The 7 Best Landlord Insurance Companies (2024)

Best Landlord Insurance Companies

Best Landlord Insurance Companies

We chose State Farm due to the numerous inclusions (identity restoration, business property, and ordinance of law) in their landlord insurance policies, as well as their ratings for financial strength, which are crucial to consider.

State Farm has a strong reputation for financial strength, including an A++ rating from AM Best and an S&P Global Rating of AA. Founded in 1922, State Farm now insures more cars and homes than any other insurance provider in the United States. In addition, State Farm came in among the top 5 peer companies for customer satisfaction in J.D. Power’s 2021 U.S. Homeowners Insurance Study, which compared companies based on customer satisfaction, the claims process, billing, and several other factors.

Landlord policies from State Farm provide coverage for the building you own, whether it’s a single-family home, a multi-family unit, or an apartment building. You’ll also have coverage for all other structures attached to your property (e.g., fences, storage buildings, garages, etc.) as well as for general liability, loss of income, equipment breakdown, heating and air conditioning loss, and more.

State Farm lets you customize your coverage with a few different add-ons, including data compromise and identity restoration, which can help you get your business back on track if a data breach occurs or the landlord is a victim of identity theft. Ordinance or law coverage is automatically included for a minimum amount and “covers the loss of value and increased cost due to the enforcement of municipal laws or ordinances regulating the construction or repair of damaged buildings caused by an insured loss,” notes State Farm.

Coverage for landlords from State Farm is available nationwide. However, since each policy is different, you’ll need to get a quote from State Farm to find out about policy limits, exclusions, and how to begin the underwriting process. Note that you do need a copy of a lease to prove a tenant occupies your rental.

We chose Liberty Mutual as the runner-up because, while they don't automatically include extras like State Farm does, landlords have the option to tailor a landlord policy to suit their needs.

Liberty Mutual is a household name for home and auto insurance, earning high marks for financial strength, including an A rating from both AM Best and Standard & Poor’s. The company has been around for more than 100 years and is the sixth-largest property and casualty insurer in the world, with more than 45,000 employees globally.

Landlord insurance from Liberty Mutual comes with standard coverage for physical structures and liability. Coverage also includes wind & hail as well as fair rental value. You have the option to customize your coverage with an add-on for inflation protection. Additional add-ons may be available when you speak to an agent.

Liberty Mutual also comes with 24-hour claims assistance, and you may be able to qualify for discounts when you bundle your own homeowner's insurance policy with a landlord insurance policy or when you are claims free for five years or more. You can receive a discount if you get a quote for landlord insurance from Liberty Mutual before your existing policy with another provider expires.

Like other landlord insurance companies, Liberty Mutual tailors its policies to individuals and individual properties. As a result, you'll speak with an agent and provide personal information and property details to get a quote.

Allstate has a strong reputation for quality, and they offer multi-policy discounts for customers who have more than one rental property or other types of insurance policies with them.

Founded in 1931, Allstate Insurance currently backs more than 113 million proprietary policies worldwide. One factor that sets Allstate apart is their use of local agents that work directly with customers for a more personal insurance experience than some other companies offer. In terms of financial strength, Allstate boasts an A+ rating with AM Best and has an S&P Global Rating of AA-.

Allstate landlord policies include coverage for dwellings, other structures on the property, vandalism, burglary, fair rental income, building codes, and liability. In addition, you’ll get premises medical protection that can help cover medical bills if someone is injured on your property. Flood insurance and umbrella coverage can be purchased by landlords who want more protection against financial losses.

Allstate doesn’t offer quotes for landlord insurance online, but you can speak with an agent who can provide you with a free quote if you supply them with the property address and your personal details. Allstate offers landlord insurance discounts for multiple policies if you purchase auto insurance or your own homeowner's insurance policy from Allstate.

We chose Farmers for their willingness to insure rental properties with multiple units, where many other providers focus on single-family homes.

Founded in 1928 in a tiny, one-room office in Los Angeles, California, Farmers Insurance now offers personalized coverage and service for their landlord policies and other insurance options. This company has an A- rating for financial strength from AM Best.

