The Best Landlord Insurance Companies
Allstate has the best landlord insurance overall thanks to comprehensive, customizable coverage options.
Find Cheap Homeowners Insurance Quotes in Your Area
Best landlord insurance companies
Best insurance for most landlords: Allstate
Best landlord insurance for condos: Travelers
Best coverage for multiunit properties: Farmers
Best for full-time landlords: State Farm
What is landlord insurance, and when do you need it?
Like a standard homeowners insurance policy, a landlord insurance policy will cover damage to your property from things like fire or windstorms. But it also provides a few extra protections that regular homeowners don't need.
Most landlord-specific policies include loss of rental income and expanded coverage for injury liability, which generally aren’t needed for owner-occupied homes. Also, insurers charge more for landlord policies because tenants are more likely than owners to cause property damage.
The insurance you choose as a landlord should cover any event that would impact your bottom line. Whether you're leasing on a yearlong basis or hosting week-to-week stays, having the right insurance can help you weather the financial burden of irresponsible tenants and accidents that could cause you to lose rental income.
If you're a frequent Airbnb host, your high turnover rate may make obtaining a standard landlord policy harder or more expensive. Airbnb does offer a AirCover for Hosts plan designed to address the insurance needs of its hosts, and some insurers offer special policies specifically for vacation rentals.
Methodology: How we picked the best landlord insurance
Our selection of landlord insurance providers is based on our evaluation of coverages not included in a standard homeowners insurance policy. In our view, the most common risks of being a landlord are tenant-related property damage and the loss of income from events that make a property unrentable. We evaluated the nation's top insurance companies based on how well their landlord policies address these risks and how much they charge for that coverage.
Besides comparing the major providers in terms of policy features and value, we also considered their relative customer satisfaction ratings. While this factor is relevant to any type of insurance, it's especially important when choosing a landlord insurance policy. Dealing with damage to a property you rent to someone else is more complex than for a home you own and occupy yourself. As a landlord, you'll want a responsive insurance provider in tricky situations.
About the Author
Lead Writer
Matt Timmons is a Lead Writer on the insurance team at ValuePenguin, where he writes in-depth and timely pieces helping find the right coverage for them.
He's covered insurance at ValuePenguin since 2018, specializing in auto and home insurance, as well as life insurance. He's paid special attention to the EV insurance market, where prices are much higher than for gas cars.
Before he started writing about personal finance, Matt wrote about professional skills and online tools at an e-learning company.
How insurance helped Matt
During freshman orientation in college, Matt's iPod was stolen off his table while he was eating lunch. Luckily, he'd bought a college insurance plan the day before and he had money to buy a replacement before classes started.
Expertise
- Auto insurance
- Home insurance
- Insurance rate analysis
- Life insurance
Referenced by
- CNBC
- Miami Herald
- Yahoo! Finance
Education
- BA, Wesleyan University
Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
