Obie Insurance Review: Rental and Airbnb Coverage

Obie Insurance is an insurance broker that specializes in policies for landlords. It offers comprehensive policies that protect owners from the various risks involved in having a rental property that includes fire, wind damage, and water damage. Policies are available in all 50 states, with more than $4 billion in insured assets.    

Obie Insurance Company Overview

Obie Insurance was founded in 2017 and has headquarters based in Chicago, Illinois. It serves the investor real estate industry with just under 200 employees. As a broker, it uses top-rated companies to underwrite its insurance products. Because it is a broker, Obie Insurance does not possess an AM Best rating on its own. 

Obie Insurance Products and Coverage

Obie offers policies for a variety of investment properties. These property types include: 

• Landlord insurance
• Real estate investment insurance
• Single-family residence insurance
• Short-term rental insurance
• Multi-family home insurance
• Commercial real estate insurance

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These policies are available throughout the United States with no geographical limitations. Obie’s policies provide coverage for the common losses that real estate investors may experience when renting out homes. These losses include fire, theft, water damage, and vandalism. While most customers value the specialized nature of Obie, some customers might want to work with a company that can bundle properties with their personal residences.

Obie Customer Service

It takes just five minutes to get a quote. Obie uses artificial intelligence and technical algorithms to access data about properties so that you don’t have to know every detail about your property. This saves you time and energy and ensures an accurate quote. Once you have the quote, the onboarding process is simple; just follow the prompts to get the policy to the underwriting department. You can have coverage in minutes. 

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If you have a claim, you can process it by calling customer service at (773) 820-7132 or emailing support@obieinsurance.com. The claims process starts with getting the loss's basic details, including time, date, and a description of the incident. From there, they assign a claims representative to the claim to walk through the rest of the claim details. Obie Insurance prides itself on its service and expediting claims. 

Obie Insurance Pricing

By using technology as an aid, Obie can keep insurance pricing lower than many of its competitors. Many factors determine each policy rate. The first factor is the location of the property. From there, Obie gathers specific details about the property, including the size, age, construction materials, and home design. Landlords with previous claims will pay more for insurance than those with a clean claims history. 

We ran a quote for a two-bedroom, two-bath rental home in Hawaii. The property has no claims on it and is not vacant. The estimated premium was $2,117 for the year. 

Obie Insurance Benefits

The key benefit of working with Obie Insurance is the ease by which you can get a quote and bind a policy for coverage. Obie takes the paperwork out of the equation freeing up time for landlords who don’t want to get bogged down with insurance jargon and applications. 

Obie Reviews

We did not find Obie on Trustpilot, a major review site. This could be simply because the company is newer and still getting established. It does, however, have 148 reviews on Google. It receives an average of 4.8 out of 5 stars. People like the service and customer experience with Obie. Various customer service reps are noted as being knowledgeable and going the extra mile to serve. 

The negative reviews revolve around issues with claims. Policyholders state that the company makes you jump through hoops in the claims process to find a reason to deny the claim. Policyholders also noted receiving a non-renewal notice once a claim was filed. 

Obie Competitors

State Farm

State Farm offers landlord insurance in all 50 states and maintains an A++ rating from AM Best, suggesting that it has superior financial solvency among insurance companies. State Farm has independent agents who own agencies positioned in communities across the country to be local experts in the market. This personalized touch gives State Farm an edge over its competition, with agents getting to know their policyholders over time and tailoring policies to their needs. 

Allstate

Allstate is an A+ rated company with AM Best, giving policyholders the confidence that the company will be there to pay a claim in the event of a loss. Allstates 8,400 agents are located across the country. Policyholders like that they can get their landlord insurance bundled with other insurance products such as homeowner’s insurance, auto insurance, and life insurance. Allstate offers landlord insurance for both long-term and short-term rentals. 

GEICO

GEICO is a major insurance carrier for personal lines insurance. It also has a full spectrum of investment property insurance that includes long-term rentals and short-term rentals. GEICO receives the top rating from AM Best, an A++, which signifies that it maintains top financial strength. Policyholders appreciate GEICO’s customer service, noted as being engaged, knowledgeable, and helpful.   

Takeaway

Finding the right insurance carrier is essential for landlords. You want a company that is easy to work with that has the strength to properly back your property against losses. Obie is a top insurance broker specializing in real estate investments so that owners can rest assured that they are in expert hands.