Landlord Insurance Rates By State: Compare Costs & Save!
The cost of landlord insurance can vary significantly from state to state. The good news is that we have included landlord insurance rates by state for all 50 states.
Let’s discover which states have the best landlord insurance for tenants and take a look at some of the most affordable and most expensive states for landlord insurance.
How Much Does Landlord Insurance Cost By State?
The national average cost of Landlord Insurance is around $1,516 per year and usually costs about 25% more than homeowners insurance due to the additional risks associated with rental properties.
Average Cost Of Landlord Insurance Rates By State Chart
Landlord Insurance costs vary significantly from state to state. The most expensive state for landlord insurance is Rhode Island, where the average annual premium is $2,419. On the other hand, Oklahoma has the most affordable landlord insurance, with an average annual premium of only $595.
STATE
ANNUAL PREMIUM
STATE
MONTHLY PREMIUM
Alabama
$1,094
Montana
$1,319
Alaska
$1,759
Nebraska
$1,440
Arizona
$846
Nevada
$739
Arkansas
$1,122
New Hampshire
$1,213
California
$903
New Jersey
$1,367
Colorado
$1,608
New Mexico
$997
Connecticut
$1,546
New York
$1,396
Delaware
$2,419
North Carolina
$909
District Of Columbia
$1,029
North Dakota
$2,173
Florida
$1,721
Ohio
$946
Georgia
$1,261
Oklahoma
$595
Hawaii
$1,259
Oregon
$665
Idaho
$1,207
Pennsylvania
$993
Illinois
$998
Rhode Island
$2,415
Indiana
$1,165
South Carolina
$1,365
Iowa
$976
South Dakota
$1,022
Kansas
$1,114
Tennessee
$1,013
Kentucky
$987
Texas
$1,338
Louisiana
$2,224
Utah
$802
Maine
$1,333
Vermont
$1,352
Maryland
$952
Virginia
$958
Massachusetts
$1,552
Washington
$868
Michigan
$1,022
West Virginia
$1,185
Minnesota
$1,411
Wisconsin
$1,134
Mississippi
$846
Wyoming
$1,615
Missouri
$1,162
What Are the 7 Most Affordable States For Landlord Insurance?
Hawaii – $766 per yearNew Hampshire – $1,526 per yearVermont – $1,579 per yearDelaware – $976 per yearPennsylvania – $1,123 per yearMaine – $1,227 per yearIdaho – $1,318 per yearWhat States Have the Highest Rental Property Insurance Rates?
As you will see below rental property insurance rates for landlords can vary significantly by state; with Louisiana having the highest annual premium at $2,484 and Oregon having the lowest at $883.
STATE
MONTHLY PREMIUM
Rhode Island
$201.58
Delaware
$201.25
Louisiana
$185.33
North Dakota
$181.08
Alaska
$146.58
Florida
$143.42
Colorado
$134.00
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How Much Does Landlord Insurance Cost In The U.S.?
On average, landlord insurance costs about 25% more than homeowners insurance due to the additional risks associated with rental properties. Landlord insurance is an essential investment for anyone renting out property. The cost can vary significantly based on several factors, including the location of the property, the type of coverage, and the insurance company you choose.
How Much Does Landlord Insurance Cost per Month?
The national average cost of Landlord insurance is around $126 per month in the United States; however, keep in mind that your mileage may vary. Rates are state specific and company specific as well so it’s best to do some research before finalizing a policy.
Landlord Insurance Cost vs. Homeowners, Condo, & Renters Insurance
Landlord insurance and homeowners insurance serve different purposes and come with different costs. Let’s compare them:
Is Landlord Insurance More Expensive or Cheaper Than Homeowners Insurance?
Landlord insurance is generally more expensive than homeowners insurance. This is because rental properties pose additional risks, such as tenant-related damages and loss of rental income. On average, landlord insurance costs about 25% more than homeowners insurance.
Is Rental Property Insurance More Expensive or Cheaper Than Condo Insurance?
Landlord insurance is typically more expensive than condo insurance. Condo insurance usually covers only the interior of the unit and personal belongings, while landlord insurance covers the entire property and additional risks associated with renting it out.
Is Rental Dwelling Insurance More Expensive or Cheaper Than Renters Insurance?
Landlord insurance is more expensive than renters insurance. Renters insurance covers a tenant’s personal belongings and liability, while landlord insurance covers the property itself and the risks associated with renting it out.
Who Has the Best Landlord Insurance Rates By State?
