Root Insurance, the property casualty InsurTech, now is offering renters insurance.

In a statement, the company said that, in addition to covering customers' personal property and liability from accidents, Root renters insurance "pays for things like temporary living expenses and theft of items outside of the home."

"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 chief executive officer 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."

Root was founded in 2015. Its renters insurance currently is available to existing Root auto customers in Missouri, Ohio, and Utah. The company said that 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 Mr. Timm. "The opportunity for additional growth is significant and we are eager to expand this product to more markets throughout the U.S., and deliver the bundled experience we know consumers desire."

Root said that plans begin as low as $6 per month and that consumers have the ability to bundle their Root renters and auto insurance plans for even lower rates. All plans include replacement cost coverage, so Root reimburses impacted items for their original purchase value, whether they are stolen from home, from a car, or from a hotel when travelling, Root said.

Victoria Spears

Victoria Spears

Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].

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