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Steadily Landlord Insurance Review – Key Features, Pros and Cons

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Landlord insurance provides critical financial protection against potentially costly issues that could come up during your tenure as a rental property owner, including structural damage and tenant lawsuits. Even if you own your rental property free and clear, it pays to carry enough coverage to protect against the unexpected.

Plenty of insurance companies offer rental property insurance, but one in particular stands out from the crowd: Steadily. Steadily’s fully customizable coverage is appealing. But like any insurance product, it has its pros and cons, so familiarize yourself with the features you need before taking out a policy.

Key Features of Steadily Landlord Insurance

Steadily is an insurance company that’s all about property insurance. You won’t find auto insurance or health insurance here, and though Steadily does offer renters insurance and homeowners insurance policies, it doesn’t market them — you wouldn’t even know they exist from looking at Steadily’s website..

That means you can count on Steadily to keep a laser focus on your needs as a rental property owner. That means you always know what you can expect from Steadily’s policies and your relationship with the company, from coverage to account management.

Property Types Covered by Steadily Landlord Insurance 

Steadily offers landlord insurance on various property types:

  • Single-family homes
  • Small multifamily properties (two to four units)
  • Apartment buildings
  • Condo units
  • Manufactured homes
  • Rental properties of any type that are vacant or under renovation

Steadily provides insurance for properties classified as long-term and short-term rentals. That means you can get a Steadily rental property insurance policy for properties or units you list on vacation rental platforms like Airbnb and Vrbo.

Geographical Reach — Where Steadily Offers Landlord Insurance

Steadily has insurance licenses in all 50 states. The company doesn’t have physical branch offices, but you can find landlord coverage on a long-term rental property wherever it’s located as long as it’s in one of the 50 states or the District of Columbia.

Steadily offers landlord insurance for short-term rentals wherever it’s able. But local regulations can make it difficult or impossible to operate short-term rentals in certain areas.

Customizable Coverage — Steadily Coverage Options

One of Steadily’s biggest advantages is its fully customizable coverage. You can build a policy that’s perfectly tailored to your needs by including all the coverages you need and none you don’t.

Specific Steadily coverage options include:

  • Fire damage
  • Water damage caused by broken or leaky pipes and appliances
  • Storm damage, including wind, hail, and lightning
  • Vandalism and theft, which covers targeted damage or defacement to buildings and shared property (such as washing machines) and landlord-owned furnishings as well as theft of shared property or landlord-owned furnishings
  • Riot and civil commotion, which covers damage or defacement due to widespread civil unrest
  • Liability for tenant and guest injuries, which protects against lawsuits and judgments for medical bills and related expenses
  • Loss of rent, which offsets rent not received while the property is uninhabitable or under repair
  • Umbrella insurance, which provides broad coverage against liability, medical, and legal expenses
  • Bonus coverages, including property damage caused by vehicles, volcanic eruptions, and explosions

Most Steadily coverages apply to the insured property only, but umbrella coverage travels with you (and anyone else on the policy) wherever you go. For example, if you’re injured in a car accident and need medical expense coverage beyond your auto insurance policy’s limit, your umbrella coverage might kick in.

What Steadily Doesn’t Cover

All landlord insurance policies have some important limitations relative to property insurance policies on owner-occupied primary residences — that is, homeowners insurance. 

Steadily is no exception. Steadily’s landlord insurance policy doesn’t cover:

  • Tenant property, such as furniture and electronics they own — landlord-furnished property is covered 
  • Tenant vehicles parked on or near the property
  • Mechanical system repair or replacement
  • Repairs and replacements due to general wear and tear or lack of maintenance
  • Damage caused by the property owner, such as wall or plumbing damage that occurs during scheduled maintenance or renovation

Many landlords encourage or even require tenants to carry renters insurance policies that protect their personal possessions. You can get one of these through Steadily, but you’ll need to contact them directly to get the details and apply.

Application & Account Management

Steadily has an all-digital application and account management process that makes it easy to build and change your policy on the go. You don’t have to work through an insurance agency or independent insurance agent or spend hours on the phone to get started or make updates to your coverage.

Steadily’s customer service team is easy to get in touch with online and by phone, but you can do a lot through your online account:

  • Add or remove insurance coverage
  • Raise or lower coverage limits
  • Raise or lower your deductibles
  • Change property or owner information
  • Submit a claim
  • Get discounts for adding security devices, such as door and window alarms

Advantages of Steadily

Steadily has some clear advantages for rental property owners, including a strict focus on landlord insurance and customizable coverage on various property types.

  • Strong Focus on Affordable Landlord Insurance. Steadily is unusual in the insurance industry for its strict focus on a particular type of policy: insurance for people who own rental properties. You don’t have to worry about the team getting distracted by customers who don’t share your interests. 
  • Fully Customizable Coverage. Steadily’s rental property insurance policies are fully customizable. You’re free to choose the coverages you need and decline those you don’t — and to adjust your coverage limits and deductibles so you don’t pay more than you should.
  • Easy Application Process. It’s easy to apply for a Steadily policy online. You don’t have to go through an insurance agent or spend hours on the phone.
  • Coverage for Short-Term Rentals. Steadily offers landlord insurance for short-term rental properties. You don’t need to write one-year leases to qualify for coverage — properties listed on platforms like Airbnb and Vrbo are eligible too.
  • Coverage for Various Building Types. Steadily offers rental property coverage for various building types, from single-family homes to larger apartment buildings. Notably, manufactured homes are eligible as well. 

Disadvantages of Steadily

Steadily isn’t perfect. It doesn’t offer a full lineup of insurance products, so it can’t be a one-stop shop for all your insurance needs.

  • No Multipolicy Bundles. Steadily doesn’t offer auto insurance or any other types of nonproperty insurance for that matter. Which means you can’t bundle a Steadily landlord policy (or renters or homeowners policy) with a Steadily auto insurance policy for a multipolicy discount.
  • No Marketing for Other Types of Coverage. Though Steadily offers renters and homeowners insurance, it doesn’t market these types of policies. In fact, its website is devoid of obvious mentions of renters and homeowners coverage. If you want to learn more about Steadily’s nonlandlord policies, you’ll need to take the time to contact the company directly.

How Steadily Stacks Up

Steadily is certainly an innovative landlord insurance company, but it doesn’t have the space to itself. Many insurers offer rental property insurance, including some of the biggest names in the business.

For example, this chart shows how Steadily landlord insurance compares to landlord coverage from a company you’ve probably heard of — State Farm Insurance.

Steadily State Farm
Fully Customizable Policies Yes Not fully
Required to Use an Agent No Yes
All-Digital Application Yes No
Affordable Premiums Yes It depends

Final Word

Steadily is not your typical property insurance company. Unlike diversified home and auto insurers like State Farm, Liberty Mutual, and Allstate, it appears devoted to doing one thing really well: offering affordable, fully customizable landlord insurance coverage.

If you’re a rental property owner, that has to intrigue you, whether you own a single property or a multistate portfolio. And if you’re a renter or owner-occupant, you’ll find something to like here too.

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