Assurant's Pay-With-Rent Cover360 Renters Insurance Solution Now Available At Over 70,000 Edward Rose & Sons Units Across 148 Properties

Assurant, Inc. (NYSE:AIZ), a leading global business services company that supports, protects and connects major consumer purchases, announced it has signed a multi-year contract with Michigan-based Edward Rose & Sons, a privately-held real estate development and management company. Assurant will be the preferred provider of renters insurance, using Assurant's turnkey Point of Lease (POL) product - Cover360. Property management companies (PMCs) and Owner/Operators have the potential to significantly increase participation in their renters insurance program and eliminate coverage gaps with the implementation of Assurant Cover360.

Cover360 is a comprehensive solution that Assurant evolved from its POL product. After a resident signs a lease, Cover360 enables property management companies to offer renters insurance by directing them via text or email to enroll via an online portal where they can either purchase Assurant's Pay with Rent policy that is conveniently bundled with their rent through an automated billing process via API integrations - or upload coverage from a third party provider. With Cover360, site teams enjoy the benefit of more automation and less time spent on administrative tasks. The Assurant Cover360 self-service portal enables residents to enroll in seconds without the site team's involvement. The ease of use improves the resident experience, leading to increases in program participation and ancillary revenue, and a reduction of expenses.

"Partnering with Assurant, which is a Fortune 500 company that is globally respected and a leader in the multifamily housing industry, was the right choice for the future of our company,"

—  Warren Rose, CEO of Edward Rose & Sons.

"The seamless integration of Assurant's Cover360 and its impact on our business aligns with our long-term digital and strategic initiatives," said Sharisse Myren, Director of Operational Initiatives and Strategic Planning at Edward Rose & Sons. "Assurant's focus on the customer experience is very appealing and what made them a natural growth partner."

In an Assurant survey from late 2020, 86 percent of renters reported they would have greater peace of mind knowing their rental community neighbors were required to be insured, and 73 percent reported they are more likely to purchase renters insurance if it was conveniently included with their monthly rent payment. While Pay with Rent policies are automatically compliant, Cover360 includes full-service tracking, so PMCs don't have to hassle with verifying coverage and tracking compliance. 

Property management companies like Edward Rose & Sons understand the vital importance of adding a pay-with-rent insurance option to their portfolio," said Ryan Lumsden, president of Assurant Renters Solutions. "Cover360 ensures continual property protection while creating a simple, digital experience for residents, allowing PMCs to move away from more manual, labor-intensive processes while helping to increase revenue and reduce expenses."

Specifically designed for multifamily housing, Cover360 will be available to Edward Rose & Sons's 158 communities comprising more than 70,000 units.