Steadily Insurance provides tailor-made insurance policies for landlords with rental properties and those who have cash-flowing assets, like Airbnb and VRBO. Insurance is an important part of business and can help hedge risk by covering you for damage and unexpected
What is Steadily Insurance?
Steadily Insurance takes a technology-driven approach to streamline the insurance process for landlords. The platform allows property owners to obtain quotes, adjust policies, and manage claims online, offering a more efficient alternative to traditional methods. The focus on digital solutions enables the company to cater to all types of landlords with single properties, larger portfolios, or short-term rentals.
By specializing in landlord insurance, Steadily has made itself known as a provider that aims to meet the specific needs of rental property owners. The company emphasizes straightforward coverage and user-friendly service and is a popular choice for landlords and individuals with cash-flowing properties.
Who is Steadily Insurance best for?
Steadily serves landlords of all types, from those managing a single property to owners with extensive portfolios. Their policies are particularly beneficial for those renting short-term properties on platforms like Airbnb and VRBO. For vacation rentals, where turnover and risks are higher, Steadily provides specialized coverage that protects against potential guest damages and liability issues.
Why is Steadily Insurance popular with landlords?
Steadily has gained popularity due to its focus on landlords. Unlike general insurance providers, they offer a streamlined application process, transparent pricing, and policies that address the unique needs of rental property owners. Every property is different and each landlord has their own way of doing things.
Benefits of Steadily Insurance for landlords
Steadily Insurance offers a wide range of benefits specifically designed for landlords. From comprehensive coverage for property damage to specialized policies for short-term rentals, landlords can rest assured knowing their investments are protected against common and unexpected risks.
- Comprehensive coverage for rental properties
Steadily offers robust protection against property damage caused by tenants, natural disasters, or accidents. Policies include coverage for vandalism, water damage, and fire, ensuring landlords are safeguarded against unexpected losses. - Specialized policies for short-term rentals
Short-term rentals come with their own unique risks, including frequent turnover and potential damage from guests. Steadily’s policies address these challenges by providing liability coverage, property damage protection, and even loss of income coverage during property repairs. - Ease of claims process
Steadily simplifies the claims process with an online portal that allows landlords to file and track claims quickly. Their dedicated support team ensures claims are processed efficiently, minimizing downtime and financial strain for property owners.
Advantages and challenges of Steadily Insurance for landlords
Steadily Insurance offers a range of benefits tailored specifically to landlords, but it also comes with some limitations. This table highlights the key advantages, such as competitive pricing and specialized coverage, as well as the challenges, including limited availability and higher premiums in high-risk areas.
| Pros | Cons |
|---|---|
| Tailored coverage for property damage and liability Steadily’s landlord insurance is customized to address rental property risks. Coverage includes liability protection for tenant injuries, ensuring landlords are shielded from costly legal battles. |
Limited availability in some states While Steadily continues to expand, their coverage is not yet available nationwide. Landlords in certain states may need to seek alternative providers. |
| Affordable rates compared to competitors Steadily offers competitive pricing without compromising coverage and usually comes in at a lower price point than competitors. |
Higher premiums for high-risk areas Properties located in regions prone to natural disasters, such as hurricanes or wildfires, may face higher premiums. |
| Customer support for rental-specific needs Steadily’s customer service team is well-versed in landlord insurance, providing guidance on policy selection and claims. |
Limited add-ons for niche rental property needs While Steadily offers comprehensive policies, landlords with unique requirements, such as luxury vacation rentals, may find the available add-ons insufficient for their needs. |
Steadily Insurance vs. competitors
When you line up Steadily against other insurance providers, the differences are pretty clear – and it’s easy to see why landlords are drawn to it. Let’s break down how Steadily measures up in terms of coverage, pricing, and customer experience so you can decide if it’s the right fit.
Comparison of coverage options
Most insurance providers offer basic home insurance that can cover rental properties, but it’s not really built for the job. Steadily, on the other hand, focuses solely on landlord insurance, which means their policies are designed specifically to handle the unique risks of renting out property – from tenant damage to lost rental income.
How Steadily Compares:
- Steadily: Full coverage for rental properties, including liability, damage, and income loss.
- Lemonade: Basic rental coverage, more geared toward homeowners renting out part-time.
- Allstate: General policies that cover landlord needs but aren’t as specialized.
Pricing comparison
Steadily offers affordable rates for landlords, often undercutting competitors without sacrificing quality. Below is a pricing comparison:
| Provider | Coverage Options | Price Range | Customer Ratings |
|---|---|---|---|
| Steadily | Comprehensive landlord policies | $50-$150/month | 4.8/5 |
| Lemonade | Basic landlord policies | $60-$200/month | 4.5/5 |
| Allstate | General home and landlord policies | $80-$250/month | 4.2/5 |
Customer satisfaction ratings
One of Steadily’s biggest draws is how easy it is to work with them. The application, quotes, and claims are handled online, and landlords often highlight how smooth and quick the process is compared to bigger, more traditional providers.
- Steadily: Known for fast claims and a user-friendly platform.
- Lemonade: Highly rated for automation but less landlord-focused.
