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Best landlord insurance

Updated Mar 14, 2024

If you are earning income from rental property, your insurance needs aren't the same as those of homeowners. Many insurers offer coverage specifically for rental properties, called landlord insurance or dwelling fire insurance. Although landlord insurance is not required by law in any state, if you have a mortgage on your rental property, your lender is likely to require you to have coverage. Even if you don't have a mortgage, a landlord's insurance policy protects you from financial challenges in the event the building is damaged or destroyed in a storm or other disaster. Bankrate's insurance editorial team reviewed the ins and outs of landlord insurance and assessed some of the companies that are writing landlord policies in the U.S. to help you get started in your search.

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Powered by Coverage.com (NPN: 19966249)

Advertising disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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What is landlord insurance?

Landlord insurance, as the name suggests, covers risk to a property you own and rent out. It works similarly to a standard homeowners insurance policy and includes many of the same coverage options, with some key differences. Landlord building insurance provides coverage if your property is damaged from covered perils, such as fire and windstorm damage. However, it does not cover tenant belongings within the home. For that, your tenants need renters insurance.

Although coverage types may vary by carrier, many landlord insurance policies include loss of rents coverage, which covers lost rental income while a home is uninhabitable due to a covered loss.

Like homeowners insurance, landlord insurance is usually required if your tenant-occupied property has a mortgage. Even if your home is paid off, it may be worth having this coverage to avoid having to rebuild or repair your home out of pocket should you incur substantial property damage due to something that would be considered a covered loss.

Best landlord insurance companies

To find the best landlord insurance companies, Bankrate’s insurance editorial team reviewed companies based on an array of factors, including financial strength, customer service, coverage options, digital tools and available discounts.

Based on our findings, you might start your search for landlord insurance quotes from these companies:

Insurance company Best for AM Best rating
Allstate Personalized coverage A+
American Family Enhanced liability coverage A
State Farm Condo and apartment owners A++
Farmers First-time landlords A
Geico Accessibility A++
Allstate

Best for

Personalized coverage

Allstate may be worth considering for landlords looking for personalized coverage. All Allstate policies come with fair income coverage, which pays the rental income you would otherwise earn if your unit becomes uninhabitable due to a covered loss. In addition to standard coverage types, Allstate policyholders can choose from various add-ons, including vandalism coverage for vacant units, building code coverage and rental property under construction coverage. Allstate does not offer online quoting for landlord insurance, so you will have to call the company or contact a local agent for a quote.

American Family

Best for

Enhanced liability coverage

American Family may be worth considering for landlords interested in purchasing robust coverage on their properties, such as commercial umbrella liability protection. The company also offers landlord insurance policies for business owners, which cover business essentials that are not covered under typical landlord policies, such as auxiliary structure coverage. Shoppers who are new to property rental and management may appreciate AmFam's Landlord Toolbox, which offers resources on common topics for property owners. These include articles on state tenant laws, property upkeep and tenant selection. However, the insurance company does have limited state availability and no online quote option for landlord insurance.

State Farm

Best for

Apartment or condo owners

State Farm landlord insurance policies vary based on whether you rent out a home, condo or apartment, with specialized policies for each property type. All three policy types include loss of rents coverage. The carrier's apartment landlord insurance includes equipment breakdown coverage and heating and air conditioning loss reimbursement, while condo landlord insurance includes inflation coverage and loss assessment coverage. Policyholders may also save with potential discounts for home safety devices. If you're having trouble navigating the landlord insurance market, you may appreciate State Farm's many local agents available for face-to-face service.

Farmers

Best for

First-time landlords

Landlord insurance policies from Farmers are fairly basic, but policyholders can choose from a handful of endorsements, like loss of rents coverage, personal property coverage and other structures coverage. If you’re a first-time landlord, selecting a tenant can be stressful. Farmers offers a quick screening tool called SmartMove, which provides in-depth reports on tenant suitability to potentially minimize risks for landlords. Like most other landlord insurance companies, online quotes are not available for this policy type.

Geico

Best for

Accessibility

Geico may be a great landlord insurance company for property owners looking for robust policies with easy digital property management tools. Geico's website and mobile app allow policyholders to easily manage their policies and file a claim on-the-go. The carrier offers standard coverage types, including loss of rent payments coverage, as well as options add-ons like vandalism coverage and additional building code construction expenses coverage. Unlike many competitors, Geico does offer online quoting for landlord insurance. However, policies are underwritten by affiliate companies, so the actual company underwriting your policy may vary.

How to find the best cheap landlord insurance

The best landlord insurance for you may vary based on your property type, location, budget and personal preferences. For example, landlords with multiple properties may appreciate a carrier with an easy-to-use mobile app to easily manage their policies virtually. Landlords with older rental properties may want a carrier that offers building code coverage to financially protect their property while the home is under construction to bring it up to code. To find the best cheap coverage for you, you might consider these steps:

  • Compare coverage options: Included coverage types and available endorsements may vary between companies. Considering your coverage needs and comparing available options from different carriers may help you narrow down which companies might meet your needs.
  • Consider third-party scores and ratings: Organizations like AM BestJ.D. Power and the National Association of Insurance Commissioners (NAIC) review insurance companies based on financial strength, customer satisfaction and digital tool capabilities. Reviewing these metrics may help you determine how well a company might be able to meet your insurance needs.
  • Compare quotes and discounts: Your cost of landlord insurance may vary based on your property’s characteristics, your personal rating factors, your coverage selections and more. Comparing quotes is likely the most accurate way to identify the cheapest company for you. Reviewing potential discounts may also show you where you could save with each carrier.

Speaking with a licensed insurance agent may help guide your landlord insurance shopping process.

Frequently asked questions

Written by
Grace Kim
Insurance Contributor

Grace Kim has two years of experience in writing for finance and insurance domains such as Bankrate and Reviews.com. She has written about auto, homeowners, renters and life insurance. She has spent most of her professional experience writing about finance and tech topics.

Edited by Senior Editor, Insurance