Obie Insurance offers landlord insurance that’s built for rental property owners; whether you’re renting long-term or hosting on Airbnb and VRBO. Choosing the right insurance can be one of the more important decisions that rental property owners make. So is Obie worth it? Let´s break down what Obie offers, why landlords like it, and how it stacks up against other options.
What is Obie Insurance?
Obie Insurance specializes in providing landlord-specific coverage for rental property owners. Its services are tailored to individuals with one or multiple rental properties, making it especially useful for those hosting on platforms like Airbnb and VRBO. Unlike traditional insurance companies, Obie focuses solely on landlords, which allows it to create specialized policies that address their one-of-a-kind needs. Obie simplifies the insurance process by leveraging technology, and removing lengthy paperwork and in-person consultations.
How does Obie Insurance work for landlords?
Obie’s coverage is designed with landlords in mind, addressing the unique risks that come with renting out property – risks that standard homeowners insurance often overlooks. For example, if a tenant accidentally starts a kitchen fire or damages the floors, property damage coverage steps in to handle the repair costs, keeping landlords from footing the bill out-of-pocket.
Liability protection is another key piece. If a tenant or guest slips and gets injured on the property, Obie’s policies can cover medical expenses and legal fees, shielding landlords from potentially costly lawsuits. This type of coverage is essential, especially for landlords managing multi-family units or properties with higher tenant turnover.
Then there’s lost rental income coverage, which can be a lifesaver if the property becomes unlivable after an incident like a flood or fire. While repairs are underway, landlords can receive compensation for the rental income they would have otherwise earned, helping to keep cash flow steady even when things don’t go as planned.
Obie’s policies are crafted to protect landlords from the real, everyday risks of renting, ensuring their investment is secure, and their income stays stable, no matter what surprises come up.
Obie insurance coverage options
Obie Insurance provides a range of coverage options specifically tailored to landlords:
| Coverage Type | Description |
|---|---|
| Property Damage Coverage | Protects against physical damage to the rental property caused by events such as fire, storms, or vandalism. For example, if a storm damages the roof, the policy will cover repair costs. |
| Liability Coverage | Covers legal and medical expenses if a tenant or guest is injured on the property. For instance, if a tenant slips on icy steps, liability coverage can help pay for legal defense and medical bills. |
| Loss of Rental Income Protection | Reimburses landlords for lost income if the property becomes uninhabitable due to a covered event, such as a fire or flood damage. |
Does Obie Insurance have coverage limitations?
Like all insurance providers, Obie Insurance has some limitations landlords should consider before deciding to go with the policy over others. Coverage typically excludes damages caused by tenant neglect, routine wear and tear, or intentional acts. Certain natural disasters, such as floods, earthquakes, and extraterrestrial invasions may not be covered under standard policies but can often be added as optional endorsements.
What do landlords say about Obie Insurance and its trustworthiness?
When choosing insurance, real feedback matters, and there is a wealth of reviews on different platforms that can be found with a quick Google search. Obie Insurance consistently gets top marks from landlords for making the process as simple as possible. On forums like Reddit, landlords often discuss how easy it is to apply for coverage and manage policies through Obie’s online platform. Many point out that Obie’s rates are competitive, and the customer service is quick to respond, which is a big plus for busy property owners.
Beyond personal experiences found on forums, Obie’s ratings on platforms like Trustpilot are generally solid, with an average score of 4.2 stars and over 75% of reviewers giving it a five-star mark.
Is Obie Insurance a good insurance company?
Yes, based on reviews, many would consider it to be a good insurance company. Like any insurance company or product in general, Obie has pros and cons.
| Pros | Cons |
|---|---|
| Fast, online application process | Limited availability in certain regions |
| Tailored policies for landlords | Fewer options for bundled personal insurance |
| Competitive pricing | Best suited for rental property insurance only |
| Comprehensive coverage options | |
| User-friendly platform for policy management |
Obie Insurance vs, competitors
Some of Obie´s main competitors in the landlord insurance space are State Farm, Allstate, and Liberty Mutual.
State Farm, while moderately priced, offers loss of income coverage but does not cover short-term rentals by default. Landlords with vacation properties often need to purchase extra policies, adding both cost and complexity. Allstate tends to be the most expensive and, like State Farm, excludes short-term rental coverage. This makes it less ideal for landlords managing a mix of long-term and vacation rentals.
Liberty Mutual also lacks built-in short-term rental protection, focusing more on standard landlord policies. While generally competitively priced, landlords who need Airbnb or VRBO coverage must seek separate options, making Obie a more straightforward and comprehensive choice for property owners. Obie Insurance stands out by including short-term rental coverage in its standard policy, making it a great fit for landlords with Airbnb or VRBO properties. With loss of rental income protection also included, Obie offers affordable insurance that takes care of everything.
We spoke to Nick Schrader of texasgeneralinsurance.com about some other types of insurance landlords must be aware of.
I recommend Builder’s Risk Insurance which is useful for properties under renovation, covering theft, vandalism, or construction-related damages. Umbrella Liability Insurance works too if you need to get extra protection beyond standard liability coverage, opt for umbrella liability insurance. It also safeguards against major lawsuits!
