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Landlord insurance is similar to homeowners insurance in the fact it protects your property against various perils and liability claims. However, landlord insurance policies are for individuals who own rental property, whether their real estate portfolio includes single-family homes, multi-family housing units, or commercial buildings.
The best landlord insurance policies can help investors avoid financial losses if their building is damaged due to a storm or vandalism, or if a renter becomes injured on their property and needs medical care as a result. The landlord insurance companies we profile below offer some of the best coverage money can buy.
Best Overall : State Farm
State Farm offers robust coverage for landlords who own apartments or single-family homes, and customers get to work with an agent who understands their needs. The company boasts strong ratings for financial strength and you can customize your policy to suit your goals and budget.
Customize your policy to suit your needs and budget
Work with an agent for a personalized experience
A++ rating for financial strength from AM Best
No way to get a quote online
Extra coverage options can cause premiums to rise
State Farm won as our best overall landlord insurance due to the financial strength of the company, as well as its reputation for quality agent customer service.
The company was originally founded in 1922, and it has grown since then to become a major provider of homeowners insurance, auto insurance, renter's insurance, and financial services. Landlord insurance from State Farm includes coverage for dwellings, loss of rent if a property becomes uninhabitable, and liability coverage. Landlords can also purchase coverage for personal property they rent with their homes or apartments, including furniture and other property used to maintain the home.
State Farm offers several discounts within its rental dwelling coverage, including home alert discounts when you install fire alarms, burglar alarms, and other home monitoring systems. Within the apartment-specific coverage, it also includes special protections such as heating and air conditioning loss reimbursement and equipment breakdown coverage. General liability coverage is included to protect landlords against covered claims or lawsuits when someone is injured on the property and requires medical care.
The biggest downside of State Farm is the fact you have to work with an agent to get a quote for landlord insurance. However, many customers prefer having the chance to work with an agent who can understand their situation and insurance needs.
Best for Multiple Properties : Allstate
Allstate makes it easy to insure multiple rental properties you own, and it offers some of the best discounts for bundling more than one policy. Its online customer portal also makes it easy to view policy details and make payments for coverage online.
Discounts for insuring multiple properties
Seamless online experience
Strong ratings for financial strength
You can tailor your coverage to your needs
Must work with an agent to get a quote
Allstate is best for multiple properties due to its easy-to-use online interface and discounts for bundling policies.
Since the company's founding in 1931, Allstate has become a major provider of homeowners insurance, car insurance, renter's insurance, life insurance, and financial services in the United States. The company also boasts an A+ rating for financial strength from AM Best, so you can rest assured it has the stability to pay out claims.
When you work with Allstate, you get access to a user-friendly portal that lets you oversee your policies and make payments on your own time. Coverage for landlords includes dwelling insurance, protection for other structures on your property, liability coverage, vandalism coverage, burglary coverage, and protection against medical expenses if someone is injured on the property. You can also customize your coverage for protection against building code violations, as well as fair rental coverage that can reimburse you for losses if a building becomes uninhabitable due to a covered loss.
Landlords can also add flood insurance and/or umbrella insurance to their insurance plans for even more financial protection.
Once again, Allstate does make you work with an agent to get a landlord insurance quote. This can be a downside for some, but there are customers who like to work with an agent who understands their needs.
Best for Inflation Protection : Liberty Mutual
Liberty Mutual offers a unique type of protection for landlords known as inflation protection. This key coverage option helps your policy keep up with the rising costs of repairs, which helps you ensure full coverage in the event of a total loss.
Discounts available on landlord policies
Customizable coverage options
"Only pay for what you need"
Strong ratings for financial strength
No option for online quote
Coverage options and availability vary by state
Liberty Mutual lets you customize your policy to meet your unique insurance needs. This includes the option to add inflation protection coverage, which can help you become financially whole in the event of a total loss.
While Liberty Mutual is commonly known for its funny commercials (with LiMu Emu and Doug) and tagline—"only pay for what you need"—the company has a long history and has been in operation since 1912. In addition to landlord insurance policies, it offers popular auto insurance, homeowners insurance, and renter's insurance policies along with other types of coverage.
Their landlord insurance policies include coverage for dwellings, medical liability, and loss of rent, but you can also customize your policy to meet your unique needs. You can also qualify for discounts if you bundle multiple Liberty Mutual policies, such as your primary residence and rental properties you own, or if you're claims-free. Early shoppers who get a quote before their existing landlord insurance policy expires may also snag lower rates.
On the downside, Liberty Mutual makes you call in to get a quote for landlord coverage, so it's not as easy to shop around.
Best for Military Members : USAA
USAA offers robust landlord coverage for members with military service. Its customer service rankings are spectacular, and the company lets members benefit from discounts and extras like a discounted tenant screening feature.
