Standard homeowners insurance policies exclude properties you rent to others. That gap in coverage exposes landlords to property damage costs, liability claims, and lost rental income with no financial backstop. Steadily is one of several insurers that focuses specifically on landlord policies, and understanding how these products are structured helps investors make better coverage decisions across their portfolios.
What Rental Property Insurance Actually Covers
Landlord insurance, sometimes called a dwelling fire policy or rental property policy, typically includes three core components:
- Dwelling coverage: Pays to repair or rebuild the physical structure after covered perils such as fire, wind, hail, or vandalism. Coverage limits should reflect the property's replacement cost, not its market value.
- Liability protection: Covers legal defense costs and judgments if a tenant or visitor is injured on the property and sues. Standard limits run from $100,000 to $500,000; umbrella policies can extend this further.
- Loss of rental income: Reimburses rent you cannot collect while a covered loss renders the unit uninhabitable. This is typically capped at 12 months of fair rental value.
What standard landlord policies generally do not cover: tenant belongings (tenants need renters insurance for that), routine maintenance or mechanical breakdown, flood damage, and earthquake damage. Flood and earthquake coverage require separate policies or endorsements.
How Steadily Structures Its Coverage
Steadily operates as a managing general agent (MGA) that places policies through admitted and non-admitted carriers. That structure lets it underwrite properties that traditional carriers decline, including short-term rentals, properties under renovation, and portfolios with high unit counts.