Steadily stands out as a top choice nationwide for landlord insurance due to its specialization, competitive pricing, and streamlined onboarding. While rates vary by state due to factors like property values, local regulations, and climate risks. Below is a state-by-state rate chart showing average rates.
State-By-State Landlord Insurance Provider Rate Chart
(Annual premiums for a $300K rental property with standard liability coverage)
STATE
AVG. RATE RANGE
STEADILY (Est.)
OTHER PROVIDERS
RATE FACTORS
Alabama
$1,200 – $1,800
$1,100 – $1,600
State Farm, Farmers
Hurricane risk, older homes
Alaska
$1,000 – $1,500
$950 – $1,400
Liberty Mutual, Farmers
Harsh winters, remote properties
Arizona
$1,100 – $1,700
$1,000 – $1,500
Steadily, Geico
Heat/drought risks, rental demand
Arkansas
$900 – $1,400
$850 – $1,300
Farmers, State Farm
Tornado risk, low property values
California
$1,500 – $2,500
$1,400 – $2,200
Steadily, Liberty Mutual
Earthquakes, wildfires, high home prices
Colorado
$1,300 – $1,900
$1,200 – $1,700
Obie, Geico
Wildfire risk, tech hubs
Connecticut
$1,400 – $2,000
$1,300 – $1,900
Liberty Mutual, State Farm
High liability costs, strict regulations
Delaware
$1,200 – $1,800
$1,100 – $1,600
Steadily, Farmers
Coastal storm risk
DC
$1,800–$3,000
$1,200 – $1,700
Flood risk, rural areas
Hurricane risk, isolation
Florida
$1,800–$3,000
$1,600 – $2,800
Steadily, Liberty Mutual
Hurricanes, high litigation
Georgia
$1,100–$1,700
$1,000 – $1,500
Steadily, Farmers
Tornado risk, growing rental market
Hawaii
$1,500–$2,400
$1,400 – $2,200
Farmers, Liberty Mutual
Hurricane risk, isolation
Idaho
$950–$1,400
$900 – $1,300
Farmers, State Farm
Low risk, rural properties
Illinois
$1,200 – $1,800
$1,100 – $1,600
Steadily, Obie
Urban liability laws
Indiana
$1,000 – $1,500
$950 – $1,400
State Farm, Farmers
Midwest storms, affordable properties
Iowa
$1,000 – $1,500
$950 – $1,400
State Farm, Liberty Mutual
Tornadoes, hail risk
Kansas
$1,100 – $1,700
$1,000 – $1,500
Farmers, State Farm
Tornado Alley, hail
Kentucky
$1,000 – $1,600
$950 – $1,500
Steadily, Farmers
Flood risk, rural areas
Louisiana
$1,500 – $2,400
$1,400 – $2,200
Steadily, Liberty Mutual
Hurricanes, flooding
Maine
$1,100 – $1,600
$1,000 – $1,500
Liberty Mutual, State Farm
Coastal storms, older homes
Maryland
$1,300 – $1,900
$1,200 – $1,700
Steadily, Geico
Proximity to DC, liability risks
Massachusetts
$1,400 – $2,000
$1,300 – $1,900
Liberty Mutual, State Farm
High property values, strict tenant laws
Michigan
$1,100 – $1,700
$1,000 – $1,500
Steadily, Farmers
Snow damage, urban decay risks
Minnesota
$1,100 – $1,700
$1,000 – $1,500
State Farm, Liberty Mutual
Harsh winters, ice dams
Mississippi
$1,100 – $1,700
$1,000 – $1,500
Farmers, Steadily
Hurricane risk, flooding
Missouri
$1,000 – $1,600
$950 – $1,500
State Farm, Farmers
Tornadoes, hail
Montana
$950 – $1,400
$900 – $1,300
Farmers, Liberty Mutual
Wildfire risk, rural properties
Nebraska
$1,000 – $1,500
$950 – $1,400
State Farm, Farmers
Tornado Alley, hail
Nevada
$1,100 – $1,700
$1,000 – $1,500
Steadily, Geico
Heat, low humidity
New Hampshire
$1,200 – $1,800
$1,100 – $1,600
Liberty Mutual, State Farm
Snowload, older homes
New Jersey
$1,500 – $2,200
$1,400 – $2,000
Steadily, Liberty Mutual
High property values, coastal storms
New Mexico
$1,000 – $1,500
$950 – $1,400
Farmers, Steadily
Drought, wildfire risk
New York
$1,600 – $2,500
$1,500 – $2,300
Geico, Liberty Mutual
NYC liability costs, tenant-friendly laws
North Carolina
$1,200 – $1,800
$1,100 – $1,600
Steadily, State Farm
Hurricanes, coastal risk
North Dakota
$950 – $1,400
$900 – $1,300
Farmers, State Farm
Harsh winters, low population
