Insurtech Root Expands Into Renters Market; Product Launched in 3 States

November 14, 2019

Root Insurance, a property casualty insurtech, has launched a streamlined renters insurance designed and personalized for consumers starting at $6 a month.

In addition to covering customers’ personal property and liability from accidents, the new Root renters insurance product 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 uses a proprietary data-driven platform and underwrites based on consumer behavior to offer personal and property liability coverage based on customer needs. With this model, Root takes commissions and complications out of the process, with an application that takes less than 60 seconds and a streamlined claims process using Root’s website or app.

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.

Plans start at $6 a month, and consumers have the ability to bundle their Root renters and auto insurance plans for lower 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.

Root Insurance is a licensed insurance carrier powered entirely by mobile. Founded in 2015, Root uses data analytics and machine learning to create customized auto insurance rates based primarily on actual driving behavior.

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.

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