What published landlord insurance costs can and cannot tell you
Public landlord-insurance averages disagree, and the gap is not small. Steadily publishes a $1,478 annual average that it describes as several years old. Hippo estimates $3,251 a year and reaches that number by adding 25% to a cited $2,601 homeowner average rather than by reporting a sample of landlord policies. The two numbers are built from different inputs, so they are not interchangeable.[1][2]
| Published figure | Publisher | How it was produced | Stated limits |
|---|---|---|---|
| $1,478 per year | Steadily | Published as an average landlord-insurance cost | Steadily describes the figure as several years old |
| $2,400 to $6,600 per year | Steadily | Quotes reported for one Chicago three-unit property with the same stated coverage | A single property example, not a published national range |
| $3,251 per year | Hippo | Calculated by adding 25% to a cited $2,601 homeowner average | Derived from a homeowner average rather than reported from a landlord-policy sample; Hippo's state examples repeat the same estimate method |
Steadily landlord-cost FAQ and Hippo learn-center estimate, both captured August 30, 2026.[1][2]
The property facts that affect price and eligibility
Travelers says the cost of its landlord insurance depends on location, property type and size, rental activity, the deductible, the coverages selected, and especially the amount needed to rebuild or replace the property. That is one carrier's guidance for one- to four-unit residential rentals, and it gives no rating weights, so treat the list as quote inputs rather than as a formula.[3]
Related: What landlord insurance covers
- Rebuilding amount. Travelers names the amount needed to rebuild or replace the property as an especially important cost driver.[3]
- Location, property type, and size. Both Travelers and Hippo list these among the factors behind price; Hippo also names the property's age.[3][2]
- Rental activity. Travelers lists how the property is rented among the factors that determine cost.[3]
- Coverage settings. Travelers lists the deductible and selected coverages; Hippo separately lists limits, deductible, rental-income coverage, added structures, and theft exposure.[3][2]
Coverage questions in this guide
A shared record keeps related coverage questions in one place.
- Replacement cost and the deductible cap on a financed one- to four-unit rental
For a one- to four-unit property whose loan is subject to Fannie Mae Selling Guide B7-3-02, the property policy must cover the listed perils, generally use replacement-cost loss settlement except for roofs, and keep each required-peril deductible at or below 5% of the property coverage amount.[9]
Review: Confirm whether your loan is subject to that guide. Other investors, lenders, loan documents, state laws, leases, and local rules may require different coverage or limits.
- Perils a residential policy commonly leaves out
Texas Department of Insurance guidance identifies flood, earthquake or earth movement, wear and tear, specified vacancy periods, and many short-term-rental losses as common gaps that require separate review.[8]
Review: Ask each quote which of these it excludes. The guide concerns Texas residential home policies; verify the terms in the policy you are considering.
Coverage choices change both premium and retained risk
If a one- to four-unit rental has a loan subject to Fannie Mae Selling Guide B7-3-02, test the quote against that guide before comparing premiums. The guide requires listed perils, generally requires replacement-cost loss settlement except for roofs, and limits each required-peril deductible to 5% of the property coverage amount. It is not a universal lender rule, so verify the requirements in your own loan documents.[9]
- Dwelling-fire form breadth: DP-1 versus DP-3 or DW-2
Citizens describes its DP-3 or DW-2 product as available for tenant-occupied properties and lists dwelling, other structures, personal property, and loss of rent or additional living expenses. It describes DP-1 as limited to named perils.[6]
Review: Ask each quote to name the form and confirm whether loss of rent is included. This Citizens listing identifies coverage categories in Florida and supplies no premium effects or another carrier's terms.
- Fair rental value
A Florida-filed dwelling form, DP 00 03 07 88, defines fair rental value as the fair rental value of the rented part, less expenses that do not continue while that part is unfit for normal use.[7]
Review: Verify the triggering peril, payment duration, dollar limit, and applicable conditions in the declarations, policy form, and endorsements. The filed excerpt supplies the definition only.
