable examples that prospective customers may want to consider. For instance, customers purchasing landlord building insurance will want to note that these policies do not cover the tenant’s property, and landlords may want to consider encouraging their tenants to get separate renters insurance to protect their belongings in case of fire, theft, or other covered perils. Property owners who are considering a short-term rental insurance policy will want to keep in mind that this type of insurance primarily covers damage caused by renters, along with liability concerns. It will not cover damage caused by the property owner, though.
In general, insurance does not cover normal wear and tear or the replacement of possessions that have lost their functionality due to age. This is true of most any insurance offered by an insurance company—and not specifically an exclusion with Steadily’s policies. Landlords and homeowners who wish to protect their home systems and appliances in those scenarios may want to look into home warranty policies, which can help pay for repairs or replacements due to wear and tear. Certain natural disasters such as earthquakes are not typically covered by Steadily’s various insurance offerings either. Landlords, homeowners, property owners, and renters who want this kind of coverage may need to seek out a separate policy from another insurance provider.
Additional Coverage Options
Property owners who need expanded coverage options or want to insure property that doesn’t fit neatly into a category of long-term rental or primary residence have other options to consider with Steadily. For example, property owners can insure property that will be used as a short-term rental, which Steadily classifies as property that is rented out to tenants for a duration under 6 months. The company’s expertise in landlord property insurance could make it ideally suited to build out insurance policies that can anticipate the types of risks that a property owner might encounter while managing a short-term rental property.
Steadily also offers specialized insurance to protect property owners who plan to rehab or flip properties. Policyholders have the option to add builder’s risk insurance to their coverage, which can insure properties that are under construction and provide coverage for building materials during that process. A dedicated fix-and-flip insurance policy may be necessary for property owners looking to make extensive renovations to a home that might not otherwise be eligible for coverage with a traditional homeowners insurance policy.
Although Steadily’s policies cover some forms of water damage, they do not offer coverage for flood damage. However, policyholders can purchase flood insurance as an add-on to their landlord or rental property insurance policy. These endorsements may be worth the extra cost for property owners who worry about paying to repair water damage resulting from a backed-up drain or overflowing water (both of which are considered by insurance companies to be floods). Other endorsements that may be available to policyholders include extra coverage for solar panels, mold remediation, and mine subsidence events (ground movement caused by underground mines shifting or collapsing).
Cost and Discounts
Steadily’s main focus is on landlord insurance, which can be more expensive than traditional homeowners insurance. The company notes that the price for a landlord insurance policy is often around 25 percent higher than a homeowners insurance policy covering the same property. Part of the reason for the higher cost is that landlords often require higher coverage limits to protect themselves from liability claims. Landlords and property owners may also expect to file claims more frequently, as tenants might be more likely to cause property damage compared with a homeowner.
Landlord insurance costs may vary across different states or metropolitan areas, and locations that are at higher risk for covered perils such as fires, hail, wind, and break-ins may see higher insurance premiums. Steadily’s internal data suggests residents of states such as Texas, South Dakota, Mississippi, and Georgia may pay higher rates for their insurance, while Arizona, Utah, and Arkansas residents could be assessed lower premiums. Deductibles have an impact on the total cost of an insurance policy with Steadily as well, as selecting a lower deductible will lead to a higher premium while a higher deductible will reduce the policyholder’s insurance rates. Steadily’s deductible options could depend on the type of insurance policy, but policyholders may be able to choose from deductibles as low as $500 or as high as $10,000 on building claims.
Discount opportunities are fairly limited with a Steadily landlord insurance policy, but there are a couple of ways for policyholders to lower their insurance premiums. Property owners who install safety devices such as security systems, fire sprinklers, and motion-activated cameras could get a discount on their insurance. In addition, landlords who insure multiple properties with Steadily may be offered a lower rate on their total coverage. Property owners looking for cheap landlord insurance may want to check how much they might save with Steadily’s discounts before making a decision.
Quote Process
The primary method for customers to get a quote on a Steadily policy is to use the online quote tool. Getting a quote online is a relatively quick and easy affair, as customers can expect to complete the process in under 4 minutes, according to the site. Quotes may take even less time to process, depending on the complexity of the policyholder’s coverage needs. If customers would prefer to speak to an agent and walk through an insurance quote over the phone, they can call Steadily’s customer support line at any point in the online quote process. Users who sit idle for too long on any particular step will receive a prompt asking if they need more hands-on assistance with an over-the-phone quote.
Although Steadily’s online quote tool is quick and convenient overall, there are instances where a customer’s quote cannot be immediately finalized. Rather than be presented with a finished quote complete with rates, coverage limits, deductibles, and other policy details, customers will be asked to wait for a representative to look over their information and respond via email. It’s also possible for users to run into a server error after submitting their quote request, requiring them to start the entire process over again.
