ePremium offers renters insurance and security deposit insurance for landlords and investors. Read on to learn how their programs differ from traditional renters insurance and my experience with the company.
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- What Is ePremium?
- Increase Your Bottom Line
- Pros and Cons
- Our Take
- Frequently Asked Questions
What Is ePremium?
More people are renting than ever before. In fact, data from the U.S. Census Bureau shows that more people are renting now than at any other point in the last 50 years.
If you’re one of the millions of households renting, then you need to look into coverage. A good option? ePremium Renters Insurance.
ePremium is an insurance agency that partners with multi-family residential property owners and managers to offer renters policies to residents.
The company specializes in making it easy for renters to acquire coverage. It also provides services tailored to the needs of landlords and property managers.
Many residential multi-family properties require tenants to have renters insurance. ePremium encourages renters to get coverage with a simple online application process. It also guarantees applicants won’t be denied.
ePremium is based in the Cincinnati area. The company offers coverage in all 50 states, with the terms of coverage varying according to local regulatory requirements.
The company has been in business since 2007. According to the local Better Business Bureau, it has a good record of resolving complaints to the satisfaction of the customer.
ePremium has two main offerings: Renters insurance customized for different states and properties, and a security deposit insurance program.
Ease and simplicity are vital parts of the ePremium renter’s insurance product. When tenants are told that renters insurance is required, they can go to ePremium’s website and get it in minutes.
To start the process, renters enter the property’s ZIP code at ePremium’s website. The site will then display a list of properties that have partnered with ePremium in that ZIP code.
ePremium insurance is only available for properties that have partnered with the company. If a tenant of another property wants ePremium insurance, he or she can ask the company to seek a partnership with that property.
After selecting the partner community they’re moving into, applicants can choose the policy start date. They can upload proof of the current renter’s insurance coverage if they have any.
After that, tenants are presented with the specific terms of coverage that the landlord is offering. If that’s acceptable, they are given the premium amount and the opportunity to supply personal identifying data.
Next, applicants furnish payment information such as a bank account. Reviewing and finalizing the application is the last step.
Guaranteed issuance is another appeal of the ePremium policies. No matter what the applicant’s background or claims history, a resident of a partnering community will be approved for the policy.
Property managers work with ePremium to decide on the details of the coverage that is offered. That means it will meet their needs. Coverage must also, of course, conform to the varying requirements of the state or other jurisdiction.
Most of the choices are made for applications in advance. Insured residents have a relatively limited number of options to select.
This simplified, streamlined approach to options for coverage helps make the application process quick and easy. Here are typical elements of standard ePremium coverage before any options selected by tenants:
- Coverage for damage or theft of personal property of $10,000 to $70,000
- Personal liability coverage of up to $100,000
- Lodging costs reimbursement, if the property is uninhabitable, of 20 percent of personal property limit
- A $500 deductible for all losses due to standard perils
- A $1,000 deductible for losses due to wind and hail
- A limit of $1,000 for jewelry
Some policies, depending on the property and jurisdiction, may also include:
- Pet damage liability coverage of up to $500
- Bed bug remediation coverage of up to $1,000
Although landlords mostly pre-set ePremium coverage in partnership with the insurance company, tenants may have some choices to make. Options tenants may select include:
- Identity theft coverage paying up to $5,000 for costs incurred due to identify fraud
- Coverage for property damaged by water backing up through sewers or drains
- Higher limits up to $5,000 for theft of jewelry, watches, and furs
- Earthquake coverage, which available only in California
Security Deposit Insurance
Some tenants can also get security deposit insurance. This allows renters to put up less money in advance when signing a lease.
With eDeposit, a tenant pays a one-time, non-refundable fee instead of making a larger, refundable security deposit. For example, a tenant might pay a $300 fee instead of a $1,200 deposit.
eDeposit raises a tenant’s overall cost to occupy the property. However, it reduces the upfront cash required to move in. That can be attractive to some tenants.
This is not for everyone, but we think it’s a good option to offer someone whose only barrier to entry is putting down a full deposit. At A-class properties, there may be little risk to offering lower deposits.
But at properties where tenants are, on average, harder on the property, that’s a risk you may not be willing to take. ePremium’s deposit insurance helps the tenant get in for a lower cost and also hedge your risk.
Increasing Your Bottom Line
As a property manager, I enrolled in this program for two reasons. First, tenants can’t cancel their insurance after submitting proof of renters insurance (this is a MAJOR problem in the industry).
Second, we made a boatload of money from the residents. The process is simple: we had about 1,000 units, and each month ePremium charged us $7.5 per active resident.
Then, we’d charge the resident $15 for the same month. This put $7,500 profit in our pockets each month, and the cost to the resident was about the same as getting third-party insurance.
ePremium Pros and Cons
As with any good review, it’s important to dive into both the pros and cons. After all, how else will you know what you’re buying?
Pros (what we like)
ePremium is renters’ insurance designed with property managers in mind. It encourages tenants to apply with a simple, quick, guaranteed approval process. It also gives property managers the ability to specify the types of coverage offered.
ePremium also provides additional services. For instance, if tenants don’t pay their monthly premiums, it will alert property managers that the coverage status has changed.
ePremium will also track and monitor third-party renter’s insurance policies that tenants may have gotten. And if required renters’ coverage lapses, it will place backup liability coverage.
Cons (what we dislike)
The negatives to ePremium are primarily from the tenants’ viewpoint. The major one is cost. Tenants will pay more for ePremium coverage than with most other renters insurance policies. A typical monthly premium is from $11 to $22.
Some tenants will want to select coverage choices that aren’t available through the slimmed-down menu available with an ePremium policy.
For instance, tenants can’t choose to have higher property coverage limits or choose a different deductible with ePremium. Most policies from other insurers offer more flexibility.
Yet another issue may arise should a tenant choose to relocate to another property. Unless that property also partners with ePremium, the policy won’t transfer.
ePremium offers tech-integrated solutions to make boosting your bottom line easy. In my experience, the platform worked well and filing claims was easy.
User Review( vote)
ePremium is renters’ insurance custom-designed with the needs of property owners and managers in mind. Landlords partner directly with ePremium to specify coverage offered to tenants who apply through ePremium.
ePremium also offers some unique services tailored to property owners and managers. For instance, they will monitor tenants’ third-party renter’s insurance coverage.
For tenants, on the other hand, the costs and flexibility of ePremium are generally not equal to competitive offerings. However, overall, ePremium offers landlords a renters insurance solution that will meet their needs.
Frequently Asked Questions
It goes without saying that you may have some questions. I’ve listed some of the basic questions and answers. If you have any more be sure to ask in the comments below!
The Bottom Line
When you’re living in close quarters with others, you have to remember you’re only as safe as your most irresponsible neighbor. If something were to happen, how much would it cost to replace everything in your home?
Chances are, when you sit down and add up all the numbers to come up with a figure to replace everything you own, it’ll be shocking. That’s what makes insurance coverage so important.
If your community offer ePremium insurance, it’s worth your time to take a look and think about securing all your property for the future.
If you’re looking to move, then you can look up which rentals in your community partner with ePremium by entering your zip code here and start the journey toward a renters policy of your own.