best landlord insurance

Steps for Selecting the Best Landlord Insurance

December 1, 2021

If you own a rental property, that means you have assets that aren’t covered under your conventional homeowners’ insurance. Not having proper landlord insurance can cost you a lot of money as your property may undergo unexpected losses.

You can opt for landlord insurance for a wide variety of rental units, such as apartments, single-family homes, duplexes, and more. Most policies offer coverage for:

  • Acts of nature
  • Fire
  • Loss of income
  • Water damage
  • Injury
  • Personal property
  • Dwelling

You can also purchase an add-on for extra coverage. For example, flood damage isn’t covered under regular homeowners or landlord insurance policies. You would need to purchase flood insurance separately as an add-on.

However, you must choose the right landlord insurance. While finding the right policy is overwhelming, you can make it easier with proper research.

Don’t know where to start? Follow the given steps.

Selecting the Best Landlord Insurance

Step 1: Determine the Type of Insurance You’re Eligible For

Determining your eligibility for a certain type of insurance depends on whether you rent out a room at your home you live in or you rent out a house that you don’t occupy at all. There’s no one-size-fits-all when it comes to insurance. Therefore, everyone’s insurance needs are different depending on their situation.

Step 2: Shop Around and Find an Agent 

When it comes to buying a landlord insurance policy, you need to shop around and compare different coverages until you find the right one.

The best thing you can do is do your research and find an insurance agency that suits your needs. Look up their review online to find out whether current customers are happy with their services.

Step 3: Determine Your Coverage Needs

The next step is to gather all your property information so you can provide it to your agent. Discuss with them your exact insurance needs or things you want coverage for.

Step 4: Get a Quote

Once your insurance agent has all the information they need, they’ll contact their insurance carriers to get a quote.

Typically, this process doesn’t take long at all. Your agent will shop around until they find an affordable policy that has all your coverage needs.

Step 5: Review, Sign, and Buy

When you receive the quote from your agent, it’s time to choose the best carrier for your landlord insurance.

Remember, don’t base your decision solely on price. You need to pick a policy that provides you with the coverage you need.

Top Landlord Insurance Providers

The insurance industry is very competitive. You may find tons of reputable companies offering landlord insurance. Most of them are good and reliable but have different policies and packages.

As each situation differs, not all landlord insurance companies are suitable options. Here we have listed some of the best choices you can opt for:

  • Country Financial: Has outstanding customer satisfaction
  • Liberty Mutual: Excellent for getting bundling discounts
  • The Hartford: Has first-rate property claim satisfaction
  • State Farm: Best for making a retail presence

Summing Up

Since there’s no one size fits all when choosing an insurance company, you must compare the policy features and value of each option. And the above steps will help you make an informed decision.

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