Ohio
$1,000 – $1,500
$950 – $1,400
State Farm, Farmers
Midwest storms, affordable homes
Oklahoma
$1,200 – $1,800
$1,100 – $1,600
Farmers, State Farm
Tornado Alley, hail
Oregon
$1,100 – $1,700
$1,000 – $1,500
Farmers, State Farm
Earthquake risk, rain/flooding
Pennsylvania
$1,100 – $1,700
$1,000 – $1,500
Steadily, Liberty Mutual
Snowstorms, aging infrastructure
Rhode Island
$1,300 – $1,900
$1,200 – $1,700
Steadily, State Farm
Coastal storms, small rental market
South Carolina
$1,300 – $1,900
$1,200 – $1,700
Liberty Mutual, Geico
Hurricanes, tourist areas
South Dakota
$950 – $1,400
$900 – $1,300
Steadily, Liberty Mutual
Hurricanes, tourist areas
Tennessee
$1,100 – $1,700
$1,000 – $1,500
Farmers, State Farm
Tornado risk, growing cities
Texas
$1,400 – $2,200
$1,300 – $2,000
Steadily, State Farm
Wind/hail risk, large rental market
Utah
$1,000 – $1,500
$950 – $1,400
Farmers, Steadily
Earthquake risk, outdoor recreation
Vermont
$1,100 – $1,600
$1,000 – $1,500
Liberty Mutual, State Farm
Snowload, rural properties
Virginia
$1,200 – 1,800
$1,100 – $1,600
Steadily, Geico
Coastal storms, DC proximity
Washington
$1,300 – $1,900
$1,200 – $1,800
Obie, Farmers
Earthquake/rain risk, tech hubs
West Virginia
$950 – $1,400
$900 – $1,300
Farmers, State Farm
Flood risk, rural areas
Wisconsin
$1,000 – $1,500
$950 – $1,400
State Farm, Liberty Mutual
Harsh winters, lake effect snow
Wyoming
$950 – $1,400
$900 – $1,300
Farmers, Liberty Mutual
Wildfires, rural properties
Key Takeaways:
Steady’s Advantages:
Most competitive in high-risk states (CA, FL, TX) due to tailored landlord coverage.Offers discounts for safety upgrades (e.g., fire alarms, security systems).Digital-first process for quick quotes in all states.Regional Standouts:
State Farm: Best for bundling in the Midwest (OH, IN, IA).Liberty Mutual: Customizable coverage in disaster-prone states (FL, CA, LA).Farmers: Affordable basic policies in low-risk states (ID, UT, SD).Rate Drivers:
Disaster risks (hurricanes, earthquakes, wildfires) spike premiums.Urban areas (NYC, Chicago, LA) have higher liability costs.Rural states (WY, ND, MT) often see lower rates.Landlord Insurance Cost Calculator For Your Rental Property
Calculating the cost of landlord insurance can be complex, but using a cost calculator can help you estimate your premiums. Here are some tips on how to calculate your insurance needs:
How Do I Calculate How Much Landlord Insurance I Need?
To calculate how much rental property insurance you need, consider the value of your property, the cost of potential repairs, and the amount of rental income you want to protect. It’s also important to factor in liability coverage to protect against lawsuits.
How to Calculate If Rental Property Insurance Is Worth It?
To determine if rental property insurance is worth it, compare the cost of the premiums to the potential financial losses you could face without coverage. Consider the risks associated with your property and the peace of mind that insurance provides.
What Factors Affect Landlord Insurance Rates?
Location – Natural disaster-prone areas have higher rates.Building Condition – Older buildings or poor maintenance increase costs.Crime Rate – Higher crime areas lead to higher premiums.Number of Rental Units – More units can impact pricing.Rental Price – Higher rents may lead to higher insurance costs.Coverage Level – Higher limits result in higher premiums.Deductible Amount – Higher deductibles can lower premiums.LANDLORD INSURANCE WHERE YOU LIVE
Landlord insurance by state.
With a Landlord Insurance policy you can protect your rental property from several losses.
