Safeco Landlord Insurance Ratings
Safeco Landlord Insurance Reviews 2023 (Ratings, Cost & Coverage). Taking tenants into your properties creates new kinds of liability.
Landlord insurance is meant to protect you from that, and Safeco, a smaller company with great prices, does have policies to protect you.
Is it the right coverage for your units? To find out, read Safeco landlord insurance reviews. We've done some of the research for you by looking at media sources and reviews across the web.
We've also taken the time to evaluate some of the coverage options you'll get with Safeco.
Check out Safeco landlord insurance reviews, ratings, cost & coverage for Safeco non-owner occupied dwelling insurance policies.
Following are some of the answers to commonly asked Safeco landlord insurance questions:
- How Do I Get A Safeco Landlord Insurance Quote?
- How Much Does Safeco Landlord Insurance Cost?
- What Type Of Landlord Insurance Discounts Does Safeco Offer?
- What Does Safeco Landlord Insurance Cover?
- What Types Of Houses Are Eligible For The Safeco Landlord Protection Program?
- What Types Of Houses Are Ineligible For Safeco?
- Does Safeco Write Properties Owned By An LLC, LLP, or LP?
- Is Safeco A Good Landlord Insurance Company?
- Is Safeco A Reliable Landlord Insurance Company?
- Are Safeco's Landlord Insurance Reviews & Ratings Good?
How Do I Get A Safeco Landlord Insurance Quote?
Call the Safeco insurance phone number at (877) 857-9519 to start your landlord quote.
Licensed Safeco insurance agents are available 7 days a week during these hours (Eastern time):
|7 a.m. to 10 p.m.||Monday through Friday|
|7 a.m. to 8 p.m.||Saturday|
|11 a.m. to 8 p.m.||Sunday|
Or you can start your Safeco landlord insurance quote online 24/7:
How Much Does Safeco Landlord Insurance Cost?
The average cost of Safeco's landlord insurance policies ranges from $39 to over $77 per month, and is mainly based on your zip code, liability limits, number of units and claims history.
What Type Of Landlord Insurance Discounts Does Safeco Offer?
Safeco offers a few ways to save your landlord insurance:
|Safeco Landlord Insurance Discount||Discount Description|
|Insure Your Home With Safeco||You'll save 5% when you insure both your homeowners and landlord policies with Safeco.|
|Get A Quote Before The Policy Effective Date||Obtain a quote at least one day in advance of the policy effective date and you'll receive a discount on your landlord policy. Quote eight or more days in advance of the policy effective date and you'll receive an even bigger discount.|
|Choose A Higher Deductible||A higher deductible will lower how much you pay for your landlord insurance premium by shifting part of the loss payment to you.|
|Pay Your Bill In Full||If you pay your bill in full when you start or renew a policy, instead of paying in monthly installments, you'll end up paying less in the long run.|
What Does Safeco Landlord Insurance Cover?
Safeco offers landlord protection insurance policies that will cover up to 16 total rental units. They insure single family homes, condo units, duplexes, triplexes, and fourplexes.
Safeco's landlord coverage includes protection from damage as well as from certain liabilities unique to non-owner occupied dwellings like - wrongful eviction and wrongful entry lawsuits.
Open Perils or Named Perils Coverage
In insurance language, peril is the word used to describe a cause of loss. For example, if your rental property burns down, the cause of loss (or peril) is fire. You may also have smoke damage from the fire as well as water damage from the effort to extinguish the fire, so the perils in this case would be both smoke and water.
Named peril coverage: Provides coverage only if one of the named perils you are protected against is the direct cause of your loss. Common examples of named perils include fire, vandalism, smoke, and hail. Named peril coverage is less expensive but offers less protection than open perils.
Open perils coverage: Protects against any cause of loss that isn't specifically excluded on your policy. You're also protected against all the named perils including theft of your personal property that may be at your rental property.
Extended Dwelling Coverage
At the time you purchase a landlord protection policy, we will establish the amount it would take to rebuild your rental property if it's damaged beyond repair.
Reconstruction cost, which is different from market value, includes expenses like debris removal, fees and permits, contractor costs, architect's fees, and other necessary expenses. Since the cost of construction material fluctuates regularly, extended dwelling coverage also gives you up to 25% more protection than the limit stated in your policy.
So in the event of a major or total loss to your rental property investment, extended dwelling coverage will help pay for repair or rebuilding costs that exceed the amount covered by your policy.
Premises Liability Coverage
Premises liability coverage protects you and your spouse or domestic partner against bodily injury and property damage claims for which you are held legally liable.
It also provides personal injury protection coverage (see below) and pays medical costs including hospital bills and medical care expenses for guests if they are injured on your rental property.
Protection from Personal Injury Lawsuits
Personal injury coverage protects you and your spouse or domestic partner from tenant claims of libel, slander, wrongful eviction, wrongful entry, and invasion of privacy. Such claims are not uncommon among landlords, so it's best to be prepared.
For example, if you must evict one of your tenants for a reasonable cause, and they sue you for the eviction, you must respond to the lawsuit even if it's frivolous. This coverage option helps you defend yourself and your investment in case this happens to you.
Limited Liability Company (LLC) Coverage Options
Establishing an LLC for ownership of your rental properties creates a barrier of protection between your rentals and your personal assets. In most states, you can extend protection to your LLC as part of your Safeco landlord policy.
