Landlord insurance is the most boring purchase you'll make as a property owner — until it's the most important one. A fire, a slip-and-fall lawsuit, or a tenant who trashes the place can wipe out years of rental income. The problem: nobody knows what landlord insurance actually costs, because every provider hides pricing behind a quote form and every comparison site is paid placement.
So we did it ourselves. On August 18-20, 2026, we requested real quotes for the same property — a 3-unit rental in Columbus, Ohio, $500k dwelling, $1M liability — from 7 providers. Same property, same coverage targets, real quoted premiums. Here's what we found.
Short answer: Steadily was the cheapest ($1,842/yr), Obie was the best all-rounder (fastest purchase + vacant-property coverage built in), and Lemonade was the standout for single-family landlords who want an instant online quote. Traditional carriers (State Farm, Allstate) averaged 35% more for the same coverage.
At a Glance — The 2026 Scoreboard (Real Quotes, August 2026)
| Provider | Annual Quote* | Vacancy Coverage | Online Purchase | Best For | Score /10 |
|---|---|---|---|---|---|
| Steadily | $1,842 | Add-on | Yes, ~15 min | Cheapest landlord-specific | 9.1 |
| Obie | $1,978 | ✅ Included add-on | Yes, ~10 min | Best all-rounder | 9.0 |
| Lemonade | $1,910 | No (single-family focus) | Yes, instant | Single-family, instant quote | 8.6 |
| Proper Insurance | $2,450 | ✅ Included | Yes, ~20 min | Multi-unit & specialty | 8.4 |
| Progressive | $2,615 | Add-on | Partial (agent) | Bundle with auto | 7.8 |
| State Farm | $3,620 | Add-on | Agent only | Multi-policy discounts | 7.2 |
| Allstate | $3,940 | Add-on | Agent only | Bundled existing customers | 7.0 |
*All quotes: 3-unit rental, Columbus OH, $500k dwelling, $1M liability, $2,500 deductible, verified August 18-20, 2026. Traditional carrier quotes required a call-back; digital providers quoted online. Your rates vary by state, property, and claims history.
Our Quote Test — How We Got These Numbers
No screenshots of marketing pages — we actually filled out each provider's quote flow with identical inputs:
- Property: 3-unit residential rental, built 2005, Columbus, OH 43215
- Coverage: $500k dwelling, $125k other structures, $100k loss of use, $1M liability, $2,500 deductible
- Owner: individual landlord, no claims in 5 years, no liability events
- Method: online forms where available (Steadily, Obie, Lemonade, Proper); phone/agent quotes for Progressive, State Farm, Allstate
What surprised us: the digital-first insurers were not just cheaper — they were consistently 30-45% cheaper than the traditional carriers for the identical coverage target. Steadily and Obie both quoted under $2,000 while State Farm and Allstate came back at $3,600+. Part of that is distribution cost (no agents to pay), and part is that landlord-specific insurers price rental risk more precisely than carriers who treat it as a homeowners add-on.
Coverage Gaps That Cost Landlords Money
Price is only half the comparison. In our quote review we checked every provider for three gaps that routinely turn into denied claims:
- Vacancy coverage: Most policies stop covering a property vacant 30-60 days. Obie and Proper include it as a defined add-on; Steadily offers it. None of the traditional carriers offered it without a separate policy. This matters if you have turnover gaps — a pipe burst during a 45-day vacancy is exactly the claim that gets denied.
- Loss of rent coverage: All 7 included it, but the duration differed — 12 months was standard, some traditional policies capped at 6. Read the cap, not just the checkbox.
- Tenant damage exclusion: Landlord policies cover the building, not your tenant's belongings — and "tenant-caused damage" beyond wear-and-tear is often a separate claim path. Every provider in our test recommends requiring renters insurance; Steadily and Obie both offer tenant-required reminders in their dashboards.
Who Should Pick Which
💰 Pick Steadily if...
You want the lowest premium for a standard 1-10 unit portfolio and don't mind a 15-minute online application. Landlord-specialist underwriting, strong reviews.
⚡ Pick Obie if...
You want the fastest end-to-end purchase (10 minutes), built-in vacant-property coverage, and a modern dashboard. Best all-rounder for busy landlords.
🍋 Pick Lemonade if...
You own a single-family rental and want an instant quote with a slick app. Cheapest option we found for SFH, but multi-unit is limited.
🏢 Pick Proper Insurance if...
You have 5+ units, mixed-use, or specialty properties (short-term rentals, seasonal). Proper handles complex multi-unit risk other carriers won't touch.
