Anyone using Steadily for landlord insurance

[Kristi K.]

I'm shopping insurance again this year because my first renewal is in May and Farmers is raising the cost by 30%. I came across a better quote from Steadily today and it looks enticing but they are relatively new to this industry. Can anyone give any feedback on this company whether it be positive or negative? 

[Costin I.]

I heard about Steadily from the authors of the latest BP book on self-managing. I thought to give it a try and ask for quotes from them. The process went fast online, and I was contacted right after through SMS and phone by an accommodating and polite rep. Their quotes were for much higher coverage (e.g current policy is 260K on a house with market value of 275K, including ~50K land, their coverage was 340K) and cheaper (~$350 less than current premium). It included similar "loss of rental income", same liability limits, included building code upgrade, vandalism and even 10% for water damage and 5K for rot.  This was the good part.

The bad part - not much. The "other structures" were only 10K, while everybody else goes by 10% of the coverage (on 340K coverage of the main structure, you get 34K other structures).

The ugly part - much higher deductibles: $5000 general deductible and 3% wind/hail deductible (on a 340K coverage it comes to a whopping $10K+ deductible...makes you understand their "largesse" on unnecessary higher coverage...if they know the rebuilding cost is 250K, they can give you 300K+ because they will not have to pay more than rebuilding cost, but it pushes the deductibles higher).

We concluded:

1. For saving a couple of hundred dollars a year we gain the "privilege" pay $1K-3K in general  deductible and $4K-6K in hail/wind deductible (and likely 80% of the cost of a new roof here in TX). General "return" in 15-20 years (vs. getting hit by a storm and having to cover that huge deductible), longer than the lifetime of a roof. 

2. A good policy for a place where nothing happens or one for total catastrophic insurance - the type where a fire destroys the house, or a tornado takes it away, including the bed bugs. But nothing in between, as those deductibles prohibit you from opening any claim that is not total.

3. More hype than usefulness. We decided to stay put.