Why a homeowners price is not a landlord-policy comparison
Travelers distinguishes homeowners coverage for an owner-occupied home from landlord coverage designed for rental property, rental income, tenant-related property risks, and premises liability. It says regular long-term rental of the entire premises generally calls for landlord coverage and that cost differs because the protections and risks differ. An owner-occupied premium is therefore not a like-for-like landlord-policy benchmark.[4]
| Question | What the cited source says | Source |
|---|---|---|
| Which coverage fits a home rented long term? | Regular long-term rental of the entire premises generally calls for landlord coverage, which addresses rental property, rental income, tenant-related property risks, and premises liability. | Travelers, landlord vs. homeowners insurance |
| Can a tenant-occupied home stay on a homeowners policy? | Citizens says most tenant-occupied homes are not eligible for its homeowners policy and directs the owner to determine whether a homeowners or dwelling-fire policy fits. | Citizens Property Insurance Corporation (Florida) |
| Is there a published price comparison between the two? | Travelers says cost differs because the protections and risks differ. The page publishes no price comparison, quote, or form. | Travelers, landlord vs. homeowners insurance |
Travelers product guidance and the Citizens Florida eligibility answer. Neither establishes a universal occupancy rule.[4][5]
How to control cost without creating a coverage gap
Some premium factors are coverage choices rather than building facts. Travelers says some protective devices and policy bundling may qualify for savings, but it publishes no rating weights or guaranteed discount. Ask the quoting carrier whether either item changes the quote for your property.[3]
- Ask what protective devices or bundling would change. Travelers describes these as possible savings on its landlord product, not as a fixed discount.[3]
- Compare deductibles and coverage limits side by side. Texas Department of Insurance guidance tells buyers to do this while shopping and does not recommend a specific figure.[8]
- Check the deductible ceiling in the loan requirements. For a loan subject to Fannie Mae Selling Guide B7-3-02, each required-peril deductible must stay at or below 5% of the property coverage amount.[9]
- For a loan subject to that guide, confirm that the quote generally uses replacement-cost loss settlement except for roofs.[9]
- Review rental-income protection separately. Citizens lists loss of rent or additional living expenses in its DP-3 or DW-2 product, while the filed form's fair-rental-value definition subtracts expenses that do not continue while the rented part is unfit for normal use.[6][7]
- Review flood and earthquake or earth-movement protection separately. The Texas guide identifies them among common gaps in the residential home-policy context.[8]
Compare quotes with the same property and coverage facts
Steadily says its landlord-insurance calculator uses the property address, year built, and coverage details, and its Chicago example returned quotes from $2,400 to $6,600 on one three-unit property with the same stated coverage. Keep the information below consistent across quote requests so the coverage comparison is clear.[1]
- Building facts: address, property type and size, and year built.[3][1]
- Rental activity and occupancy, stated the same way each time.[3]
- The amount needed to rebuild or replace the property and the same deductible on every quote.[3]
- The form and its categories: which dwelling-fire form is quoted, and whether dwelling, other structures, personal property, and loss of rent or additional living expenses are included. Citizens describes DP-1 as limited to named perils.[6]
- The rental-income wording. Under the filed DP 00 03 07 88 definition, fair rental value is the fair rental value of the rented part less expenses that do not continue while it is unfit for normal use.[7]
- Requested endorsements, identified by name and kept the same across each comparison.
- Prior-loss information or loss records, supplied consistently with each quote request.
- Lender terms, if the loan is subject to Fannie Mae Selling Guide B7-3-02: listed required perils, replacement-cost loss settlement except for roofs, and each required-peril deductible at or below 5% of the property coverage amount.[9]
- Whether the quote addresses flood and earthquake or earth movement, which the Texas guide identifies as common gaps in the residential home-policy context.[8]
Current next step: after preparing the comparison list, call licensed Property Covered support at (888) 693-8980. Property Covered is a property insurance marketplace operated by Switchboard Risk Technologies Inc., a licensed insurance producer. A request is free and carries no purchase obligation. Carriers make the final eligibility, pricing, binding, policy, and claims decisions.
The online quote route records your request and property details for licensed follow-up.
Related: Start a quote request
For several buildings, or for commercial property rather than a one- to four-unit home, use the guide that matches the property type and portfolio question.
Related: Portfolio insurance, Commercial property insurance cost
Sources
- 1.Steadily, Landlord insurance cost & coverage FAQs
- 2.Hippo, How Much Does Landlord Insurance Cost?
- 3.Travelers, Landlord Insurance for Rental Properties
- 4.Travelers, Landlord Insurance vs. Homeowners Insurance: What's the Difference?
- 5.Citizens Property Insurance Corporation, If I rent my home to a tenant, is it eligible for a Homeowners policy? (Answer ID 1980)
- 6.Citizens Property Insurance Corporation, Residential Policies
- 7.Florida Farm Bureau General Insurance Company dwelling filing 21-019726, form DP 00 03 07 88 (SERFF)
- 8.Texas Department of Insurance, Home insurance guide
- 9.Fannie Mae Selling Guide B7-3-02, Property Insurance Requirements for One- to Four-Unit Properties
Common questions
The two public figures in this page disagree. Steadily publishes a $1,478 annual average and describes it as several years old. Hippo estimates $3,251 a year by adding 25% to a cited $2,601 homeowner average rather than reporting landlord policies, and its state examples repeat that method. Neither page predicts the price for a particular property or carrier. [1][2]
Steadily reported quotes from $2,400 to $6,600 for one Chicago three-unit property with the same stated coverage. That example shows that quotes can differ even with the same stated coverage, but it does not identify why each quoted price differed. [1]
Travelers says cost differs because the protections and risks differ, and its comparison page publishes no price comparison, quote, or form. The Citizens eligibility answer likewise does not prove that a landlord form always costs more than a homeowners form. Compare the applicable coverage and occupancy terms instead of treating the two premiums as directly comparable. [4][5]
Travelers says regular long-term rental of the entire premises generally calls for landlord coverage, which addresses rental property, rental income, tenant-related property risks, and premises liability. Citizens says most tenant-occupied homes are not eligible for its homeowners policy and directs the owner to determine whether a homeowners or dwelling-fire policy fits. The Citizens rule is specific to that Florida insurer, so confirm the occupancy rule with your own carrier. [4][5]
The cited sources do not state a directional premium result for a higher deductible. Travelers lists the deductible among factors that determine the cost of its landlord insurance, and Texas Department of Insurance guidance tells buyers to compare deductibles and coverage limits while shopping. If the loan is subject to Fannie Mae Selling Guide B7-3-02, each required-peril deductible must stay at or below 5% of the property coverage amount. [3][8][9]
That depends on the form. Citizens lists loss of rent or additional living expenses among the coverages under its DP-3 or DW-2 product for tenant-occupied properties, and describes DP-1 as limited to named perils. The filed DP 00 03 07 88 form defines fair rental value as the fair rental value of the rented part less expenses that do not continue while it is unfit for normal use. Verify the triggering peril, duration, limit, and applicable conditions in the declarations, policy form, and endorsements. [6][7]
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