Should anything happen to your commercial rental property landlord insurance will cover your investment. Click on your state to find out more.
What Is Landlord Insurance?
Landlord insurance is a specialized policy designed to protect rental property owners from financial risks associated with renting out a home, apartment, or commercial space. It covers the physical structure, landlord-owned items, liability claims, and lost rental income, ensuring landlords aren’t left financially vulnerable due to property damage or lawsuits.
What Does Landlord Insurance Cover?
Property Damage:
Protects the building itself (e.g., roof, walls, foundation) from perils like fire, storms, vandalism, or burst pipes.May cover landlord-owned furnishings (e.g., appliances, flooring) if included in the policy.Liability Coverage:
Pays for medical bills or legal fees if a tenant, guest, or contractor is injured on the property and sues the landlord.Example: A tenant slips on an icy walkway you failed to maintain.Loss of Rental Income:
Reimburses lost rent if the property becomes temporarily uninhabitable due to a covered event (e.g., fire, storm damage).Optional Add-Ons (Riders):
Flood/earthquake insurance: Often excluded from standard policies but available as add-ons.Guaranteed income coverage: Protects against tenant non-payment (varies by policy).What Landlord Insurance Does NOT Cover
Tenants’ personal belongings (e.g., furniture, electronics).General wear and tear (e.g., carpet fading, plumbing leaks from aging pipes).Intentional damage by tenants (may require a separate “rental dwelling” policy endorsement).Landlord Insurance vs. Tenant Responsibilities
LANDLORD INSURANCE
TENANT RESPONSIBILITIES
Covers the building and landlord-owned items
Requires renters insurance to protect their belongings
Includes liability for property hazards
Covers liability for tenant-caused damage (e.g., kitchen fire)
Protects against lost rental income
Pays rent even if the unit is uninhabitable (depends on lease terms)
Landlord Insurance Coverage Made SimpleCompare Free Quotes From Steadily & Get a Policy in Minutes.
Who Are the Best Landlord Insurance Companies?
Choosing the right insurance company is crucial for getting the best coverage at a reasonable price. Here are some of the top companies offering landlord insurance:
Steadily
Steadily is our primary recommendation for landlord insurance. They specialize in rental property insurance and offer a range of coverage options to suit different needs. Their customer service is top-notch, and they provide competitive rates.
biBerk
Offers affordable landlord insurance with budget-friendly DP1/DP2 policies ideal for low-risk properties or landlords prioritizing cost efficiency, featuring a streamlined online purchase process and backed by Berkshire Hathaway’s financial stability. However, its coverage is limited to basic named perils, excluding comprehensive DP3 policies or specialized add-ons like short-term rental protection.
American Family
stands out for its robust liability coverage (up to $1M+) and customizable DP3 policies with optional riders, supported by personalized agent service, though premiums tend to be higher and availability is not nationwide. It’s best for landlords seeking tailored coverage and strong liability safeguards, despite the steeper cost.
State Farm
State Farm is a well-known name in the insurance industry, and they offer reliable landlord insurance policies. They have a strong financial rating and a wide network of agents, making it easy to get personalized service.
Liberty Mutual
Liberty Mutual offers comprehensive landlord insurance policies with various add-ons to customize your coverage. They are known for their excellent customer service and quick claims processing.
Allstate
Allstate provides robust landlord insurance policies with a range of coverage options. They also offer discounts for bundling policies, which can help you save money if you have multiple insurance needs.
Progressive
Progressive is another great option for landlord insurance. They offer flexible coverage options and competitive rates. Their online tools make it easy to get a quote and manage your policy.
Farmers
Offers competitive rates, especially for basic policies, and has a strong reputation for customer satisfaction and financial stability.
Geico:
Provides robust policies with easy digital property management tools, including online quoting and mobile app access for policy management and claims.
Obie:
A Chicago-based company that specializes in insurance for landlords, offers a fully online application process, and claims to offer low rates
What Are the Different Types Of Landlord Insurance Coverage?
There are different types of landlord insurance coverage, each offering varying levels of protection. Here are the three main types:
What Does A DP1 Policy Cover? (Basic Form)
DP1 is the most basic form of landlord insurance. It typically covers named perils such as fire, lightning, and vandalism. However, it may not cover more extensive damages or loss of rental income.
Does A DP2 Policy Provide More Coverage? (Broad Form)
DP2 offers broader coverage than DP1, including additional perils like windstorms, hail, and theft. It also often includes coverage for loss of rental income if the property becomes uninhabitable due to a covered peril.
