Is Steadily a Good Insurance Company?

Steadily operates as an insurance provider specializing in property coverage for real estate investors and rental property owners. The company focuses on leveraging technology to streamline the insurance process, offering a modern approach to managing property risks. Steadily aims to provide tailored insurance solutions for a market segment with distinct needs. They position themselves as a direct-to-consumer insurer, simplifying how landlords acquire and manage their policies.

Steadily’s Core Offerings

Steadily primarily offers landlord insurance, catering to individuals and entities that own rental properties. Their product suite covers a wide range of property types, including single-family homes, multi-family units, apartment buildings, condominium units, and manufactured homes. This specialization means they do not offer other types of insurance, such as auto or health.

A significant part of Steadily’s offerings includes specialized policies for short-term rentals, such as properties listed on platforms like Airbnb and VRBO. These policies are designed to address the increased risks associated with frequent tenant turnover and guest-related issues. Landlords can obtain coverage for properties that are vacant or undergoing renovation, which is a common scenario in real estate investment. The company’s targeted approach allows them to understand and underwrite the specific exposures faced by rental property owners, providing comprehensive protection for their investments.

Customer Interactions and Claims Process

Steadily emphasizes a technology-driven operational model, allowing customers to interact with the company primarily through digital channels. This online-first approach enables landlords to obtain quotes, manage policies, and file claims conveniently. They provide digital tools and a user-friendly online platform.

When it comes to filing a claim, Steadily offers multiple avenues, including online submission through their portal or by phone. The process is designed to be efficient, with an emphasis on quick resolution.

For less complex claims, such as damage contained to a single room, they may utilize mobile technology where customers can submit photos or even 3D models of the damage, potentially leading to claim adjustments and payments within approximately four days. More involved claims, like those resulting from a significant fire, might take a median of 11 days or longer, sometimes two to three weeks, for resolution.

Throughout the claims process, customers can expect communication and support via text, email, or phone calls, aligning with their accessible digital service model.

Understanding Policy Coverages

Steadily’s landlord insurance policies incorporate several common types of coverage. Dwelling coverage protects the physical structure of the rental property from perils such as fire, water damage, storms, hail, vandalism, and burglary.

Another essential component is legal liability protection, which covers landlords if they are found legally responsible for injuries sustained by others on the rental property or for damage to others’ property. While a standard landlord policy typically includes liability coverage, the limits can vary, with $500,000 being a common offering. Policies also frequently include loss of rent coverage, which provides reimbursement for lost rental income if the property becomes uninhabitable due to a covered claim.

Landlord insurance generally costs about 25% more than standard homeowner’s insurance for the same property, reflecting the increased risk associated with tenants occupying the property.

For short-term rental properties, specific endorsements or policies are available to cover unique risks like guest-induced damage, often adding an estimated 5% to 6% to the premium compared to long-term rentals. Annual premiums for short-term rental policies can range from $2,000 to $3,000, with costs potentially higher in popular tourist destinations.

Obtaining and Administering a Policy

Prospective customers can obtain a quote from Steadily through their online platform, often within minutes. The process is designed to be user-friendly, requiring basic property information to generate an initial estimate. This digital efficiency allows landlords to quickly assess potential insurance costs for their rental properties.

Once a quote is received, the policy application can often be completed entirely online. Steadily leverages technology and data sources to provide instant, bindable quotes, simplifying the purchasing decision. This streamlined application aims to reduce the time and effort traditionally associated with acquiring property insurance.

For existing policyholders, Steadily offers digital tools for policy administration. Customers can manage their accounts, make payments, access policy documents, and update information through an online portal. This self-service capability provides flexibility and convenience for landlords overseeing their insurance needs.