Landlord Insurance Rates By State In America!
Not having landlord insurance can be very expensive and with the national average cost of Landlord insurance being around $1,516 per year, their really isn’t a reason to go without coverage.
The good news is that in this blog post we have included rates for all 50 states so that you can discover which states have the best landlord insurance for tenants.
How Much Does Landlord Insurance Cost?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 millage may vary. Rates are state specific and company specific as well so it’s best to do some research before finalizing a policy.
How Much Does A Rental Property Insurance Claim Cost?The cost of a rental property insurance claim can vary widely depending on the nature of the claim. For example, a claim for minor water damage might cost a few thousand dollars, while a claim for a major fire could run into the tens or even hundreds of thousands. Most landlord insurance policies have a deductible, which is the amount you pay out of pocket before the insurance kicks in. This deductible can range from $500 to $5,000 or more.
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How Much Does Landlord Insurance Cost By State?The cost of landlord insurance can vary significantly from state to state. Factors such as local weather conditions, crime rates, and the overall cost of living can all influence insurance premiums. Let’s take a look at some of the most affordable and most expensive states for landlord insurance.
Average Cost Of Landlord Insurance Rates By State ChartSTATE
AVERAGE ANNUAL PREMIUM
STATE
AVERAGE ANNUAL PREMIUM
Alabama
$1,761
Montana
$1,546
Alaska
$1,230
Nebraska
$1,961
Arizona
$1,054
Nevada
$970
Arkansas
$1,774
New Hampshire
$1,230
California
$1,341
New Jersey
$1,511
Colorado
$2,020
New Mexico
$1,344
Connecticut
$1,868
New York
$1,651
Delaware
$1,091
North Carolina
$1,379
District Of Columbia
$1,580
North Dakota
$1,616
Florida
$2,450
Ohio
$1,093
Georgia
$1,641
Oklahoma
$2,430
Hawaii
$1,425
Oregon
$883
Idaho
$965
Pennsylvania
$1,179
Illinois
$1,379
Rhode Island
$2,038
Indiana
$1,288
South Carolina
$1,605
Iowa
$1,234
South Dakota
$1,600
Kansas
$2,021
Tennessee
$1,540
Kentucky
$1,440
Texas
$2,444
Louisiana
$2,484
Utah
$913
Maine
$1,131
Vermont
$1,169
Maryland
$1,339
Virginia
$1,283
Massachusetts
$1,929
Washington
$1,101
Michigan
$1,226
West Virginia
$1,213
Minnesota
$1,750
Wisconsin
$1,018
Mississippi
$1,973
Wyoming
$1,484
Missouri
$1,729
Note: Average rates are based on non-binding estimates provided by data from the National Association of Insurance Commissioners (NAIC), your rates may vary.
What Are The Most Affordable States For Landlord InsuranceThe top five most affordable states for landlord insurance are Oregon “GO DUCKS” at $73.58/month, followed by Utah, Idaho, Nevada, and Wisconsin.
STATE
Monthly Premium
Oregon
$73.58 per month
Utah
$76.08 per month
Idaho
$80.41 per month
Nevada
$80.83 per month
Wisconsin
$84.83 per month
Top 5 Most Expensive States For Landlord InsuranceThe top five most expensive states for landlord insurance are Louisiana at $207/month, followed by Florida “GO GATORS”, Texas, Oklahoma, and Rhode Island.
STATE
Monthly Premium
Louisiana
$207.00 per month
Florida
$204.16 per month
Texas
$203.66 per month
Oklahoma
$202.50 per month
Rhode Island
$169.83 per month
Best Landlord Insurance CompaniesChoosing 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:
SteadilySteadily 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.
State FarmState 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 MutualLiberty 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.
AllstateAllstate 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.
ProgressiveProgressive 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.
Types of Landlord Insurance CoverageThere are different types of landlord insurance coverage, each offering varying levels of protection. Here are the three main types:
DP1DP1 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.
DP2DP2 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.
DP3DP3 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.
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Landlord Insurance Cost CalculatorCalculating 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 Rental Property 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.
Landlord Insurance Cost vs Homeowners InsuranceLandlord 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 Landlord 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 Landlord Insurance more expensive or cheaper than Renters?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.
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 US?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 want you 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.
What will you most likely need to insure as a landlord?As a landlord, you’ll need to insure the structure of the property, any personal property you provide for tenants (such as appliances), and liability coverage to protect against lawsuits. You may also want to consider coverage for loss of rental income and additional perils specific to your location.
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Taking ActionNow 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 comparing quotes from different insurance companies and choosing the coverage that best suits your needs. Don’t wait until it’s too late – get your landlord insurance today!
Frequently Asked QuestionsWhy 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.
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