In search of Recommendations for Landlord insurance

Rental Property Investor · Singapore · Member since 2017 · 6 posts · 1 vote

Insurance with normal providers (State Farm, Farmers, Travelers) goes up 30% for third year in a row. Anyone have a good, more affordable option? I'm looking into Steadily after seeing their add on a Bigger Pockets newsletter. Thanks!

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Owen RosenBusiness Member

Professional · Clinton Township, MI · Member since 2015 · 732 posts · 272 votes

Quote from @Rob Carey:

Work with an Independent Agency rather than a captive like State Farm. For instance, we represent some of the markets investors approach directly such as Steadily/Obie but we also have access to carriers that only write through Independent Agencies.

Royal Oath Insurance Group4.9211 Reviews

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Charles Carillo
Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
1y
@Rob Carey
Have you ever looked into using independent insurance agents? For example, State Farm agents are captive agents, meaning they are only authorized to sell State Farm insurance. An independent insurance agent works with multiple insurance companies to provide a broader range of policy options to clients.

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Owen RosenBusiness Member
Professional · Clinton Township, MI · Member since 2015 · 732 posts · 272 votes
1y
Quote from @Rob Carey:

Insurance with normal providers (State Farm, Farmers, Travelers) goes up 30% for third year in a row. Anyone have a good, more affordable option? I'm looking into Steadily after seeing their add on a Bigger Pockets newsletter. Thanks!

Work with an Independent Agency rather than a captive like State Farm. For instance, we represent some of the markets investors approach directly such as Steadily/Obie but we also have access to carriers that only write through Independent Agencies.
Royal Oath Insurance Group4.9211 Reviews
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Andrew Bish
Insurance Agent · Chicago · Member since 2025 · 46 posts · 38 votes
1y
Hey Rob,
I will also have to chime in favoring an independent broker. Not only do we have the ability to shop across the market to find the most competitive carrier right now. We will also have that ability when you receive your 30% rate increase, ensuring you remain with the most competitive carrier we have access to. The industry is beginning to shift towards the independent as we often complement their strategy when they switch to "growth mode".
I did come here with something unique to say, although, recommending independent brokers never gets old!
The personal lines property and casualty industry has been in shambles for the last 4 years or so. 2024 was the first year since Covid that the industry recorded an underwriting profit. This is a result of the steep rate hikes and stricter new business guidelines we have all experienced recently. While we likely won't see rate reductions, we should begin to see these rocketship rates slow down a little. We are still in the "hard market" but there is a light at the end of the tunnel so to speak.
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James McGovern
Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 409 votes
1y
I have found that Steadily is easily double what other carriers charge
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- Mike Kirby
  Rental Property Investor · New Braunfels, TX · Member since 2021 · 291 posts · 257 votes
  1y
  Quote from @James McGovern:
  
  I have found that Steadily is easily double what other carriers charge
  That isn't true in Texas. Steadily beat every other insurance company I got quotes from.
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