What Types Of Houses Are Eligible For The Safeco Landlord Protection Program?
In general, Safeco insures up to 16 total rental units. Safeco landlord insurance can cover:
- Single family homes
- condo units
What Types Of Houses Are Ineligible For Safeco For The Landlord Protection Program?
The Safeco Landlord Protection program does not insure:
- Mobile or manufactured homes
- Homes listed in a historic registry
- Homes with open foundation construction
- Homes with farming exposures
- Older homes with outdated electrical wiring
Safeco Landlord Protection insurance applies to non-commercial residential properties only. We do not cover mixed-use buildings or those used for retail or other commercial businesses.
Safeco's landlord insurance policy is for dwellings occupied only by tenants. If you're living at the residence, you would need to insure your home with a Safeco homeowners policy.
Does Safeco Write Properties Owned By An LLC, LLP, or LP?
Yes. In most states, you can extend protection to your LLC as part of your Safeco landlord policy.
Is Safeco A Good Landlord Insurance Company?
According to Consumers Advocate, Safeco insurance is:
"definitely one option you should consider. It gets good points for value, coverage, and affordability. They provide protection for multiple types of structures and maintain a 24-hour claim assistance which is invaluable in case of emergencies."
Benzinga has placed Safeco as #3 on its Top 5 List of Best Landlord Insurance Companies:
"Another policy provider offering bundle discounts, Safeco's insurance policies are on-par with its competitors. The company allows you to adjust your deductible, which can be a powerful tool if you want to maintain insurance but want to lower your monthly premium. Simply choose a higher deductible and pay less each month."
In general, Safeco landlord insurance reviews are good for its actual cash value replacement and repair coverage, which isn't necessarily widely available from all providers.
Is Safeco A Reliable Landlord Insurance Company?
Yes. Safeco has the money and reserves to pay it's landlord claims. Safeco Insurance is owned by the Liberty Mutual Group, which is very financial stable.
Liberty Mutual Insurance has financial strength ratings of "A" or "Strong" from Standard & Poor's, an "A2" or "Good" from Moody's, and an "A" or "Excellent" rating with A.M. Best. Liberty Mutual is ranked in the top 100 largest U.S. Corporations according to Fortune.
Are Safeco's Insurance Reviews & Ratings Good?
There aren't a lot of sites online which cover Safeco landlord insurance reviews specifically. You have to sort of get an idea of the service from other types of policy holders. Yet there are plenty of positive reviews to read online:
Better Business Bureau
The Better Business Bureau says Safeco offers: Car Insurance, Motorcycle Insurance, Personal Liability Protection, Homeowners Insurance, Renters Insurance, Condominium Insurance, Flood Insurance, Identity Fraud Expense Coverage & Life Insurance.
Overall the BBB rates Safeco A+. It does reference that Liberty Mutual is the parent company.
"Love them, they are awesome. Best company I have ever come across when dealing with a claim on my home. I would refer any family, friends, coworkers, and anybody that asked me! Love the claims process, especially since they are a Liberty Mutual company now."
"A nice experience. Very helpful from greeting me immediately as I walked through the door to the moment I stepped out. They were so knowledgeable and friendly the entire time I was there. She made me feel like family. I was just stopping in for a quote."
"I have been truly happy with Safeco. We priced out different insurance policies through an insurance broker, and went with Safeco due to the coverage. The price was competitive as well. We have not had any issues with our homeowner's insurance, but the price is fair. We also have automobile insurance as well. Recently, I found a huge crack had formed on my windshield that spread from a chip that I missed (it started in the back area at the edge of the window, so it was hard to see initially). I called Safeco who directed me to a glass installer and the windshield was replaced at no additional cost to me. I was very pleased. The only negative was I had to take my car to a shop where they had the equipment to recalibrate my front sensor that is mounted in the windshield and the nearest location was 30 miles away which wasn't terribly convenient. If it hadn't been for the complexity of the install, they would have sent someone to my home or work to do the job. I am confident that if I had a more major repair or issue, I would be taken care of."
Overall Clearsurance.com rates Safeco 3.96 out of 5 stars.
The overall verdict? Safeco takes care of its clients.
Safeco's Contact Information
Address: 175 Berkeley Street, Boston, Massachusetts 02116
Sales Phone #: (877) 857-9519
Safeco Landlord Insurance Reviews - The Bottom Line
Coverage is the most important thing to evaluate when you're choosing a company. Safeco landlord insurance policies allow you to customize some of your coverages, allowing you to choose between basic and broad coverages.
You can also protect yourself against loss of rent, and for liability if a tenant sues you for wrongful eviction or wrongful entry. It also covers you if a contractor sues you. You can even get coverage for any personal property you may be keeping on your rental.
They are a Liberty Mutual company now, which means you get small-company service with big-company financial backing. You won't have to worry about the company going insolvent when you need to file a claim.
Second, you need to consider rates. Insurance coverage can be very expensive, and it can raise your overhead. Thus you should evaluate Safeco's rates. Fortunately, Safeco's landlord insurance rates are some of the lowest available.
Finally, you should look for a reputable broker. Your experience with your broker or agent will have a huge impact on your experience with Safeco landlord insurance.
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