Key differences in coverage, cost, and customer service
Why Obie Insurance excels:
| Obie Insurance Advantages | Details |
|---|---|
| Comprehensive coverage for short-term rentals | Obie provides extensive coverage for short-term rentals, which competitors like State Farm and Allstate often exclude. |
| Fully digital platform | Obie’s digital-first approach streamlines the application and claims process, eliminating the need for agent interaction required by many competitors. |
| Lower average cost | Obie’s streamlined operations and absence of middlemen result in lower average policy costs compared to traditional providers. |
Real-life example: Cost comparison for a landlord with multiple properties
To better illustrate the value of Obie Insurance vs. its competitors, let´s provide an example that would occur in the real world. We can look at the costs and coverage options for a landlord managing multiple rental properties, comparing Obie with other leading insurance providers.
Scenario overview
Imagine a landlord, Sarah, who owns three different rental properties, each with its own priorities and issues.
- A short-term rental in Austin, TX, valued at $300,000: This property is frequently booked on Airbnb, making it vulnerable to higher wear and tear from a revolving door of guests. Sarah relies on short-term rental coverage to protect against accidental damage and liability claims specific to vacation rentals.
- A duplex in Atlanta, GA, valued at $400,000: This property is rented to long-term tenants, requiring solid liability coverage and protection against potential property damage. For Sarah, a consistent rental income is crucial in case of tenant default or events that she was not expecting.
- A vacation rental in Miami, FL, listed on VRBO, valued at $500,000: Located in a high-risk area for hurricanes, this property requires additional protection against natural disasters. The rental’s luxury amenities also necessitate comprehensive coverage to safeguard assets within the home, such as furniture that is considered high-value.
With these varying demands, Sarah needs an insurance provider that can cater to both short-term and long-term rental requirements while remaining cost-effective. Obie Insurance offers the flexibility and tailored options she needs to manage all three properties seamlessly.
Calculations:
| Insurance Provider | Details |
|---|---|
| Obie Insurance | For Sarah’s three properties, the annual premium is $3,600, including coverage for short-term rentals on Airbnb and VRBO and loss of rental income protection. |
| State Farm | While offering loss of rental income coverage, State Farm’s policies do not extend to short-term rentals, making it less suitable for Sarah’s vacation properties. The total annual cost for all three properties is $4,500. |
| Allstate | Allstate’s coverage is the most expensive at $5,100 annually, and it does not include Airbnb/VRBO protection, requiring Sarah to purchase additional coverage elsewhere. |
| Liberty Mutual | While cheaper than Allstate, Liberty Mutual’s optional loss of rental income coverage adds complexity. Its total cost is $4,800 annually for Sarah’s three properties. |
Why Obie is the best choice for Sarah
As Sarah saves $900 a year with Obie compared to State Farm and $1,500 compared to Allstate, Obie is the cheaper option, but the money isn´t the most important aspect. More importantly, Obie automatically covers short-term rentals like Airbnb, so she doesn’t have to buy extra policies which makes Obie a cheaper and easier option for landlords with different types of properties.
How to get started with Obie Insurance
Getting started with Obie Insurance is simple and hassle-free, thanks to its digital-first approach. This section provides a step-by-step guide to obtaining a policy and offers tips for managing your account effectively.
How to sign up for Obie insurance
- Visit the Obie Insurance website.
- Enter details about your rental property, including its location and size.
- Review the customized coverage options provided.
- Select your desired policy and complete the purchase online.
What Obie´s online platform provides.
Obie’s online platform makes it easy for landlords to manage their policies. After signing up, landlords can log in to their accounts to view policy details, file claims, and update coverage as needed. The platform also provides notifications for policy renewals, ensuring landlords never miss important deadlines. Remember, different insurance companies from Geico to Insuranks, will have different platforms for their needs, and Obie is tailored to landlords.
Why landlords should consider Obie Insurance
Obie Insurance is built with landlords in mind, offering a faster, easier way to get the right coverage without the usual headaches. Although convenience is important what´s even more important is that Obie’s coverage is tailored specifically for rental properties. Unlike general homeowners insurance, Obie protects against the real risks landlords face such as tenant damage, liability issues, and lost rental income. If you rent on Airbnb or VRBO, Obie’s policies already include short-term rental protection, meaning fewer gaps and no need for extra add-ons. Obie´s simplicity and landlord-focused ethos, make it an insurance worth considering, particularly in the short-term rental space.
FAQ
What states is Obie Insurance available in?
Obie Insurance is available in most states across the U.S., but coverage can vary depending on the location of the rental property. Landlords should check Obie’s website or contact customer support to confirm availability in their state.
How does Obie Insurance handle claims?
Filing a claim with Obie Insurance is a straightforward process conducted entirely online. Landlords can log in to their accounts, submit claim details, and track progress in real-time.
Are there discounts for landlords with multiple properties?
Yes, Obie Insurance offers discounts for landlords who insure multiple properties under one policy. This can help landlords save money while streamlining policy management. For specific savings, landlords can request a customized quote from Obie tailored to their portfolio size.
