Steadily Homeowners Insurance Review: Relatively New Company, Focused on Protecting Landlords
Published May 9, 2023
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This homeowners insurance is a good fit for: Landlords in search of investment protection.
It's not always easy for a landlord to fairly compare rates. There are relatively few companies offering landlord coverage, and those that do may not be available in their state. Steadily is available across the nation, making it a contender for anyone looking for coverage.
More importantly, a landlord who owns property in more than one state can insure them all with the same company.
Steadily does not have a mobile app, but its website is mobile-friendly, and its application process is streamlined enough to complete on the fly. In addition, a policy purchase can be completed in minutes.
It's tough to think of a property type that Steadily won't cover. Landlords with single-family homes, condo units, apartments, multi-family homes, and manufactured homes will have little trouble securing coverage. Steadily even covers vacant homes and properties that are being restored.
Granted, Steadily has only been in the homeowners insurance business since late 2020, but the company already has nearly 800 reviews on Trustpilot. The overall score thus far is 4.7 out of 5 stars.
Only time will take care of this issue, but as of today, Steadily has not been in business long enough for potential customers to get a true sense of the company's level of financial security or claim satisfaction. Trusting such a new company with the important job of protecting assets may be challenging for some landlords.
When looking for a more established company: State Farm has been around for 100 years and is also available in every state. In addition, State Farm enjoys high customer satisfaction ratings and an A++ rating from AM Best for financial strength.
For homeowners looking for multi-policy discounts: Allstate provides policy discounts for landlords who already do business with them or own more than one rental property.
Securing an average rate for rental property is difficult because there are so many potential scenarios. Naturally, it would be more expensive to cover a multi-family home than a manufactured home, and one can expect a single-family home to carry a higher insurance premium than a condo.
According to Steadily, landlord insurance policies typically cost about 25% more than a standard homeowners policy. In 2023, the average homeowners insurance policy runs $1,787, although some states are much lower while others are higher.
For example, the average rate in New Jersey is $738, while the average homeowners policy in Kansas runs $3,073. What Steadily is saying is that a landlord in New Jersey can expect to pay an average of $923 annually, and a landlord in Kansas is looking at an average annual rate of $3,841.
The higher rates can be explained by the fact that landlord's insurance normally offers a higher level of liability protection.
We find no indication that Steadily currently offers discounts.
Steadily offers comprehensive coverage. This includes:
If a tenant or visitor is injured on the property, injury protection can cover the cost of medical bills.
If a tenant or one of their guests sues a landlord for injury suffered while on the property, Steadily will cover that too.
If a property is damaged or destroyed by fire, Steadily coverage will pay to repair or replace the structure.
Landlords dread the day when a tenant calls saying there's a broken pipe or leaky appliance. In fact, these are two of the most common and most expensive issues to repair in rental properties. A Steadily policy can take that worry off a landlord's plate.
Whether it's a windstorm, hail, or lightning, Steadily covers the roof damage that may be a result.
It's tough to protect property you don't live in. Vandalism and theft coverage makes sure things like broken glass and graffiti are made right and pays to replace stolen or damaged property.
Some policies include coverage that will pay to fix property damage caused by looters or protestors.
The first thing a landlord will do is secure a quote. They can do so online, by email, or by calling (888) 966-1611.
To streamline the process, it will help if the landlord has the following information ready:
Once provided a quote, the landlord can give the go-ahead or keep shopping. If they decide to purchase a policy, the process can be completed in minutes and begin immediately.
As mentioned, there's limited information available about Steadily customer service or ratings. However, the ratings that do exist tend to be quite positive.
Steadily homeowners insurance is best for customers who:
But homeowners may want to consider State Farm if they would prefer to work with a more established insurance company or Allstate if they want to score a multi-policy discount.
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