GEICO Landlord Insurance Review for Investors

GEICO is one of the biggest names in the US insurance industry, but does it have the best landlord insurance? We aim to answer this question here.

In this article, we will provide a comprehensive review of GEICO landlord insurance including the products, the offered coverage, the markets, and the associated costs. We will also look at the quality of the customer service and what existing customers think about working with GEICO. We will review the major competitors too to evaluate how GEICO performs against them. At the end, we aim to decide if the GEICO insurance is worth it for landlords in the US market or they should look elsewhere. 

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GEICO Company Overview

Leo and Lillian Goodwin founded the Government Employees Insurance Company (GEICO) in 1936, with headquarters in Chevy Chase, MD. The company was established with the goal of providing auto insurance directly to government employees and their families. Overtime, GEICO has turned into one of the largest insurance providers in the US market, covering a wide variety of assets. These include rental properties for which GEICO has a dedicated landlord insurance program.

GEICO Insurance Products and Coverage

GEICO is an all-in-one insurance company that offers all kinds of insurance.

GEICO Insurance Products

GEICO provides the following types of insurance:

‍Vehicle insurance: GEICO started out as an auto insurance company and soon expanded to cover all kinds of vehicles, moving on the road, the trail, and the water.

• Auto insurance
• Motorcycle insurance
• ATV insurance
• RV insurance
• Boat/PWC insurance
• Collector auto insurance

Property insurance: GEICO property insurance offers coverage for both property owners and renters against damages caused by fire, flooding, theft, weather, and other risks. There are different insurance types to cover single-family homes, townhouses, apartments, condos, co-ops, mobile homes, and more.

• Homeowners insurance
• Renters insurance
• Condo/co-op insurance
• Mobile home insurance
• Landlord insurance
• Flood insurance

Business insurance: Commercial insurance protects enterprises against unexpected expenses originating from property damage, legal liability, worker compensation, and others.

• Business owners policy (BOP)
• General liability insurance (CGL)
• Professional liability insurance
• Workers’ compensation
• Medical malpractice insurance
• Commercial auto insurance
• Cyber liability insurance

Additional insurance: GEICO offers life, umbrella, travel, overseas, and other kinds of insurance.

• Jewelry insurance
• Identity protection
• Life insurance
• Travel insurance
• Overseas insurance
• Pet insurance
• Umbrella insurance
• Special event insurance
• Bicycle insurance

GEICO Insurance Market Coverage

Currently, GEICO insures properties including long-term rentals in all 50 US states and DC. This means that investors who go for any of the best cities to buy a rental property can opt in for the GEICO landlord insurance.

GEICO Landlord Insurance

The GEICO landlord insurance works primarily for long-term rentals (leased for over 6 months at a time) and occasional short-term rentals (for example, listing your primary home on Airbnb when you travel). It can also operate with multiple rental properties.

The landlord insurance policy is designed specifically to provide financial protection against damages and injuries occurring on a rental property. This refers to an entire building, including the interior, the exterior, and the roof.

Landlord insurance is written through non-affiliated companies and secured by the GEICO Insurance Agency, LLC.

GEICO Landlord Insurance Protection Coverage

The landlord insurance provided by GEICO covers:

Property investment

• Damage to the residence
• Damage to the permanent structure of the property or onsite property maintenance equipment (like lawn mowers)
• Landlord furnishings and appliances

Personal protection

• Lost rent payments in case of temporary vacancy during repair works
• Liability coverage in case someone gets injured on the property

Extra options

• Vandalism damage
• Stolen personal items
• Additional construction expenses to comply with required codes after damage

GEICO Landlord Insurance Exclusions

While GEICO’s landlord insurance is rather comprehensive and comparable to other top choices, there are certain things and expenses that it doesn’t cover.

GEICO does not protect against:

• Normal maintenance and property wear and tear including landlord furnished appliances
• Damage caused by water or sewage break up: Landlords may purchase additional coverage for this loss.
• Renting out a room on Airbnb: The landlord policy is intended for non-owner occupied rental properties. If you’d like to rent out space in your primary residence, you need to get additional coverage on your homeowners insurance, which can be provided by GEICO.
• Short-term and vacation rentals: The GEICO landlord insurance does not cover the needs of full-time Airbnb hosts. It can only cover occasional renting out of the entire property on a short-term basis. While GEICO does not have a specific short-term rental insurance, their commercial insurance might be an option in this case.
• Flood damage: If landlords want to be protected against a flood, they need to purchase a flood insurance policy.

GEICO Landlord Insurance Property Type Coverage

The GEICO landlord insurance mostly works with long-term rental properties where the landlord owns the entire building. This includes single-family homes and townhouses. If you own a condo where you want to protect just the interior and your belongings, GEICO can customize the insurance policy.

In terms of market coverage, GEICO insures rental properties nationwide.

Additional Types of GEICO Insurance for Property Investors

A landlord insurance is a standard choice for real estate investors who own investment properties that they rent out for periods of over 6 months at a time. GEICO offers some additional types of insurances that can be of relevance to investors too, including:

• Renters insurance: The renters insurance covers belongings in a rental property which are not included in the landlord insurance policy. Moreover, it covers things like fire and smoke damage, vandalism and theft, water damage, weather impact, and visitor injuries.
• Homeowners insurance: This is the best insurance type for homeowners who’d like to rent out a room or a floor in their primary residence on a short-term basis.
• Condo/co-op insurance: The condo insurance protects only the interior of condo and co-op units as well as personal belongings that are excluded from the HOA insurance covering the exterior structure of the building.
• Mobile home insurance: GEICO has specific policies to insure mobile and manufactured homes, whether owners live in them full-time or part-time.
• Commercial insurance: Airbnb hosts who rent out the entire time can protect their vacation rental with a business insurance tailored to their needs.
• Flood insurance: Landlords with properties in areas at high risk of floods might be required to purchase a flood insurance policy, especially if they’re financing their investment.
• Earthquake insurance: Landlords can get an additional earthquake insurance policy to protect their investment property against this natural disaster. This is not included in the landlord insurance.

