The homeowners' market is transforming before the insurance industry's eyes. While homes will always be in demand, more people are turning to rental units.
The appeal of renting goes beyond millennials and college graduates. Many soon-to-be retirees may rent to save money on the cost-of-living and avoid many of the risks that come with being a homeowner.
While rental demand experienced an uptick, a vacuum formed throughout the insurance industry: traditional insurance wasn't sufficient to meet the needs of renters. Companies like Lemonade and Jetty emerged and disrupted the industry with their services; aside from insurance designed with renters in mind, their digital platform offers coverage without the hassle of an agent or paperwork — a growing expectation amongst customers across the board.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