Unique coverage for roommates when you rent out part of your home
Get an online quote
Coverage is only available for up to 10 tenant-occupied properties
Military connection or membership required
USAA offers highly-rated landlord coverage for military members and veterans who own up to 10 tenant-occupied properties. Discounts are available, and customers can customize their coverage to their needs.
USAA was founded in 1922 with the goal of providing the best possible insurance and financial products to military members, veterans, and military families. The company has grown by leaps and bounds since then, and it is frequently praised for its excellence in customer service and stability. For example, USAA was given the highest score (905 out of 1,000 points) among all other insurance companies in J.D. Power's 2021 U.S. Property Claims Satisfaction Study. The company also has an A++ rating for financial strength from AM Best.
While you do have to be a military member, veteran, or eligible family member to qualify, USAA does make it easy to get a quote for landlord insurance online. Not only does its landlord insurance provide coverage for your dwelling and other structures, but you get coverage for medical liability, income replacement when your property is being repaired after a claim, and protection against potential legal expenses. Interestingly, USAA also lets homeowners who rent out part of their home apply for home-sharing coverage. This unique insurance protection provides certain types of landlord coverage for members who may only rent out a room in their house.
USAA also offers discounts on a tenant screening tool their customers use, and you can purchase umbrella coverage to provide even higher limits if you need them. USAA members who bundle multiple policies can also save up to 10% on their landlord insurance premiums.
Best for Multiple States : Foremost
Foremost offers a Platinum insurance package for landlords who own properties in multiple states. The Platinum Package includes additional coverage options for newly acquired properties, additional coverage for vacant properties, and coverage for fire extinguisher recharge and fire department service charges.
Platinum Package benefits available for some landlords
Discounts available on landlord policies
Backing of Farmers Insurance
You can get a quote online
Insure multiple rental properties in a single policy
Company is not a household name
Not rated for customer service by J.D. Power
We chose Foremost for our ranking based on its Platinum package for landlords who have properties in multiple states. This package includes additional coverage options and discounts.
A Farmers Insurance company, Foremost was originally founded in 1952. While not a household name, it does have solid ratings for financial strength, including an A rating from AM Best.
Foremost landlord coverage is pretty unique considering it will combine all your rental properties and insure them under a single policy. Foremost policies include coverage for your dwelling and other structures as well as liability coverage. Add-on coverage you can use to customize your policy includes replacement cost coverage, coverage for loss of rents, protection against water damage from sewers and drains, and more.
Discounts are available for landlords as well, including special savings for belonging to a Landlord Association or using a property management company. Foremost also offers discounts on a tenant screening service customers can use to ensure potential tenants meet the qualifications required to rent their space.
Best for Tenant Screening Service : Farmers Insurance
Farmers Insurance offers high-quality landlord insurance coverage that can be customized to meet your financial needs. It also partners with TransUnion to offer an easy tenant screening tool for $25 to $35 per use.
Strong ratings for financial strength
Above average ratings for customer service
Discounted tenant screening services
You can customize your policy
No option for online quote
Optional coverage options can cause premiums to rise
Farmers Insurance won in this category due to its tenant screening tool from TransUnion, which customers can use to check their tenant qualifications and credit in one fell swoop. This tool costs $25 to $35 per tenant and includes credit reports and criminal background checks.
Farmers Insurance has been serving customers since 1928. The company offers various insurance products in all 50 states and currently serves more than 10 million households nationwide. Their landlord coverage includes protection for your dwelling and liability, although customers can customize their policy with select add-ons. Optional coverage options include coverage for loss of rents, other structures, personal injury in the event you are sued for wrongful eviction, and protection for landlord personal property.
Farmers Insurance does not make it possible to get a quote for landlord insurance online, but you do get to work with an agent that can give you tailored advice based on your needs. Farmers Insurance also ranked above average for customer service in J.D. Power's 2021 U.S. Property Claims Satisfaction Study.
Best for Discounts : GEICO
GEICO is known for its affordable insurance coverage, and we chose them based on the plethora of potential discounts landlord customers can qualify for.
Multiple discount options available for landlords
Customizable policy options
Easy online quote process
No coverage options for short-term or vacation rentals
Vandalism coverage not included as standard
GEICO made our ranking for its landlord insurance policies based on the many discounts you can qualify for. For example, you can save big by bundling multiple policies, being active duty military, being a federal employee, and more.
GEICO Insurance was founded in 1936, and they have become one of the top insurance companies in the United States since then. Known for its financial stability and reliability, GEICO has the best possible rating of A++ for financial strength from AM Best.
Along with the discounts the company offers customers from all walks of life, GEICO also makes it possible to get an online quote for landlord insurance. Its online portal also makes it possible to pay premiums and file claims online or with your mobile device.
Landlord insurance from GEICO comes with coverage for dwellings and other permanent structures on a property, lost rent payments if a property is vacant due to covered repairs, and standard liability coverage. Customers can also add extras to their policy like vandalism coverage and coverage for bringing a property up to code after it's been damaged.
GEICO landlord insurance policies do not cover floods, short-term or vacation rentals, and damage caused by water backups.
