Root Insurance Company launches new renters’ insurance

US property casualty insurtech Root Insurance has launched a streamlined, personalised renters’ insurance for as low as $6/month.

In addition to covering customers’ personal property and liability from accidents, Root renters insurance pays for costs such as temporary living expenses and theft of items outside of the home.

Root’s proprietary data-driven platform allows it to take commissions out of the equation, with a simple application process that takes less than 60 seconds and a streamlined claims process using Root’s website or app.

“More than half of renters don’t have insurance that covers them and their valuables, and many that do have insurance admit they don’t know enough about what it covers,” said Alex Timm, co-founder and CEO of Root. “With Root renters’ insurance, we will help our customers feel more knowledgeable about their coverage while offering them peace of mind at home for a low cost.”

Founded in 2015, Root set out its stall using data analytics and machine learning to create customized auto insurance rates based primarily on actual driving behaviour and combining customized rates with streamlined customer service.
With renters’ insurance, Root is bringing its app-based functionality to the home.

Root renters is currently available to existing Root auto customers in Missouri, Ohio and Utah. It will be expanding to other states and will be available to people who are not Root auto customers in the coming months.

“We’ve already seen strong results in our first markets and have heard great feedback from customers about their coverage and the claims process,” said Timm. “The opportunity for additional growth is significant and we are eager to expand this product to more markets throughout the US and deliver the bundled experience we know consumers desire.”

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