What Makes A DP3 Policy The Most Comprehensive? (Special Form)
DP3 is the most comprehensive form of landlord insurance. It provides all-risk coverage, meaning it covers all perils except those specifically excluded in the policy. DP3 also includes coverage for loss of rental income and liability protection.
What Insurance Is Best For Landlords?
The best insurance for landlords depends on property type and risk factors:
Short-Term Rentals (Airbnb/VRBO):
Steadily: Offers DP3 policies tailored to vacation rentals (guest injuries, property damage).Multi-Property Portfolios:
Farmers or GEICO: Multi-unit discounts and DP3 coverage for all properties.High-Risk Areas (Floods/Earthquakes):
Liberty Mutual: DP3 policies + flood/earthquake riders.Tenant Non-Payment Concerns:
Steadily or Allstate: Optional rental income guarantees.Affordability:
biBERK: Budget-friendly DP1/DP2 policies.What To Look For In A Landlord Insurance Provider
DP3 Availability: Ensure the company offers DP3 policies for comprehensive coverage.State-Specific Expertise: Providers like Steadily adjust coverage for regional risks (e.g., hurricanes in FL, wildfires in CA).Discounts: Bundling (State Farm), safety features (Steadily), or multi-property (Farmers).What Things Will You Most Likely Need To Insure As A Landlord?
As a landlord, you will most likely need to insure the property structure against damage from fire, storms, or vandalism. Liability protection, loss of rental income insurance, tenant damage coverage and additional coverage for natural disasters like floods and earthquakes may be necessary.
Rental Property Insurance
Protects the physical structure of the rental property against damage from fire, storms, vandalism, or other covered perils. Essential for safeguarding your investment.
Liability Insurance
Covers legal and medical expenses if a tenant or visitor is injured on your property or if you’re sued for negligence. Helps protect against costly lawsuits.
Lost Rental Income Insurance (Rent Loss Insurance)
Compensates for lost rental income if your property becomes uninhabitable due to a covered event, like fire or major storm damage. Ensures financial stability during repairs.
Tenant Damage
Tenant damage coverage is insurance that protects landlords from financial losses caused by tenant-caused property damage. It covers accidental or intentional damage beyond normal wear and tear. Policies vary, but coverage may include repairs for broken appliances, holes in walls, or vandalism. Some insurers offer optional add-ons for extensive tenant-related damages.
Natural Disasters
Flood Insurance
Covers water damage from flooding, which standard landlord insurance policies typically do not include. Recommended for properties in flood-prone areas.
Earthquake Insurance
Protects your rental property against earthquake-related damages, including structural damage and necessary repairs. Crucial for landlords in high-risk zones.
Is Landlord Insurance Required by Law in America?
Whether landlord insurance is required by law can vary depending on the location and specific circumstances. Let’s explore this in more detail:
Is Rental Property Insurance Legally Required in the U.S.?
In most cases, landlord insurance is not legally required in the US. However, if you have a mortgage on your rental property, your lender may require you to have insurance. Additionally, some states and municipalities may have specific requirements for rental properties.
Why Do Landlords Require Tenants to Have Rental Property Insurance?
Landlords want you to have rental property insurance to protect their investment. Insurance can cover damages to the property, loss of rental income, and liability claims. It provides financial security and peace of mind for both landlords and tenants.
Taking Action
Now that you have a better understanding of landlord insurance rates and coverage options, it’s time to take action. Protecting your rental property is crucial, and finding the right insurance policy can provide peace of mind and financial security. Start by clicking on any button above to view quotes and get your landlord insurance today!
Frequently Asked Questions
Why is Landlord Insurance more expensive?
Landlord insurance is more expensive because it covers additional risks associated with rental properties, such as tenant-related damages and loss of rental income. These added risks increase the likelihood of claims, leading to higher premiums.
Who gives the best Landlord Insurance?
Several companies offer excellent landlord insurance, including Steadily, State Farm, Liberty Mutual, Allstate, and Progressive. Each company has its strengths, so it’s important to compare quotes and coverage options to find the best fit for your needs.
How much is Landlord Insurance in the US?
The cost of landlord insurance in the US can vary widely depending on factors such as location, property value, and coverage type. On average, premiums range from $50 to $200 per month. It’s important to get quotes from multiple insurers to find the best rate for your specific situation.
ABOUT THE AUTHOR
Sa El
Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 16 years of experience in the industry. He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.
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