As a landlord, it's essential to have the right insurance for your multifamily property. Not every insurance carrier offers good multifamily policies, so it's important to know where to find the best multifamily insurance companies.
In this article, we'll discuss where to find some of the best multifamily insurance companies in 2022, and answer the most common FAQs landlords have about insuring multifamily rental property.
Looking to protect yourself and your multifamily portfolio? Get an instant quote from Obie today. No paper applications, week-long waits for quotes, or back and forth with brokers. On average, landlords save 25% with Obie.
Multifamily properties are a bit different than single-family rentals when it comes to insurance. There are more units and more tenants, which means there's a higher risk for something to go wrong. That's why it's so important to have a good multifamily insurance policy in place.
There are a few things to keep in mind when shopping for multifamily insurance. First, you'll want to make sure that the company you're considering offers coverage for multifamily properties. Second, you'll want to compare policies and rates from different companies to make sure you're getting the best deal. And finally, you'll want to read the policy details carefully so that you understand what's covered and what's not.
When you're looking for multifamily insurance, spend the time researching insurance coverage online, getting multiple quotes, and comparing them side by side. You should also look for discounts that can save you money and increase your potential return on investment.
This is where Obie can be helpful. Obie offers instant insurance built for multifamily landlords and real estate investors. With Obie, you can get the coverage you need for your specific property without spending countless hours trying to figure everything out yourself.
To get started, simply enter the property address here and get an instant quote online for multifamily landlord insurance. Coverage is available in all 50 states and investors have insured more than $4 billion in property with Obie to date.
Obie provides full transparency into the insurance process, saving landlords and investors time and money. If you already have landlord insurance with another carrier, you could potentially save up to 25% by switching to Obie.
Although Obie is a great way to find multifamily insurance online, you may prefer to shop for quotes yourself.
Here are a few multifamily insurance companies for property owners to consider in 2022, according to Investopedia, MarketWatch, and ValuePenguin, listed in alphabetical order:
Allstate Insurance Corporation has a long history of providing quality protection for landlords and multifamily investors. The company was founded in 1931, and since then, it has become one of the leading providers of multifamily insurance in the United States, earning an A+ Financial Strength Rating from AM Best.
Allstate offers a variety of coverage options for landlords and multifamily investors, including property damage insurance, liability insurance, and loss of rent insurance. In addition, the company offers a wide range of discounts and perks for policyholders, such as a discount for installing smoke detectors or security systems.
Farmers makes it much easier to insure a property with more than one rental unit, and is rated as providing the best coverage for multifamily properties by ValuePenguin. The company has an AM Best Financial Strength Rating of A (excellent) and is recognized for offering single-policy coverage for multiple rental units, which simplifies the process of insuring multifamily property.
Farmers Insurance has a long history of providing multifamily insurance coverage for landlords and real estate investors. The company was founded in 1928, and over the years, it has grown to become one of the leading insurers of multifamily properties.
Farmers offers a variety of coverage options for multifamily property, including property insurance, liability insurance, and workers' compensation insurance. In addition, the company offers a range of discounts and incentives for policyholders who insure multiple properties with Farmers.
Liberty Mutual is a well-established company with a long history dating back to 1912. They have an excellent financial rating of A from AM Best and are highly respected in the industry. The company offers multifamily investors a variety of coverage options, including property damage, liability coverage, and rent loss insurance. You can also customize your policy to fit your specific needs with the help of their team of experts.
Policyholders can be confident that they are receiving high-quality protection when they purchase a rental property policy from Liberty Mutual. Not only does the company offer coverage for replacement costs, but they also allow landlords to insure their properties for the purchase price or some other stated amount. This flexibility is not often found among their competitors. In addition, policyholders have the option of adding coverage for personal property, rental value, inflation protection, or umbrella coverage to their existing policy.
State Farm Insurance was founded in 1922, and boasts an AM Best A++ Financial Strength Rating, which is the highest rating possible. The company offers several types of insurance coverage for homes and multifamily properties, including a rental dwelling policy, condo unit owners' policy, and insurance for landlords.
Each of these policy options provides coverage against structural damages, damage to additional structures attached to the property, personal property damages, theft, liability claims, and loss of income. No matter what type of multifamily property you have, State Farm has an insurance policy that can protect it. From single-family homes to multifamily properties, they can help you get the coverage you need.
Founded in 1853, Travelers is one of the oldest and most well-respected insurance companies in the United States, with an A++ rating from AM Best. The company offers a wide range of coverage options for landlords and multifamily investors with one to four rental units, including property damage, liability, and loss of income.
In addition, Travelers offers a variety of discounts and programs specifically for multifamily investors, making it one of the most comprehensive and affordable carriers in the industry. It provides coverage for structural damage, additional structures like garages and sheds, theft, and rental income loss.
USAA Insurance was founded in 1922, and has been providing quality coverage to its members and qualifying family members who are landlords and multifamily investors ever since. USAA has an AM Best Rating of A++, which is the highest rating possible.
One of the great things about USAA is that they offer a variety of coverage options for landlords and multifamily investors. The company also offers a variety of discounts for policyholders, including discounts for insuring multiple properties and for installing security systems, and has a team of experienced underwriters who can tailor a policy to meet your specific needs.
Now that you know where to find the best multifamily insurance companies, let's take a look at some of the most common FAQs landlords have about insuring multifamily rental property:
Q: Do I need special insurance for my multifamily property?
A: Yes, you will need special insurance for your multifamily property. This is because multifamily properties are a higher risk than single-family homes. You'll want to make sure you have adequate coverage for your property.
Q: How much does multifamily insurance cost?
A: The cost of multifamily insurance will vary depending on the size of your property, the location, and the amount of coverage you need. It's important to compare rates from different companies so that you can get the best deal.
Q: What does multifamily insurance cover?
A: Multifamily insurance typically covers damages to your property caused by fire, smoke, wind, hail, water leaks, and more. It can also cover liability in case someone is injured on your property. Be sure to read the fine print of your policy so that you understand what is and is not covered.
Q: Are there items not covered by multifamily insurance?
A: Yes, there are items not covered by multifamily insurance. These items typically include a tenant's personal belongings, floods, earthquakes, and war. It's important to understand what is not covered by your policy so that you can get the appropriate coverage for your property.
Q: Where can I find multifamily insurance?
A: There are a number of insurers that offer multifamily insurance, so it’s important to compare options to find the best policy for your needs. A good place to start is Obie, which offers a variety of multifamily insurance products online.
As we covered in this post, there are a number of insurers that offer insurance for apartment buildings. However, it's important to compare options to find the best policy for your needs.
A good place to start is Obie, which offers a variety of multifamily insurance products online. Coverage is available in all 50 states and investors have insured more than $4 billion in property with Obie to date.
Get an instant quote for landlord insurance from Obie today.