New Iowa Insurance Program Pays For Tenants’ Rent After Income Loss

Renter SafetyNet, an entirely new type of insurance plan, pays for rent following a layoff, illness or injury

MADISON, Wis.--()--Renter SafetyNet, a first-of-its-kind insurance program that pays rent for tenants who experience an unexpected layoff, illness or injury, launched today in Iowa.

For as little as $5 per unit, per month, landlords who buy this protection can help keep renters in their homes while protecting the rental revenue they rely on, should a tenant experience a sudden income shock leading to the inability to cover rent.

National data and primary research conducted by Renter SafetyNet point to workers’ ongoing 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 69 percent of people admit they have less than $1,000 in savings.

“Just one financial emergency would prevent most people from being able to cover essential monthly bills, like rent,” said Dan Murray, vice president of product development at SafetyNet. “We knew there had to be a better way, so we created Renter SafetyNet to be a simple, affordable, no-nonsense type of insurance to account for lost income for both renter and landlord.”

Many landlords consider themselves a small business and depend on rental income as their largest source of revenue. Renter SafetyNet ensures that they’ll get paid even if a tenant loses their job or can’t pay rent for another reason. It also helps them stand out against competition by offering an amazing new kind of financial benefit for their renters.

“Renter SafetyNet solves an unfortunate yet unignorable societal problem – the lack of emergency savings among working people,” said Murray. “We’re excited to give Iowans greater peace of mind over their financial security by helping them out when they need it most.”

Renter SafetyNet is backed by the financial strength and industry expertise of an 80-year-old, multi-billion-dollar insurance group, whose mission-driven solutions aim to improve the financial well-being of millions of hardworking Americans.

For more information on Renter SafetyNet, please visit www.RenterSafetyNet.com.

About Renter SafetyNet

Renter SafetyNet is an insurance product for landlords that covers the cost of rent after a tenant loses their income to a layoff, illness or injury. Renter SafetyNet’s mission is to improve the financial well-being of millions of landlords and their tenants. The program is one of many innovative insurance solutions, including income insurance program SafetyNet, backed by the financial strength and industry expertise of an 80-year-old, multi-billion-dollar insurance group. These mission-driven solutions aim to improve the financial well-being of millions of hardworking Americans. To learn more about Renter SafetyNet, visit www.rentersafetynet.com.

Contacts

Propllr
Erica Zazo, (248) 760-7773
erica@propllr.com

Contacts

Propllr
Erica Zazo, (248) 760-7773
erica@propllr.com