eRenterPlan Renters Insurance: The Basics
First, since you’ve probably never heard of eRenterPlan before, it’s helpful to understand what kind of company it is. eRenterPlan is a brand name for renters insurance sold through a business called Multifamily Internet Ventures LLC, which operates under a business called LeasingDesk Insurance Services. Still with me?
LeasingDesk is a subsidiary of RealPage Inc., a company that makes property management software. RealPage is based in Texas, but LeasingDesk is headquartered in Irvine, California.
Only property managers that use RealPage software have access to eRenterPlan renters insurance. To find out if your apartment has access to eRenterPlan, enter your ZIP code on www.erenterplan.com and see if your building is on the list.
eRenterPlan doesn’t provide renters insurance directly. Its policies are underwritten by a handful of large insurance companies, among them Markel and American Modern Insurance Group. These underwriting companies have strong financial track records, but that doesn’t mean you should count on RealPage’s financial stability: as of the spring of 2021, the company was purchased by private equity firm Thoma Bravo.
Even if your landlord makes it seem like you don’t have a choice but to use eRenterPlan for insurance, you do. Learn more about eRenterPlan ’s coverage to make sure it’s a good fit before you buy.
What does eRenterPlan renters insurance cover?
An eRenterPlan policy offers all the standard coverages typical of renters insurance. The main components of eRenterPlan renters insurance coverage are as follows:
Personal Liability: If you are sued by someone who is injured on your property, you’re covered up to an amount set in your policy, capped at $100,000, for legal fees. Most insurers offer a higher ceiling for liability coverage. Medical bill coverage is also on the eRenterPlan policy, up to $1,000, which isn’t very high but includes dog bites.
Personal Property: Stolen or damaged valuables and other personal property can qualify for reimbursement after you pay a $250 deductible and provided you can present proof of purchase. eRenterPlan boasts that you don’t have to prove forced entry to make a claim on a burglary and that they offer replacement cost. Some standard policies only cover the depreciated value of what you lost.
If your stuff is in storage or elsewhere away from the apartment you have covered, you can still get reimbursed—but eRenterPlan will only pay 10–20 percent of the total limit on your personal property coverage, which will be set between $10,000 and $50,000.
Additional Living Expenses: If some calamity forces you out of your apartment to wait for repairs or maintenance, your eRenterPlan insurance will cover your unexpected living expenses, up to the limit set for personal property in your policy.
eRenterPlan has water damage as well as pet damage options available for additional coverage.
Special Deals and Discounts
Because eRenterPlan isn’t part of a larger insurance company, the ways you can save are limited. But the company does advertise that if you file a claim, your rates won’t go up. You can also add up to four roommates onto your policy for free—a different kind of bundling, but potentially useful.
Where does eRenterPlan offer renters insurance?
Only property managers that use RealPage software to manage their rental properties offer eRenterPlan renters insurance. However, RealPage has clients in all 50 states, so there’s a decent chance that if you rent from a midsize property management company, you have access to eRenterPlan rates.
You can find out if your rental property has access to eRenterPlan at www.erenterplan.com. Enter your ZIP code and see if your building is on the list.
eRenterPlan Renters Insurance Ratings
Because eRenterPlan is a small operation that only offers renters insurance internally to tenants of its clients’ rental properties, only its parent company, RealPage, is on the major business-rating websites.
It makes for a shabby report card. RealPage’s grade from Better Business Bureau was a B-, probably due to a history of legal trouble. In 2018, RealPage paid $3 million in penalties to the Federal Trade Commission for falsely matching tenants with criminal records.
eRenterPlan Renters Insurance Customer Reviews
Customer reviews for eRenterPlan insurance are not promising. It earns a two-star rating on Yelp, and the complaints are alarmingly consistent. Customers report major difficulty contacting the company, as well as mistakes in billing, whether customers are overcharged or started on policies without being notified.
The fact that simply getting in touch with eRenterPlan ’s customer service team seems to be difficult is a big red flag. A reasonable explanation for this might be the company’s structure as a subsidiary of a software company with multiple insurance companies underwriting their various policies. Lots of moving parts can easily create confusion and mistakes.
Call centers appear backed up, refunds arrive slowly, and customers continuously emphasize that they feel their eRenterPlan insurance policy is overpriced. “Their premium is way too expensive,” wrote Alexis C. on Yelp. “ You’re better off switching to AAA, GEICO, or State Farm to get a cheaper payment.”
Average Cost of eRenterPlan Renters Insurance
eRenterPlan ’s website says its insurance rates begin in the $15–$20 range. That’s a bit higher than the industry standard. Get a quote by logging on to www.erenterplan.com, or call their phone number, 1 (888) 512-4204.
Positives and Negatives of eRenterPlan Renters Insurance
Here’s a quick rundown of the big pros and cons for eRenterPlan renters insurance.
|Fast: Set up quickly through your landlord’s property management software.
|Pricey: Other insurance companies offer cheaper rates.
|Paperless: Payments are drawn straight from your bank account.
|Risky: The company has a criminal history and poor customer service ratings.
|Flexible: Add up to 4 roommates.
|Exclusive: Only renters in select buildings have access.
Is eRenterPlan renters insurance right for me?
Remember: you can only access eRenterPlan if your landlord uses RealPage property management software and offers their tenants eRenterPlan. If this is the case for you, eRenterPlan is worth considering.
There may be select cases where you compare offers from insurers in your area and eRenterPlan is still the best service at the lowest price. But it’s not likely. Plenty of insurance companies will offer comparable coverage at a better rate.
And keeping in mind eRenterPlan ’s abysmal customer service ratings; even if eRenterPlan is the easy option, it may not pay off in the long run.