Assurant, Inc. (NYSE: AIZ), a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, today announced the launch of Cover360, which enables property management companies (PMCs) and their residents to easily include renters insurance with rent payments. With Cover360, PMCs have the potential to double renters’ participation in insurance programs by prompting residents to easily enroll during the leasing process. The new digital interface allows residents to sign up for insurance in under a minute from the convenience of their desktop or mobile device.
“PMCs have asked for solutions to manage risk without the burden of managing compliance. Cover 360 fulfills that request with tracking and verification of coverage that leverages the expertise and insights gained through Assurant’s monitoring of approximately 32 million mortgage loans,” said Ryan Lumsden, President of Multifamily Housing at Assurant. “We are offering the most comprehensive risk solution, designed to make working with residents a seamless process, minimizing burdens on staff, and driving ancillary revenue for PMCs.”
While Cover360 reduces risk for PMCs, it is designed with their residents in mind. In a 2020 Assurant survey, 86% of renters reported they would have greater peace of mind knowing their rental community neighbors were required to be insured, and 73% reported they are more likely to invest in renters insurance if it was conveniently included with their monthly rent payment – both factors Cover360 solves for.
Cover360 is a comprehensive solution that evolved from Assurant’s Point of Lease (POL) product. It enables property management companies to offer renters insurance to residents by directing them via text or email to enroll via an online portal once they have signed a lease – at no cost to the property management companies. Through Cover360, with insurance tracking and verification in place, an affordable liability-only policy can be placed on behalf of the resident whose coverage has lapsed, protecting the resident and PMC so neither have to worry about gaps in coverage. In addition, Assurant guarantees coverage for all tracked policies.
With more than 25 years of multifamily experience, 8 of the top 10 U.S. multifamily housing operators rely on Assurant, who partners with over 6,000 apartment communities and protects over 2 million renters. Assurant offers a full suite of security deposit solutions, insurance solutions, and recovery solutions that reduce risk and improve net operating income while integrating into PMC processes and systems.
Learn more at assurant.com or on Twitter @AssurantNews.