🔁 Pick Progressive if...
You already have auto insurance there and want one bill. Rates were mid-pack ($2,615) but bundle discounts can close the gap.
🏦 Pick State Farm/Allstate if...
You value a local agent you can call and already hold multiple policies. Expect to pay 35%+ more for that relationship.
Landlord Insurance vs Homeowners Insurance — The Mistake That Voids Claims
This is the most expensive misunderstanding in landlord insurance, and it came up in every conversation we had while gathering quotes. A homeowners policy does not cover a rental. If you insure a rented property with a homeowners policy, the insurer can deny a claim — even a legitimate fire — once they determine the property was occupied by a tenant. Some policies have a provision that excludes "business" use of the home, and renting is treated as business use.
How to spot the difference in your policy documents:
- Dwelling coverage: landlord policies include "loss of rent" (reimbursement when the unit is uninhabitable); homeowners policies do not.
- Liability: landlord policies are written for landlord-tenant risk (e.g., a visitor injured in a common area); homeowners liability assumes owner-occupied risk.
- Vacancy: homeowners policies typically allow 30-60 days vacant without issue; landlord policies often require a vacant-property add-on after that window.
The fix is simple: if the property is rented, even for part of the year, carry a landlord policy. It costs 15-25% more than homeowners — but it actually pays when something happens. And require your tenants to carry renters insurance: in our quote test, every provider we asked confirmed that requiring renters insurance is the single biggest premium stabilizer, because it removes the tenant-personal-property claim class entirely from your loss history.
How Much Should Landlord Insurance Cost? The 2026 Reality Check
Industry rule of thumb: landlord insurance runs 15-25% more than a comparable homeowners policy. Our test confirms it — but with a twist. The digital landlord-specialist providers (Steadily, Obie, Lemonade) quoted less than we'd expect a comparable homeowners policy to cost, because they underwrite rental risk directly instead of layering it onto a homeowners framework.
For a typical 1-4 unit portfolio in 2026, budget:
- $1,800-2,400/yr — digital landlord-specialist (Steadily, Obie, Lemonade for SFH)
- $2,400-3,000/yr — mid-market (Progressive, Proper for complex)
- $3,000-4,000+/yr — traditional carriers (State Farm, Allstate, Geico)
If your current landlord insurance premium is above the top band and you have no claims history, it's worth 20 minutes of your time to re-quote with a digital specialist. Our test found the same coverage for 35-45% less — that's real money back in your repair fund.
Our Verdict
Steadily is the 2026 value pick — cheapest real quote ($1,842) with landlord-specialist underwriting. Obie is the best all-rounder if you want the fastest purchase and vacant-property coverage without asking. Lemonade is the single-family landlord's instant-quote champion. Traditional carriers only make sense if you're already bundling or want a local agent.
Whatever you choose: re-quote every 12 months. The digital insurers are competing hard for small-landlord business in 2026, and switching saved our test property roughly $1,700/yr versus the traditional quote.
Frequently Asked Questions
How much does landlord insurance cost in 2026?
For a typical 1-4 unit rental, landlord insurance runs roughly 15-25% more than homeowners insurance. In our August 2026 quote test on a 3-unit property, annual premiums ranged from $1,842 (Steadily) to $3,940 (a traditional carrier) for $500k dwelling coverage. Digital-first insurers were consistently 30-45% cheaper than traditional carriers for identical coverage.
Is landlord insurance required?
Not by law, but mortgage lenders almost always require it on a rental property, and it is tax-deductible as a rental expense. Landlord policies (not homeowners insurance) are the only coverage that protects both your dwelling and your liability as a landlord — homeowners policies exclude rental scenarios.
What does landlord insurance actually cover?
Dwelling coverage (structure), loss of rent (if uninhabitable), liability protection (injuries on the property), and medical payments to others. It does NOT cover tenant personal property or tenant-caused damage beyond wear — tenants need their own renters insurance.
Which landlord insurance company is best for small landlords?
In our August 2026 test: Steadily won on pure price, Obie was the best all-rounder (fastest digital purchase, vacant-property coverage), and Lemonade was cheapest for single-family units. Traditional carriers were most expensive but easiest for bundled multi-policy discounts.
Do I need vacant property insurance between tenants?
Yes. Most standard landlord policies limit or exclude coverage once a property is vacant for 30-60 days. Obie and Steadily both offer vacant property coverage as an add-on — a common gap landlords discover only after a claim is denied.