A seamless way for renter’s to get renter’s insurance, and landlords to verify their tenants are actually complying with their lease agreement.
The percentage of renters who actually carry renter’s insurance is quite low. From the press release:
we’ve seen evidence that less than 10 percent of renters who rent from independent landlords actually carry renters insurance.
10% seems a tad low, but the percentage is likely not far off. I’ll be honest, and admit I didn’t carry renter’s insurance while I was renting from my last landlords (even though my lease required me to have it). Guilty.
If my landlords were using Cozy (post this announcement), I would have.
Another smart strategic move, just as their last one was.The critical piece of the strategy is tying it directly to the monthly payment (which every tenant has to deal with, or risk being evicted). Were this product launched as a standalone renter’s insurance offering, I’m not convinced it would attract many renters. Keep up the great work.