Steadily Review: Online Landlord Insurance With Flexible Options

Like all property owners, landlords can breathe easier when they have the right insurance to protect their assets. 

But the world of traditional homeowners insurance can make it hard for modern landlords to find a policy that meets their unique needs.

That’s where Steadily steps into the picture. The relatively new company is changing the landscape of insurance for real estate investors. You’ll find coverage options to suit your needs, all while enjoying top-notch customer service.

Let’s take a closer look at what Steadily has to offer landlords like you.

What Is Steadily?

Steadily launched its service in late 2020 to provide better property insurance options for landlords. Although landlord insurance has been a historically tricky area, Steadily has untangled the web that normally shrouds landlord insurance options.

Landlord insurance can help you protect your investment. A few reasons you might want to purchase a landlord insurance policy include:

• Financial protection against natural disasters
• Coverage for fire and water damage
• Coverage against legal liability
• Protection against tenant injury

With the development of a streamlined online process, Steadily is making it easier for landlords to get the insurance coverage they need. 

Investor home purchases reached a new record in the third quarter of 2021 (18% of all homes sold). Steadily is trying solve the insurance headaches that many of these investors face.

What Does It Offer?

If you're a landlord, here’s what Steadily can offer you.

Plentiful Coverage Options

As an individual landlord, you may be renting out many types of properties. A few options include vacation rentals, long-term tenants in multi-family buildings, or long-term tenants in single-family homes.

The type of rental you own will impact your insurance needs. Thankfully, Steadily offers coverage for a wide variety of homes including single-family homes, multi-family buildings, apartment buildings, vacant units, units under renovation, condo units, manufactured homes, and vacation rentals.

Fast Coverage

Instead of wading through mountains of paperwork, Steadily streamlines the application process on their mobile-first site. It allows you to describe your rental property with a few key details. With that information, Steadily will create a quote.

Once you have the quote, you can finalize the coverage details via text or a phone call in just two minutes. If you're satisfied with the details, you can e-sign the insurance policy digitally to put the coverage in action within minutes. 

Benefits Covered

With Steadily, you can choose from a wide range of covered risks. These covered risk options include:

• Fire
• Water
• Windstorm
• Hail
• Lightning
• Lawsuits
• Vandalism
• Theft
• Riot and civil commotion
• Injury

Additionally, you may find some bonus coverage specific to your policy. 

Satisfies Insurance Requirements For Most Mortgage Lenders

If you take out a loan to finance your rental property, the lender may require a certain level of landlord insurance. Steadily is an accepted form of insurance for all major lenders, including Chase, Bank of America, PNC, and many more.

Are There Any Fees?

As with all types of insurance, you’ll have to pay a premium for landlord insurance through Steadily. The pricing for Steadily seems to be reasonable when compared to other landlord insurance options. But you should compare quotes for your individual property to ensure you're getting the best deal. 

How Does Steadily Compare?

While many insurtechs like Lemonade and Policygenius offer homeowner's insurance and renters insurance, very few offer landlord insurance as of yet. Lemonade's home insurance policy may cover a small amount of rental activity in a few states, but it can't cover full-time landlords as of yet.

Hippo is currently rolling out landlord insurance in California and hopes to quickly expand to other states after that. But for now, you'll probably need to stick with the more recognizable names in this space such as Allstate, State Farm, and Liberty Mutual if you want to compare Steadily's prices.

How Do I Open An Account?

The process of working with Steadily starts by visiting its website here and clicking the big "Get Quote" button. You’ll begin by answering some questions about your rental property.

Once the company has a good idea of your property insurance needs, it will provide a quote. You can finalize the coverage details via text or over the phone.

It should take just a few minutes to finalize everything. The last step is to e-sign the policy to quickly and securely begin your coverage.

Is It Safe And Secure?

Steadily does collect some personal information to create quotes. In general, it uses this information to make a better customer experience. The company's Privacy Policy says that it prevents third parties from using your information.

Beyond keeping your private information safe, the financial soundness of an insurance agency is always an important consideration. There's a short history of financial security. But so far, the company has been able to honor all of its claim obligations. 

How Do I Contact Steadily?

Steadily takes customer service seriously. That shines through in the glowing customer reviews. So far, the company has earned 4.8 out of 5 stars on Trustpilot. Although there are only 230 reviews, over 90% gave the company a 5-star review.

If you need to reach out to Steadily, you can contact a representative via text at 737-201-8677 or call 888-966-1611 for help. Additionally, you can reach out on Twitter @SteadilyInsure, Facebook @Steadilyinsurance, and YouTube or LinkedIn @Steadily.

Is It Worth It?

Landlord are often looking for ways to pare down on busy work and enjoy the cash flow that their real estate portfolios provide. Steadily makes this easier by allowing you to tackle all of your landlord insurance needs in a single place and without needing to fill out a bunch of paperwork.

Landlords should be pleased with the simplicity of this new option. But you won't want to pay a big premium for the sake of convenience. Ultimately, you’ll need to get a quote from Steadily and compare it to a few other landlord insurance providers to see if it could be a good choice for you.

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