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Steadily Homeowners Insurance Review: Relatively New Company, Focused on Protecting Landlords

Published May 9, 2023
Dana George
By: Dana George
Dana George
Dana George
Writer

Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

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Our Insurance Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

This homeowners insurance is a good fit for: Landlords in search of investment protection.

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Steadily
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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Full Steadily Homeowners Insurance review

Pros

  • Available in all 50 states
  • Streamlined application process
  • Available for all types of property
  • Strong customer reviews

Cons

  • Limited history

Top perks

Available in all 50 states

It's not always easy for a landlord to fairly compare rates. There are relatively few companies offering landlord coverage, and those that do may not be available in their state. Steadily is available across the nation, making it a contender for anyone looking for coverage.

More importantly, a landlord who owns property in more than one state can insure them all with the same company.

Streamlined application

Steadily does not have a mobile app, but its website is mobile-friendly, and its application process is streamlined enough to complete on the fly. In addition, a policy purchase can be completed in minutes.

Available for all types of property

It's tough to think of a property type that Steadily won't cover. Landlords with single-family homes, condo units, apartments, multi-family homes, and manufactured homes will have little trouble securing coverage. Steadily even covers vacant homes and properties that are being restored.

Strong customer reviews

Granted, Steadily has only been in the homeowners insurance business since late 2020, but the company already has nearly 800 reviews on Trustpilot. The overall score thus far is 4.7 out of 5 stars.

What could be improved

Limited history

Only time will take care of this issue, but as of today, Steadily has not been in business long enough for potential customers to get a true sense of the company's level of financial security or claim satisfaction. Trusting such a new company with the important job of protecting assets may be challenging for some landlords.

Alternatives to consider

When looking for a more established company: State Farm has been around for 100 years and is also available in every state. In addition, State Farm enjoys high customer satisfaction ratings and an A++ rating from AM Best for financial strength.

Read State Farm review

For homeowners looking for multi-policy discounts: Allstate provides policy discounts for landlords who already do business with them or own more than one rental property.

Read Allstate review

Rates / Pricing

Securing an average rate for rental property is difficult because there are so many potential scenarios. Naturally, it would be more expensive to cover a multi-family home than a manufactured home, and one can expect a single-family home to carry a higher insurance premium than a condo.

According to Steadily, landlord insurance policies typically cost about 25% more than a standard homeowners policy. In 2023, the average homeowners insurance policy runs $1,787, although some states are much lower while others are higher.

For example, the average rate in New Jersey is $738, while the average homeowners policy in Kansas runs $3,073. What Steadily is saying is that a landlord in New Jersey can expect to pay an average of $923 annually, and a landlord in Kansas is looking at an average annual rate of $3,841.

The higher rates can be explained by the fact that landlord's insurance normally offers a higher level of liability protection.

Discounts available

We find no indication that Steadily currently offers discounts.

Coverage options

Steadily offers comprehensive coverage. This includes:

Injury protection

If a tenant or visitor is injured on the property, injury protection can cover the cost of medical bills.

Lawsuits

If a tenant or one of their guests sues a landlord for injury suffered while on the property, Steadily will cover that too.

Fire protection

If a property is damaged or destroyed by fire, Steadily coverage will pay to repair or replace the structure.

Water protection

Landlords dread the day when a tenant calls saying there's a broken pipe or leaky appliance. In fact, these are two of the most common and most expensive issues to repair in rental properties. A Steadily policy can take that worry off a landlord's plate.

Weather

Whether it's a windstorm, hail, or lightning, Steadily covers the roof damage that may be a result.

Vandalism and theft

It's tough to protect property you don't live in. Vandalism and theft coverage makes sure things like broken glass and graffiti are made right and pays to replace stolen or damaged property.

Riot and civil commotion

Some policies include coverage that will pay to fix property damage caused by looters or protestors.

Application process

The first thing a landlord will do is secure a quote. They can do so online, by email, or by calling (888) 966-1611.

To streamline the process, it will help if the landlord has the following information ready:

  • Address
  • Year home was built
  • Square footage
  • Any additional buildings on the property
  • Details about the construction materials used. The landlord does not have to know precisely what went into the construction of the home; general information will do. For example, if the house has a brick front or stucco exterior, the agent will want to make a note.

Once provided a quote, the landlord can give the go-ahead or keep shopping. If they decide to purchase a policy, the process can be completed in minutes and begin immediately.

Customer service and ratings

As mentioned, there's limited information available about Steadily customer service or ratings. However, the ratings that do exist tend to be quite positive.

This homeowners insurance is the best option if:

Steadily homeowners insurance is best for customers who:

  • Own property and want to protect their interests
  • Need coverage immediately

But homeowners may want to consider State Farm if they would prefer to work with a more established insurance company or Allstate if they want to score a multi-policy discount.