COLUMBUS, Ohio--(BUSINESS WIRE)--Nov 7, 2019--
Rental insurance has long been clouded by confusing, generic plans sold on agent commissions, without understanding and protecting real people’s needs. Until now. Root Insurance, the largest property casualty InsurTech in the country, has launched an affordable, streamlined renters insurance designed and personalized around real consumer need, for as low as $6/month.
With increasing urbanization and a rapidly expanding rental market, there’s significant demand for fair, affordable coverage that is personalized for customers. In addition to covering customers’ personal property and liability from accidents, Root renters insurance pays for things like temporary living expenses and theft of items outside of the home.
The launch of renters insurance marks the expansion of the Root insurance portfolio. As with auto insurance before, Root is disrupting the industry with its proprietary data-driven platform and ability to react to consumer behavior to offer personal and property liability coverage based on real customer needs. This allows Root to take commissions and complications out of the process, with a simple application that takes less than 60 seconds and a streamlined claims process using Root’s website or app.
“More than half of renters don’t have insurance that covers them and their valuables, and many that do have insurance admit they don’t know enough about what it covers,” said Alex Timm, Co-Founder and CEO of Root. “With Root renters insurance, we will help our customers feel more knowledgeable about their coverage while offering them peace of mind at home for a low cost.”
Founded in 2015, Root has become one of the fastest-growing insurance companies in the world by using data analytics and machine learning to create customized auto insurance rates based primarily on actual driving behavior, and combining customized rates with streamlined customer service. With renters insurance, Root is bringing high-level customer service and app-based functionality to the home.
Root renters is currently available to existing Root auto customers in Missouri, Ohio and Utah and will be expanding to other states and will be available to people who are not Root auto customers in the coming months.
“We’ve already seen strong results in our first markets and have heard great feedback from customers about their coverage and the claims process,” said Timm. “The opportunity for additional growth is significant and we are eager to expand this product to more markets throughout the U.S., and deliver the bundled experience we know consumers desire.”
Plans begin as low as $6/mo, and consumers have the ability to bundle their Root renters and auto insurance plans for even better rates. All plans include replacement cost coverage, so Root reimburses impacted items for their original purchase value, whether they are stolen from home, from a car, or from a hotel when travelling.
Visit JoinRoot.com/Renters-Insurance for information and to sign up. Follow Root on social @rootinsuranceco.
Root Insurance is the nation’s first licensed insurance carrier powered entirely by mobile. We were founded on the belief that the services you need for everyday life should serve you better. That’s why we base insurance coverages on you, not your demographic. It’s the way insurance should be. And it’s all conveniently in an app.
Root is headquartered in Columbus, Ohio, with renters insurance available in Missouri, Ohio and Utah, and auto insurance currently available to drivers in Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, New Mexico, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah and Virginia and will be coming to more states soon.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191107005163/en/
KEYWORD: OHIO UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER CONSUMER OTHER PROFESSIONAL SERVICES CONSUMER RESIDENTIAL BUILDING & REAL ESTATE INSURANCE CONSTRUCTION & PROPERTY
SOURCE: Root Insurance
Copyright Business Wire 2019.
PUB: 11/07/2019 01:23 PM/DISC: 11/07/2019 01:23 PM