Renter SafetyNet, the newest insurance program to spin out of CUNA Mutual Group’s innovation lab, has launched in Wisconsin.
Renter SafetyNet gives landlords a lump-sum payment to cover a tenant’s rent after a layoff, illness or injury. For as little as $5 per unit, per month, landlords can protect their own income and keep renters in their homes in the event the tenant has an unexpected income shock leading to the inability to cover rent.
National data and primary research conducted by Renter SafetyNet point to workers’ on-going struggle to build up sufficient savings – making it almost impossible to prevent financial distress when faced with an unexpected setback like a layoff or injury.
Nearly eight out of 10 workers are living paycheck to paycheck and about seven out of 10 admit they have below $1,000 in savings. In addition to the negative impact on individual tenants, their dire financial situation can cause financial, emotional and legal problems for landlords, as well.
In addition to covering the cost of rent for tenants that suddenly lose their income, Renter SafetyNet helps property owners and landlords better market and stand out against competition by putting prospective renters at ease over concerns regarding a layoff or disability.
Renter SafetyNet is a product of SafetyNet, an insurance program and division of CUNA Mutual Group.
Source: CUNA Mutual Group