Avenue5 Residential Signs Multi-Year Contract Extension with Assurant Multifamily Housing
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Assurant to offer pay-with-rent Cover360 solution to over 98,000 units across 500 properties
New York, January 17, 2023 - Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, announced that the company has signed a multi-year contract extension with Seattle-based Avenue5 Residential, a national multifamily property management services firm, to be their preferred provider of renters insurance. The multi-year extension will upgrade the existing Point of Lease (POL) product to Assurant's turnkey Cover360 option, giving property management companies (PMCs) the potential to significantly increase participation in their renters insurance program and eliminate coverage gaps.
Cover360 is a comprehensive solution that evolved from Assurant's POL product. It enables property management companies to offer renters insurance to residents by directing them through text or email to enroll via an online portal once they have signed a lease, 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.
"Assurant has been critical to our success since our relationship began in 2016," said Pål Ottesen, CFO of Avenue5 Residential."
"Transitioning from Assurant's classic POL program to their integrated pay-with-rent Cover360 option has been financially impactful for our clients, convenient for our residents while ensuring protection and compliance throughout the resident lifecycle."
In an Assurant survey from late 2020, 86% of renters reported they would have greater peace of mind knowing their rental community neighbors were required to be insured, and 73% 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.
"Savvy property management companies like Avenue5 Residential see real value when adding a pay-with-rent renters insurance option, ensuring continual property protection while creating a simple, digital experience for residents," said Ryan Lumsden, president of Multifamily Housing at Assurant.
"Cover360 allows PMCs to move away from more manual, labor-intensive processes, to the Cover360 portal helping them increase revenue and reduce expenses."
Specifically designed for multifamily housing, Cover360 will be available to Avenue5 Residential's more than 500 properties comprised of over 98,000 units.
Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 500 company with a presence in 21 countries, Assurant supports the advancement of the connected world by partnering with the world's leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender-placed insurance products and other specialty products. Leamore at assurant.com or on Twitter @AssurantNews.
About Avenue5 Residential
Avenue5, a national multifamily property management services firm, oversees more than 500 properties and 98,000 units in 20 states and Washington, DC. The company is headquartered in Seattle, and has offices in Orange County, Phoenix, Portland, Salt Lake City, Spokane, and greater Washington, DC. In addition, Avenue5's local experts are based in key markets including NortheCalifornia, Los Angeles, San Diego, Reno, Las Vegas, Colorado Springs, Denver, Austin, San Antonio, Dallas, Houston, Nashville, Atlanta, Baltimore, Philadelphia, Charlotte, and Charleston. www.avenue5.com