Landlord insurance is essential, whether you own a single rental property or several apartment buildings. However, you should know how individual companies work, what their landlord insurance policies cover and exclude, and how premiums compare across multiple providers.
While this guide introduces you to the best landlord insurance policies on the market today, you still have some work to do. Get a quote from at least three or four different companies and compare coverage options, including limits, before you decide on the best deal.
Compare The Best Landlord Insurance Policies
|Company||Price||Online Quote?||Policy Types|
|Contact agent||No||Landlord insurance, homeowners insurance, renters insurance, auto insurance, and more|
Best for Multiple Properties
|Contact agent||No||Landlord insurance, homeowners insurance, auto insurance, life insurance, and more|
Best for Inflation Protection
|Contact agent||No||Homeowners insurance, auto insurance, landlord insurance, renter's insurance, and more|
Best for Military Members
|Contact agent||Yes||Homeowners insurance, auto insurance, life insurance, banking products, and more|
Best for Multiple States
|Contact agent||Yes||Homeowners insurance, auto insurance, landlord insurance, renter's insurance, and more|
|Farmers Insurance Best for Tenant Screening Service||Contact agent||No||Homeowners insurance, auto insurance, landlord insurance, renter's insurance, and more|
Best for Discounts
|Contact agent||Yes||Homeowners insurance, renter's insurance, auto insurance, business insurance, life insurance, and more|
Guide for Choosing the Best Landlord Insurance Policies
Do You Need Landlord Insurance?
If you own rental property, you definitely need landlord insurance to cover the building and other structures on your property. You also need liability coverage that can provide you with financial protection if a tenant gets injured on your property and racks up medical bills as a result.
If you have a mortgage on your rental property, then your mortgage company will require landlord insurance policy as a condition on your loan. If you fail to maintain coverage, they can even purchase forced-place insurance on your behalf and pay for it from your mortgage escrow account.
Comparing Landlord Insurance Policies
While you can buy landlord insurance from most of the major insurance companies, some providers offer more robust landlord policies than others. Here are some of the features you should look for as you compare landlord insurance policies across multiple providers:
- Included Coverages: While most landlord policies include the same basic coverages for your building structure and liability, some companies offer broader included coverages than others. For example, your policy may or may not cover other structures on your property, vandalism, loss of rent while your building is repaired, and more.
- Available Add-ons: Check with companies to see if they offer additional coverage options you need, such as umbrella insurance or coverage for earthquakes or floods.
- Insurance Discounts: Compare companies based on the discounts you may be eligible for, including military discounts, federal employee discounts, and savings for bundling multiple policies.
- Online Access: If you want to manage most of your insurance needs online, make sure companies you're considering have online portals that let you pay premiums or file claims.
- Limitations: Know the limitations of companies you're considering, including whether they offer landlord coverage in your state. If you have many properties or short-term vacation rentals, you'll need to make sure insurance providers offer options that suit your needs.
Applying for Landlord Insurance
If you are ready to purchase landlord insurance, you can start the process by getting as many free quotes as you can online. This can help you get an idea of how much you'll pay for landlord insurance premiums, which you can use to compare and contrast with other quotes you receive.
Don't be afraid to speak with local agents in your area who offer landlord insurance through major providers. If you're short on time and don't want to spend hours on the phone with several companies, it can also help to prepare a single email you send out to several agents in your area. Information in the email should include the address of your rental property, your age, your personal home address, and the loan details on the rentals you want to insure.
Frequently Asked Questions
What Are Landlord Insurance Policies?
Landlord insurance is a type of insurance that is meant to protect real estate investors and their residential or commercial properties. Unlike traditional homeowners insurance policies that cover the structure of your building and its contents, landlord insurance is meant to provide protection for buildings, additional structures on the same property, and liability.
How Much Do Landlord Insurance Policies Cost?
The cost of landlord insurance varies widely depending on the details of the building you want to insure, where you live, your credit rating, discounts you are eligible for, and more. To find out how much you might pay for landlord insurance, you should take the time to get quotes from at least three or four insurance companies.
What Do Landlord Insurance Policies Typically Cover?
This type of coverage protects the structure of your rental building, as well as other structures on the property. This means you'll have protection against financial losses if a tree falls on your home and destroys the roof, or if the property catches on fire and burns to the ground. General liability coverage is also included so landlords are covered if a tenant is injured on the property.
Landlord insurance policies often include additional types of coverage, and customers can typically customize their policies with additional protection against earthquakes, floods, and more.
The Balance compared more than 20 of the top insurance companies that offer landlord policies in order to select the providers for this ranking. We compared factors such as financial ratings from third-party companies, customer service ratings, included coverage options, and availability in order to select individual insurance companies based on their strengths.
Ultimately, we looked for landlord insurance companies that offer robust coverage, the ability to customize policies with add-ons, and special features like online portals, mobile apps, or tenant screening tools.