GEICO Customer Service

The GEICO website reports a 97% average customer satisfaction rate. This is based on an independent study conducted by Alan Newman Research in 2020.

The company website provides a lot of information to answer many of the questions that interested or existing customers might have about the insurance company and the policies that it provides. Still, customers can contact GEICO with additional questions at any point by phone or live chat.

Property insurance policy holders can file a claim 24/7 by contacting the company that provides their specific insurance. In most cases, this can be done through an online form and by phone, and the contact information is available on the GEICO website. The reason for this is that landlord insurance and other property type insurances are written by non-affiliated companies and secured by GEICO.

GEICO Landlord Insurance Pricing

GEICO does not provide an estimated cost of its long-term rental insurance. This is in line with industry practices as the price of the landlord insurance can vary widely depending on the location, the property type and size, and the included policy coverage.

To get a free quote, landlords can submit an online form on the GEICO website or call 800-841-3005.

GEICO Landlord Insurance Benefits

Our review shows that GEICO is a good choice for landlords. The main advantages of the GEICO landlord insurance include:

• Comprehensive coverage combining property damage and personal liability
• Various property type coverage
• Nationwide market coverage
• Customizable policy options to fit the exact needs of each property and each landlord
• Ability to purchase additional policies like renters insurance, flood insurance, and earthquake insurance
• Long history in the US insurance industry

GEICO Reviews

There are over 1,000 online reviews of GEICO which reveal negative experiences. Most of these reviews refer to the GEICO auto insurance as that’s the main business of the company. While the reviews don’t relate to the landlord insurance specifically, they are still a good indicator about the quality of services that the company provides to its customers.

You can find GEICO reviews on:

• BBB.org: Currently 1.14/5 stars based on 1,064 reviews
• Trustpilot: Currently 1.3/5 stars based on 433 reviews
• Yelp: Currently 1.5/5 stars based on 381 reviews

Satisfied customers highlight the quick payments of claims, the availability of customer support, and the knowledgeable and professional customer service team. Dissatisfied customers complain about the high cost of insurance policies, overcharges, not paying for qualifying claims, delays in payments, cancellations, and difficulties in getting in touch with customer support.

Since GEICO landlord insurance policies are provided by non-affiliated companies, we recommend that you check out the reviews of the company offered to you. Customer service and customer satisfaction may vary significantly from one provider to another.

GEICO Competitors

Before choosing the best landlord insurance for your specific needs, it’s a good idea to check out and compare a few different options. Here we’ve reviewed the best GEICO alternatives for long-term rental property insurance:

Obie

Our review of Obie shows that this is the best landlord insurance as it was specifically built to cover the needs of real estate investors and landlords, in all 50 US states. One of the major benefits of the Obie landlord insurance is that Obie is a brokerage, so they shop around to find the best possible policy customized for your property and your preferences.

Obie provides comprehensive protection including structural damage, liability, and lost rental income. It’s not possible to give an estimate of the annual cost as it depends on multiple factors like the market, the property size, and the property condition. However, the Obie landlord insurance is affordable compared to competitors.

Allstate

The Allstate landlord insurance is another popular GEICO alternative. Geographical coverage includes the entire US market. The insurance works with various property types including both single-family homes and multi-family homes.

The Allstate insurance covers dwelling protection, other structures protection, liability coverage, premises medical protection, and fair rental income coverage. It protects against fire and smoke, windstorm and hail, water damage, and falling objects.

The cost depends on the market, the liability coverage, and the replacement cost.

State Farm

The State Farm rental property insurance provides three different options to cover the needs of various real estate investors. These include insurance policies for rental homes, condo units, and apartments, and these options work in the entire US market.

The State Farm rental dwelling policy includes dwelling coverage, personal property coverage, lost rent coverage, and liability coverage. It excludes damage caused by water, earthquakes, landslides, settling, deterioration, contamination, domestic animals, birds, rodents, and insects among others.

The price of the State Farm landlord insurance varies widely, mostly by location, similar to GEICO and other competitors.

Liberty Mutual

The Liberty Mutual landlord insurance can be another suitable alternative to GEICO. The insurance company works in all 50 US states and DC.

The standard landlord insurance provided by Liberty Mutual covers the dwelling, premises liability, wind and hail, and fair rental value. Inflation protection is available as an add-on. An important advantage which comes with this provider is the multiple options to save on insurance costs. Landlords can save money when they insure both their home and their rental property, when they have not filed claims with previous insurance providers for 5 years, and when they ask for a quote before their policy with another provider expires.

Otherwise, the pricing can be very different, depending on the location and the risks associated with it.

Nationwide

The Nationwide landlord insurance covers locations across the US.

The rental property insurance provided by Nationwide protects against property damage, liability, and loss of rental income. Physical damage to the property includes fire, bad weather, and criminal activity and covers additional buildings such as sheds and detached garages and equipment like lawn mowers and snow blowers.

The cost of the Nationwide insurance for landlords depends on the market, the property size, the property age, and the property building materials.

Takeaway

Buying an investment property is one of the largest expenses in the lives of most of us. Renting this property out to tenants comes with additional threats including personal liability in case of injury. So, it’s important to choose the best long-term rental insurance for your property. When choosing your insurance provider, remember to check out the specific coverage, the coverage amount, the annual cost, and the process for filing a claim.

Our review of the GEICO landlord insurance shows that this could be a good choice for single-family homes and townhouses across the US. Another great option which comes with fully customizable policies specifically designed for the needs of landlords is Obie.