Application Process
Applying for insurance coverage can be a relatively streamlined process at times, but that may not always be the case for all prospective customers. Landlords, property owners, and tenants may be able to quickly sign up for coverage after receiving a quote online, assuming no additional reviews are necessary on Steadily’s side. In those scenarios, making a payment and enrolling in coverage could be a breeze, and policyholders may have their new insurance policy in just a few minutes. In many cases, policies can be activated within a single business day, so property owners don’t have to wait too long for their coverage to begin.
However, online quotes are not always processed so quickly, and the company’s platform may require additional time to finalize a quote. In those instances, customers will receive a message notifying them that their completed quote should arrive by email within a few minutes. This is a relatively minor delay, but it’s worth noting that those emails don’t always arrive in a timely manner. In some cases, prospective customers could wait for 24 hours or more without receiving their online quote. As such, it may be more expedient to call Steadily’s customer service line and speak to a representative directly in order to buy an insurance policy.
Claims Process
Policyholders have a couple of options at their disposal when they want to file a claim on their Steadily insurance policy. The default method is to submit a claim through the company’s website. This involves filling out an online claim form, providing basic information about the policyholder and the property. Policyholders will also be asked to describe the nature of their claim, including what items or assets were damaged or stolen, in the event of a property damage claim, or details about any injuries a tenant or guest sustained, in the event of an injury or liability claim. The claim form also includes fields for property owners to list the date of the inciting event and their policy number. If they need to pull up their policy number, policyholders can log into their online account with a one-time code to access their policy information. However, they cannot submit a claim directly through their account; they will still need to submit a form through the website. Once the form has been submitted, claim representatives will review the information and get back to the policyholder—however, it’s not clear if they will reach out via email or with a phone call.
It’s also unclear how long customers might wait before receiving a response from a claims specialist. With that in mind, they may prefer to file claims over the phone and speak directly with a representative. Doing so can give policyholders the opportunity to describe their claim in more detail and provide information that will be needed so an agent can quickly process the claim and determine the payout amount. It’s worth noting, however, that Steadily’s claims representatives are not available 24/7, so customers will need to call the company during normal business hours to start the claims process over the phone.
Additional Policies and Products
Although Steadily focuses primarily on landlord rental insurance and coverage for rental properties, there are some additional offerings for customers to consider. Most notably, property owners can also purchase umbrella insurance from the company. Umbrella insurance offers extended liability coverage that could help pay for legal fees, medical bills, and other damages in the event those damages exceed the policyholder’s coverage limit on their landlord or rental property insurance.
Umbrella insurance can also cover a wider variety of assessed damages that might not be included in a traditional landlord insurance policy—mental anguish, for instance. This extended coverage isn’t limited to one property either; an umbrella insurance policy can be applied to multiple rental properties, as well as the policyholder’s own home and personal vehicle. In effect, a single umbrella policy can help cover gaps across different insurance policies, including homeowners, auto, and landlord insurance.
Landlords and property owners may want to consider purchasing an umbrella insurance policy from Steadily if they feel that their existing liability coverage limits are sufficient to cover most scenarios, yet still worry about rare occurrences that could result in much higher damages being assessed to them. Purchasing a separate umbrella policy could be more cost-effective than raising the coverage limits on a policyholder’s landlord insurance plan, but that may not always be the case.
Customer Support
Current or prospective customers can reach out to Steadily’s customer service for assistance if they have questions regarding their coverage options, insurance policies, or claims. The Steadily customer support line is not manned 24/7, however, and policyholders will need to call during normal business hours to speak to a representative. The lack of round-the-clock support could be a concern in some cases, as covered perils can strike at any time, and landlords may want to file a claim as soon as possible. If property owners are notified about water damage, fire damage, or a break-in during the middle of the night, they may need to wait until the following business day to start processing a claim. Although policyholders can submit claim information through an online form at any time, claims specialists will likely only review that request during normal working hours.
There are other resources available on the company’s site that can help address potential concerns or questions that customers have about their insurance. Steadily’s extensive online glossary can provide clear and straightforward explanations regarding different insurance concepts and terms that policyholders may encounter. In addition, there is a wealth of blog content and FAQ material to help explain how different aspects of insurance coverage works, including how to submit a claim and check the coverage terms included in each policy. Steadily’s blog articles even offer advice on the best ways to manage landlord enterprises, such as tips on starting a rental property business or renting out units to tenants with pets.
Steadily Reviews by Customers
After we read through numerous Steadily Insurance reviews left by customers, we found that Steadily Insurance garnered overwhelmingly positive feedback from former and current customers. Trustpilot reviews praised Steadily’s employees for their expertise, responsiveness, and helpfulness. In some cases, Steadily representatives even helped customers find qualified professionals to conduct inspections on newly purchased properties. Other positive reviews noted the ease and speed with which customers were able to purchase policies, as well as the company’s competitive rates on landlord and rental property insurance.
