Steadily Landlord Insurance has fast, affordable coverage options for all kinds of rental properties, including Airbnb and vacant units. Steadily is available in every state. Its easy quote process asks you to describe your rental property with a few short questions, then guides you to a final coverage review. This quick process is done through a phone call or SMS chat, and all policies are e-signed, allowing for immediate coverage.
Launched in 2020 with an initial investment of $3.8 million in venture capital, Steadily is based in Texas and Kansas. It’s aiming to provide a new, digital experience for landlords looking for insurance products. Steadily is promoting a culture of excellence and its early customer reviews evidently support this model
- Landlords who want the flexibility to cover multiple kinds of rental properties
- Convenient and fast e-signatures for policy forms and application
- Available in all 50 states
- Policies available for vacant properties, property under renovation and short-term vacation rentals as well as long-term rentals and multiunit buildings
- 4.7 stars out of 5 on Trustpilot with positive early reviews
- Short history of financial security or claims satisfaction for review
- Fewer endorsements or additional coverage options as some of its competitors
Steadily Ratings at a Glance
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With Steadily, landlords have options. Steadily offers a packaged policy to cover a wide range of risks, or landlords can select a more limited policy covering fewer risks — the premium is less for its more limited policy. If you rent your property — even just part time through Airbnb Inc. (NYSE: ABNB) — your typical homeowners policy will not cover damages to paying guests, so it is important to fill this gap with a landlord insurance policy.
Some perils that may be covered include fire, wind, hail, theft, vandalism, riots and civil commotions. Steadily Landlord Insurance also provides liability coverage for landlords to help protect them from 3rd-party lawsuits and claims of injury or damage.
Loss of rent is a consequential loss included with Steadily. This can help protect landlords from a loss of rental income if their rental property is uninhabitable because of a covered loss.
Steadily is a new product, debuting in 2020. Despite being new, the available reviews are positive. Trustpilot gives Steadily an excellent rating with 4.7 out of 5 stars based on around 500 reviews.
Steadily is not yet rated by the Better Business Bureau (BBB) and has not been through a survey cycle with J.D. Power. However, a lack of reviews doesn’t mean negative reviews, and Steadily has started to build a solid customer service rating.
Steadily provides competitive pricing and offers a robust policy that covers many different perils. It also sells a more-scaled back version of its landlord policy with fewer risks covered. This means it can offer a product to meet the pricing needs of many consumers. As Steadily gains more data and underwriting experience, customers can expect to see additional pricing adjustments and policy expansions.
Steadily has an excellent mobile experience, as might be expected from a company focusing on the technology end of the industry. One distinguishing feature of Steadily’s mobile experience is how policyholders can submit pictures after coverage has started, to further clarify property details, like the accessibility of fire extinguishers on the property. The mobile-responsive web experience has a simple user interface and is attractive and easy to use.
More and more consumers are using mobile first experience for the majority of their interactions with a company, and Steadily has plans to continue building out its mobile features for even more customer engagement and use cases.
One major user benefit with Steadily is its strong digital experience. It offers a user-friendly, intuitive app and mobile design where policyholders can quote, buy and service their policies. In an insurance ecosystem where some traditional carriers have struggled with technology, Steadily stands above the competition with its digital capabilities.
The user experience at Steadily is driven by its digital component. Personal agents are not assigned to policyholders, so the strength of the mobile app has to support the customer experience. Steadily has invested in its technology to make the quote and buy process seamless and quick. The application predicts and prefills responses so the customer needs to confirm data only for certain questions, which saves time and reduces the customer’s efforts. This is one way Steadily differentiates itself from its competitors.
Steadily Landlord Insurance vs. Competitors
Many different insurance companies offer rental property insurance. Some — like Allstate Insurance Co., State Farm Insurance and Liberty Mutual Group — are well-known companies in the insurance industry providing many different types of insurance products. Others, like Steadily and Lemonade, are newer competitors taking advantage of technological advancements to provide a different kind of experience.
Steadily is a great choice for customers who have different types of rental property to protect, such as multifamily units, vacation rentals and property under renovation. Other more established competitors may have more endorsements and coverage options that can be added to their policies, making them more attractive for other types of customers.
Steadily Landlord Insurance earns an overall rating of 5 stars. It offers an innovative new product designed to keep up with modern landlord needs. The flexibility to insure any type of rental property you may have — whether it’s a vacation rental, full-time rental or is under construction — makes Steadily a smart choice.
Steadily offers an easy user experience with a fully digital quote and buy process. Landlords don’t need to wait for paperwork in the mail or travel to meet with an agent in person. Steadily makes it easy and efficient to purchase a new landlord insurance policy.
The initial reviews of Steadily are positive — policyholders and employees alike seem to agree with Steadily’s motto of seeking excellence. The company offers a strong new landlord insurance product with room to grow in the future with more product offerings and digital capabilities.
Frequently Asked Questions
Do I need landlord insurance?
If you own a home or property that you rent or lease to others, you should consider landlord insurance. It covers your risks and exposures from others renting your home. These risks are not covered under your usual home or condo policy so you could have a gap in coverage if you do not purchase landlord insurance, but you rent your home to others.
What does landlord insurance cover?
Landlord insurance covers both property and liability risks. People who own a property they rent to others can purchase landlord liability insurance. The coverage is designed to protect your physical property, including the home and other structures and equipment you may keep there, as well as liability risks if someone is injured in your home. Some landlord policies are designed for vacation rentals, while others are for full-time multiunit buildings.