Farmers' landlord policies provide standard coverage for property damage, for instance, if your rental property is damaged by wind or a burst pipe that leads to extensive water damage. You’ll also get standard liability coverage, which can kick in if someone is injured on your property and needs medical care. Policies can cover multi-unit buildings such as triplexes and fourplexes, making it convenient for landlords to get broad coverage in one spot.

Landlords can purchase optional coverage for potential claims such as for loss of rent when a property becomes uninhabitable, personal property, personal injury, and coverage for other structures that aren’t physically connected to the rental property, such as garages or sheds.

As a side note, Farmers also offers a tenant screening solution known as the SmartMove™ Solution, making it easier to screen new tenants through TransUnion. Plus, Farmers offers access to claims professionals 24 hours a day, and they’ll even send a Catastrophe Response Team to process claims on-site in some cases.

We chose American Family Insurance as best for commercial insurance because they offer coverage specifically for commercial landlords, and you can easily tailor these policies to meet your business needs. Additionally, American Family's website gives you several tools and resources that are particularly useful to landlords.

American Family Insurance boasts an A rating for financial strength for both AM Best and Standard & Poor’s. The Madison, Wisconsin-based provider has been around since the 1920s, although its name and the type of insurance it sells have changed over the years. Today, American Family Insurance is known for its homeowner's insurance, auto insurance, and commercial landlord insurance policies.

American Family Insurance offers landlord insurance that can be customized to meet your needs. With these policies, you’ll automatically get coverage for the rental structure you own and for general liability. Additional coverage can be purchased in the form of flood insurance and coverage for outbuildings like sheds, fences, and garages. You can also bundle your landlord insurance from American Family Insurance with a commercial umbrella policy covering you for limits beyond what your landlord insurance policy offers.

You need to speak with an American Family agent and provide an array of personal information and information on your property to get a quote, which can make it difficult to shop around.

Foremost builds one custom policy for you whether you have one rental property or 10. This makes it easy for landlords who buy, sell, and manage properties to always have the right protection.

While Foremost Insurance Group may not be a household name, this company has excellent financial strength ratings, including an A rating from AM Best. Foremost is part of Farmers Insurance Group of Companies, the nation’s ninth-largest personal property and casualty insurance company and the fifth-largest homeowner's insurance company.

Landlord insurance from Foremost comes with comprehensive property coverage, including named peril coverage for fire, explosions, windstorms, hail damage, and more. Additionally, an optional replacement cost coverage is offered that can replace the full value of your property without deductions for depreciation. Uniquely, Foremost will bundle all rental properties into one single landlord policy for convenience and cost-effectiveness.

Other options include agreed loss settlement coverage, which provides you with a reimbursem*nt if a covered peril destroys your property. Policies automatically come with liability coverage that can protect you financially if someone is injured or their property is damaged on your premises.

Additionally, Foremost can protect for:

• Loss of rents
• Liability limits
• Personal injury
• Other structure
• Repair cost
• Water damage from sewers and drains

Being able to protect for all of this across different properties gives Foremost an edge for landlords who buy, sell, and hold multiple properties, as it helps to prevent any gaps in coverage.

Travelers Insurance offers traditional landlord insurance policies that work well for single-family homes and can be tailored to fit what you need and not what you don't.

Travelers has an A++ rating for financial strength from AM Best, and the company has been around for more than 165 years. While they started as an accident insurance company in 1864, Travelers now offers coverage for automobiles, owner-occupied homes, and more, including specialty coverage like landlords insurance, renter’s insurance, and boat and yacht insurance.

Travelers provides landlord insurance for single-family homes and multi-family units, which helps you protect the building you own, plus any additional outbuildings. You can get coverage for damage and theft and premises liability, as well as for medical payments and also special insurance for loss of use.

General liability insurance is available, as well, and you can add an umbrella insurance policy to protect yourself even more. Travelers lets you buy what you need for your single-family rental or customize your policy to fit your specific needs.

Because the details of landlord insurance policies vary widely, you’ll need to reach out to a Travelers agent to get a commercial landlord property quote. Fortunately, Travelers offers a wide range of discounts for customers who bundle more than one policy or go without any claims for a specified time period.