Reviews left on the company’s Facebook page reflected similar customer experiences, with affordable rates, hands-on support, and quick enrollment processes being regularly cited among Steadily’s strengths as an insurance provider. In particular, many customers highlighted the streamlined quote and enrollment process, commenting on how easy it was to get an estimate on an insurance policy and then sign up for coverage.
The wealth of positive customer reviews is particularly notable given the propensity for unhappy customers to be more vocal about their negative experiences than satisfied customers are about their positive experiences. It’s still worth keeping in mind that customer reviews tend to be highly subjective, and one person’s experience—good or bad—may not accurately reflect another policyholder’s relationship with their insurance provider.
How Steadily Stacks Up to the Competition
Steadily stands out among insurance providers with is specialty in landlord insurance. While many major insurance carriers, such as Allstate and State Farm, also offer insurance for landlords and rental properties, property owners may prefer to work with an insurance provider that focuses primarily on this type of coverage. It’s also noteworthy that Steadily Insurance has a nationwide footprint, offering coverage in all 50 states and Washington, D.C. As some insurance companies have begun to roll back property insurance coverage in select states, such as California and Florida, Steadily’s nationwide coverage could be very appealing to landlords, depending on where their rental properties are located.
Looking more closely at the coverage options available with Steadily, the wide variety of eligible property types could be an important feature for some landlords. In particular, property owners can insure manufactured homes with their landlord insurance, which isn’t always the case with insurance providers in this space.
Despite the occasional hiccup, Steadily’s online quote tool is another standout feature that sets it apart from other insurance providers operating in the same space. Companies such as State Farm and Liberty Mutual do not support online quotes on landlord insurance, and having the option to quickly get a detailed quote from Steadily can make it easier for property owners to compare their options and decide which insurance provider is the right fit for their needs.
Should you buy a policy from Steadily?
Steadily Insurance could be a fantastic option for property owners looking to rent out their property on either a long-term or short-term basis. The company’s specialty in landlord and rental insurance could be very appealing to property owners who want to work with an insurance provider that understands the nuances of managing rental property and the types of risks that an effective insurance policy should address. Because Steadily offers coverage in all 50 states and Washington, D.C., property owners can get coverage no matter where their rental properties are located. This may be especially appealing to landlords with rental properties in multiple states, including states like California and Florida that might face greater risk of natural disasters.
Another point in Steadily’s favor is its support for both long-term and short-term rental properties, so both professional landlords and property owners looking to rent out second homes can take advantage of the company’s insurance offerings. Landlords who own a mix of property types may find Steadily’s expertise in this market to be especially attractive. Although the company does offer homeowners insurance, it’s not a core competency for the insurance provider, and those looking for a traditional homeowners insurance policy on a property they don’t intend to rent out in any capacity may not find as much value in Steadily’s rental-focused policies. Landlords and property owners who want to work with a top insurance company that understands the ins and outs of property management and can provide tailored coverage with these circumstances in mind could find Steadily to be the perfect fit.
FAQs
When property owners are searching for the right landlord insurance to suit their needs, it can be helpful to review some of the most common questions landlords have about this type of coverage. By doing so, they can better understand how this insurance works and what to look for in a capable insurance provider.
Q. Who needs landlord insurance?
Property owners interested in renting out property on a long-term basis will likely want landlord insurance to protect their building and property during the tenant’s rental period. This insurance also provides liability coverage in the event that a tenant or guest is injured on the rental property, among other scenarios. In addition to dwelling and liability coverage, landlord insurance covers loss of income in the event the property cannot be rented out after a covered peril.
Q. What types of properties does Steadily landlord insurance cover?
Steadily’s landlord insurance policies cover single-family homes, multifamily homes, apartment buildings, condo units, manufactured homes, vacant properties, and properties that are under construction for major renovations.
Q. Is Steadily landlord insurance a reliable company?
Although Steadily has only been providing insurance coverage since 2020 and does not currently hold an AM Best rating, the company has received largely positive reviews from customer review sites.
Q. Is landlord insurance mandatory?
Landlords are not legally required to obtain and maintain landlord insurance coverage, but not having insurance coverage could expose them to major liability concerns, and property owners could wind up paying out of pocket to cover repair costs, legal fees, medical bills, and other damages they may incur.
Q. What sets Steadily landlord insurance apart from other companies?
Steadily specializes in landlord insurance and has a nationwide footprint, so property owners can get coverage and expert support in any state.
Q. Is Steadily insurance worth it?
Property owners who need landlord or rental insurance and want to work with an insurance company that focuses primarily on this type of coverage may find that Steadily perfectly fits their needs.
We independently reviewed this service by weighing the company’s claims against first-hand experience with its professionals. However, due to factors such as franchising, human error, and more, please note that individual experiences with this company may vary.
