4 Renters InsureTech Companies to Watch

If you're renting, you need renters insurance. Many insurers offer renters insurance. As new technology enters the industry, it's making renters insurance easier and more convenient to apply for.

Here are four renters insurance insurtech companies that are part of this change:

1. Homesite Insurance
2. Lemonade
3. Jetty
4. Roost

1. Homesite Insurance

Financial Strength — A from A.M. Best
Stand-out Feature — mold and earthquake coverage included
Tech Innovation — fully online application and purchase process

Product information

Homesite Insurance offers a quick and convenient way to get the renters insurance coverage you need. You'll benefit from the ability to get quotes and file claims online, which makes the company user-friendly.

Aside from being user-friendly, Homesite Insurance offers the standard coverages for the industry. These coverage options include personal property, liability, medical payments, and loss-of-use. Beyond these options, you can add personal injury coverage, specific coverage for valuables, and identity theft protection. 

What makes Homesite Insurance policies stand out is the inclusion of mold and earthquake coverage in its policies.

Company insight

Homesite Insurance did not respond to requests for comment.

2. Lemonade

Financial Strength — A from Demotech, Inc.
Stand-out Feature — ability to donate part of leftover premiums to a chosen nonprofit
Tech Innovation — policy application, purchase, and claims managed through interactive app

Product information

Lemonade isn't just an innovative insurtech company. It also has an innovative business model. When you pay your premium, the company takes a 20 percent fee for overhead. The rest goes into a pool for use when paying claims. At the end of the year, up to 40 percent of the remaining funds are donated to a nonprofit of your choice.

While Lemonade has high financial strength ratings from Demotech, Inc, most long standing insurers have ratings from A.M. Best. It's tricky to compare these ratings side-by-side. However, Lemonade's policies are also reinsured, which adds more confidence when purchasing a policy since it's a newer company and has a unique approach.

You'll find many of the standard coverages available with Lemonade's renters insurance policy, including personal property and liability coverage. You can also find water damage coverage for your electronics.

You'll primarily interact with Lemonade through its mobile app. You'll answer questions so that Lemonade can determine your rate. Lemonade advertises that it takes as little as 90 seconds to get insurance.

A similar process is used for filing claims. You'll record a video with details about what happened and take video and photos of the damage and submit it over the app. This process makes it feel like you're having a text conversation rather than filling out online forms.

Lemonade's app uses an API to detect fraud and is able to approve claims almost as soon as you file them.

Beyond working directly with renters seeking insurance, Lemonade works with brokers, financial advisers, and property managers to help their clients or tenants get covered.

Company insight

Lemonade spokesperson:

"It couldn’t be easier, or faster, with prices starting at just $5 per month. Since Lemonade is powered entirely by AI, renters can get a quote and bind an insurance policy within 90 seconds, all from their phone, without ever having to talk to a human (although if they really want to chat with a human, that’s possible to!). You can even make changes to your policy, update coverage, and file claims, all from the Lemonade app, 24/7, with a third of claims paid instantly. 

Best part? The social impact you can do just by being a Lemonade renter. After you get a policy, you’ll be asked to choose a charity to give back leftover premiums. Last year the Lemonade community gave back more than $1.1 million to 34 charities chosen by our customers."

3. Jetty

Financial Strength — State National Insurance Company, Inc. (high ratings) and National Specialty Insurance Company (no ratings found)
Stand-out Feature — Bedbug and theft coverage available for Airbnb hosts
Tech Innovation — online application and approval, automatic notification to landlords of tenant coverage

Product information

Jetty offers financial services for property managers from making it easier to get new residents to helping residents get renters insurance. 

When your residents enroll in renters insurance policies, you'll receive proof of insurance automatically. You can also benefit from marketing and promotional fees from Jetty. Taking the hassle out of ensuring that your residents have appropriate insurance and benefiting from referring your tenants makes Jetty renters insurance attractive for property managers.

Jetty's renters insurance policies cover personal property and loss of use (coverage for extra living expenses if the dwelling becomes uninhabitable). Airbnb hosts can add bedbug and theft coverage, which both offer helpful protection.

Jetty's renters insurance products are backed by State National Insurance Company, Inc. and National Specialty Insurance Company. State National Insurance Company, Inc. has received high financial strength ratings, which shows it is financially stable.

Company insight

Jetty did not respond to requests for comment.

4. Roost

Financial Strength — Spinnaker Insurance company and Century-National Insurance Company; Other company is Cypress Property and Casualty Insurance Company (not rated by A.M. Best)
Stand-out Feature — Water damage coverage available
Tech Innovation — online application and approval, automatic notification to landlords of tenant coverage

Product information

Roost also offers renters insurance through AppFolio property manager partnerships. By partnering with AppFolio, property managers can get assistance with maintenance, inspections, and lease renewal.

When it comes to renters insurance, Roost offers an online application process. Some applicants are approved shortly after submitting an application, which makes it possible to buy coverage in one sitting.

The claims process is also convenient. You can file online or over the phone.

Roost also offers competitive coverage. Beyond the typical renters insurance coverages, you can find water damage and theft coverage. You can add pet coverage. Earthquake coverage is also available in California.

Roost is backed by financially strong insurers Spinnaker Insurance Company and Century-National Insurance Company. Cypress Property and Casualty Insurance Company is another backer, but financial strength ratings are difficult to find. High financial strength is a good indicator that an insurer will be able to meet its claims obligations.

Company insight

Roost did not respond to requests for comment.