- Allstate: Reliable but slower, with more paperwork involved.
How to get a Steadily Insurance policy
Obtaining a policy from Steadily is quick and straightforward. The steps below will take you through the process of getting a Steadily Insurance Policy.
Steps to apply for Steadily Landlord insurance
- Visit the Steadily website to start the application process
- Provide details about your rental property
- Select the coverage options that best suit your needs
- Review and finalize your quote
- Submit your application to secure coverage quickly and easily
Tips for maximizing coverage while minimizing costs
To save on premiums, landlords should bundle policies, maintain property safety standards, and opt for higher deductibles when appropriate.
Bundle your policies
If you own multiple rental properties, bundling them under one policy can often lead to significant savings. Insurers, including Steadily, may offer discounts for covering all properties together, reducing administrative hassle and lowering the overall cost. This can apply whether you’re managing a few single-family homes or a mix of short-term rentals and multi-family units. Bundling not only simplifies payments and paperwork but also ensures consistent coverage across all properties, minimizing gaps or overlaps in protection.
Raise your deductible
A higher deductible, the amount you pay out-of-pocket for a claim, typically lowers your monthly premium. Raising the deductible is a great way to cut costs over time if you can handle small repairs or minor damages without filing a claim. However, it’s important to strike a balance that won´t leave you high and dry and in need of cash. Make sure the deductible you choose is manageable in the event of significant damage. You should ask yourself, ” Could I comfortably pay this amount tomorrow if something happened?”
Improve property safety
Insurance companies reward landlords who take steps to make their properties safer. Simple upgrades like security systems, fire alarms, smoke detectors, and outdoor lighting can reduce the risk of accidents or break-ins – lowering the likelihood of claims. Regular property maintenance, such as fixing leaky roofs, replacing old wiring, or screening tenants carefully, also helps reduce potential problems. Fewer claims over time signal to insurers that you’re a lower-risk client, which can lead to reduced premiums.
Review coverage annually
As your property portfolio changes, your insurance needs may shift. Reviewing your policy each year helps ensure you aren’t paying for unnecessary coverage or missing important protection. For example, if you’ve sold a property or switched tenants to long-term leases, your policy may need adjusting. Staying on top of your coverage prevents over-insurance while making sure your most valuable assets remain protected.
Leverage loyalty discounts
Staying with the same insurance provider for several years can unlock loyalty discounts. Many insurers offer perks or rate reductions to long-term clients as a reward for their continued business.
Examples of how to use Steadily Insurance
Steadily Insurance plays a vital role in protecting landlords’ investments by offering coverage that addresses the unique risks they face. Here are some examples of how landlords can make the most of Steadily’s policies, from dealing with guest-related damages to using the coverage in conjunction with tax-saving strategies like cost segregation.
Using Steadily to cover Airbnb guest damage
Managing short-term rentals on platforms like Airbnb comes with risks, including potential damages caused by guests. Steadily offers specialized policies that protect landlords from these events and their consequences. If damage occurs, landlords can quickly file a claim through Steadily’s user-friendly online portal. The process helps landlords recover quickly by receiving compensation for repairs quickly, minimizing income loss while the property is being restored.
Using Steadily for long-term rentals
For landlords managing long-term rental properties, Steadily provides coverage for tenant-related damages and liability protection. Whether it’s a tenant causing property damage or a liability claim due to an injury, Steadily’s policies make sure that the landlords are protected. In cases of tenant disputes or damage claims, landlords can rely on Steadily’s efficient claims process to address the situation and avoid financial strain.
Safeguarding tax benefits gained through cost segregation
If you’re using cost segregation to accelerate tax deductions, protecting your investment is just as important as maximizing returns. This tax strategy lets landlords depreciate parts of the property faster but what happens if something gets damaged? Without insurance, those tax benefits could vanish.
Is Steadily Insurance right for you?
Steadily Insurance offers customized coverage designed specifically for landlords and rental property owners, making it a solid choice for protecting your real estate investments. This holds particularly true for landlords who depend on their rental income to operate their business or just to survive. Whether you own short-term vacation rentals or long-term rental properties, having insurance is an important part of hedging risk in business.
FAQ
What types of properties does Steadily Insurance cover?
Steadily Insurance covers a variety of rental properties, including single-family homes, multi-family units, and short-term vacation rentals on platforms like Airbnb and VRBO. Whether you have long-term tenants or manage a vacation rental, Steadily provides policies designed to address the specific risks associated with renting out your property.
Does Steadily Insurance cover natural disasters?
Yes, Steadily Insurance offers coverage for natural disasters such as fire, vandalism, and water damage. Depending on your policy, coverage for additional risks like floods or earthquakes may be available through add-ons. It’s important to review the specifics of your policy to ensure full protection against natural disasters that may affect your property.
Can I bundle Steadily Insurance with other insurance policies?
Yes, Steadily offers bundling options for landlords who own multiple properties or wish to combine their landlord insurance with other coverage types. Bundling can help you save on premiums and simplify property management by consolidating policies into a single plan. Speak to a Steadily representative to explore available bundling options and discounts.
