RealPage Incorporated, one of the leading providers of on-demand software as well as software-enabled services to the rental housing industry in Texas, has just announced the introduction of involuntary unemployment insurance which will give residents of apartments and home owners rent protection in the event of an unexpected job loss.
RealPage launched this new involuntary unemployment insurance (IUI) endorsement back in February which added policy coverage to the company’s flagship eRenterPlan renter’s insurance product which was offered through RealPage’s LeasingDesk insurance services subsidiary.
The involuntary unemployment insurance endorsement is RealPage’s most recent move to deliver innovative, as well as affordable, insurance products that match an apartment resident’s lifestyle while at the same time mitigating the cost of risk to owners.
According to President of LeasingDesk David Carner, “We launched our involuntary unemployment insurance endorsement to provide relief to tenants and offer protection for property owners. With the U.S. Bureau of Labor Statistics reporting the latest unemployment rate at 9%, we see a need for programs like this that can provide aid in what can be an extremely stressful time for individuals and families. Our in-depth knowledge of the multifamily industry gives us great insight to design and deliver the best policy enhancements to protect an owner and a resident under difficult circumstances.”
Involuntary unemployment insurance can be purchased for two months for $500 or $1000 per month and covers income loss resulting from layoff, involuntary termination, general strike or lockout. Payment is made directly to the property manager which ensures that the money is paid directly for the rent owed, no scams here.
The UIU endorsement is available now in most states with nationwide availability planned for the middle of the year 2011. Premiums range from $56 to $75 annually for payments up to $500 each for two months and $112 to $150 annually for the two payments up to $1,000 each. Premiums will see a slight increase for policies that include two named insureds. UIU also adds to an eRenterPlan product specifically designed for apartment residents that provides comprehensive contents and liability insurance protection at affordable rates.
Source: American Banking & Marketing News – RealPage Launches Involuntary Unemployment Insurance for Renters
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