In-Depth Analysis Steadily Insurance Review for Real Estate Investor
6 minute read
·
August 18, 2023

Share

This article contains affiliate links. We may receive compensation if you use a partner bank for financing. We never recommend a service we wouldn’t use ourselves. Period.

As a real estate investor, you understand the importance of protecting your investment properties. One crucial aspect of safeguarding your investments is having the right landlord insurance in place.

In this Steadily Insurance review, we’ll take an in-depth look at the landlord insurance company, its offerings, and how it may benefit your real estate investment portfolio.

Overview of Steadily landlord insurance

Steadily is a tech-focused insurance company that specializes in providing landlord insurance policies. Their goal is to offer competitive rates, fast online quotes, and comprehensive coverage options tailored specifically for landlords.

With a high customer rating on TrustPilot and availability in all 50 states, Steadily has quickly become a popular choice for real estate investors seeking reliable landlord insurance.

Landlord insurance overview

Landlord insurance is a specialized type of insurance policy designed to protect property owners from the financial risks associated with renting out their investment properties.

It typically covers hazards such as property damage, liability claims, and loss of rental income. As a real estate investor, having landlord insurance is crucial in safeguarding your investments and ensuring long-term profitability.

Steadily as a company

Steadily was, to paraphrase their mission statement, founded with the mission of offering tailored landlord insurance policies, built from the ground up. Each policy, they say, is designed to cater to the unique needs of real estate investors.

The company prides itself on its tech-focused approach, allowing customers to obtain fast and secure online quotes in just a few minutes. We were particularly pleased to find that Steadily has some of the most competitive rates in the U.S. for landlord insurance — an attractive option for budget-conscious investors.

What hazards does Steadily cover?

Steadily’s landlord insurance policies cover a wide range of hazards, including:

  • Property damage from fire, lightning, windstorms, hail, explosions, and more
  • Vandalism and malicious mischief
  • Liability claims arising from injuries or property damage sustained by tenants or visitors
  • Loss of rental income, due to a covered loss rendering the property uninhabitable

No matter which insurance company you choose, it’s essential to review your policy’s specific coverage options and limits. Always ensure you have the appropriate protection for your investment properties.

What does Steadily Insurance not cover?

Like most insurance policies, Steadily’s landlord insurance does not cover every conceivable event or circumstance.

Some common exclusions include:

  • Flood damage (separate flood insurance is typically required)
  • Earthquake damage (may require a separate policy or endorsement)
  • Intentional damage caused by the property owner
  • Wear, tear, deterioration, or damage due to lack of maintenance

Ultimately, these exclusions are almost ubiquitous for landlord insurance policies nationwide, so it’s not surprising they are included here.

Get a landlord insurance quote in minutes.

What property types does Steadily insure?

Steadily offers landlord insurance policies for various property types, including single-family homes, condos, duplexes, triplexes, fourplexes, and small apartment buildings. They even cover manufactured homes and vacant homes or those in the process of being built or rehabbed.

Whether you own one rental property or manage a diverse portfolio, Steadily has coverage options to suit your needs.

Should I use Steadily instead of my current insurance company?

Scanning the available landlord policies on the market, it’s apparent that switching to Steadily could easily result in better rates. Also, more comprehensive coverage tailored specifically for real estate investors can make a big difference in your peace of mind.

One of the biggest factors is that Steadily specializes in landlord policies. They understand the unique risks and challenges faced by property owners. Specialization means they can provide more targeted protection compared to a standard homeowner’s insurance policy.

How do I get a quote from Steadily?

A big bonus here: obtaining a quote from Steadily is fast and easy. Completing a secure online form gives you a personalized quote in just a few minutes.

Get a Steadily landlord insurance quote.

Steadily pros and cons

Pros:

  • Specializes in landlord insurance, providing tailored coverage options for real estate investors
  • Fast and secure online quote process
  • Competitive rates
  • High customer satisfaction ratings on Trustpilot
  • Available in all 50 states

Cons:

  • Not well-suited for those seeking bundled insurance policies (e.g., auto and home)
  • Limited information available on their website regarding policy specifics
  • No local agents or offices for in-person assistance
  • No mobile app for policy management

Steadily reviews: What do real customers have to say?

Reviews are mostly positive, but there are also less-than-stellar reviews from real customers.

Smooth and easy process

“I recently switched to Steadily for my rental properties, and the process was smooth and easy. Their rates were much better than what I was paying with my previous insurer, and the online quote system made it simple to get started.” – Trustpilot Review

Affordable coverage

“Steadily has been a great choice for my landlord insurance needs. Their customer service is responsive and helpful, and their coverage options are comprehensive and affordable. I highly recommend them to other real estate investors.” – Reddit Review

Lack of online information was frustrating

“While the rates were competitive, I found the lack of information on their website to be frustrating. I had to contact customer support multiple times to get clarification on my policy’s specifics. Overall, not a terrible experience, but there’s room for improvement.” – Trustpilot Review

Steadily Insurance FAQs

What’s the difference between regular homeowner’s insurance and landlord insurance?

Homeowner’s insurance primarily covers owner-occupied properties, while landlord insurance is specifically designed to protect investment properties rented to tenants.

Landlord insurance typically provides additional coverage for hazards unique to rental properties, such as loss of rental income and increased liability protection.

Do I need landlord insurance for my short-term rental?

Yes, landlord insurance is recommended for short-term rentals, as standard homeowner’s insurance policies may not provide adequate coverage for the unique risks associated with short-term rental properties.

Steadily offers short-term rental insurance tailored to meet the needs of property owners in this market.

Are Steadily insurance rates high?

While landlord insurance policies are generally more expensive than standard homeowner’s insurance, Steadily offers some of the most competitive rates in the industry for landlord insurance.

Their focus on providing landlord-specific policies allows them to keep costs lower than other providers while still offering comprehensive coverage tailored to real estate investors’ needs.

Will my lender accept Steadily insurance?

Most lenders accept Steadily insurance; however, it’s always a good idea to check with your specific lender to ensure compliance with their requirements. Steadily’s landlord insurance policies are designed to meet insurance guidelines.

Where is Steadily available?

Steadily offers landlord insurance policies in all 50 states, making it an accessible option for real estate investors across the U.S. Their online platform and tech-focused approach allow them to efficiently serve customers nationwide, providing tailored coverage options regardless of location.

Steadily Insurance review — the bottom line

Steadily Landlord Insurance is a promising option for real estate investors seeking specialized coverage tailored to their needs.

With competitive rates, fast online quotes, and comprehensive coverage options, Steadily has much to offer. As with any insurance provider, it’s essential to carefully review policy documents and consider your unique needs and preferences before making a decision.

Check today’s landlord insurance rates in minutes.

Our advise is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.

Share
Array
Share on LinkedIn
Email this Article
Print this Article


More on Real Estate Investment Strategies and Tools from REInvestor Guide