landlord-insurance-rates-by-state:-compare-costs-&-save!

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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