)
Más de 10 años escribiendo sobre seguros y finanzas personales
Ex editora asociada de finanzas de Investopedia
Jess es experta en seguros, banca y otros temas de finanzas personales. Sus artículos han aparecido en numerosos medios de comunicación web, como Investopedia.
Featured in
)
Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
Featured in
Updated
At Insurify, our goal is to help customers compare insurance products and find the best policy for them. We strive to provide open, honest, and unbiased information about the insurance products and services we review. Our hard-working team of data analysts, insurance experts, insurance agents, editors and writers, has put in thousands of hours of research to create the content found on our site.
We do receive compensation when a sale or referral occurs from many of the insurance providers and marketing partners on our site. That may impact which products we display and where they appear on our site. But it does not influence our meticulously researched editorial content, what we write about, or any reviews or recommendations we may make. We do not guarantee favorable reviews or any coverage at all in exchange for compensation.
Table of contents
Roost, a security deposit platform, says it aims to simplify the process of tracking security deposits, rent payments, and refunds for property managers and renters with its deposit management software. The company also has a financial wellness component for renters. This includes the opportunity to get exclusive deals on products you might need, such as renters insurance.[1]
The company offers renters insurance to renters in buildings with eligible management software. Roost has no information about coverage specifics or offerings.
Here’s what you need to know about Roost and how its renters financial services app works.
Roost is available in all 50 U.S. states.
Renters can only access the Roost platform if they live in an eligible property that uses it.
Roost offers features like financial education, opt-in credit reporting, security deposit refunds, and more for renters.
Insurify’s take on Roost renters insurance
Renters living in properties with the Roost platform can sign up for one of two subscription tiers: basic or Blue, which cost $0 and about $4 per month, respectively.
Blue members can access exclusive deals from Roost partners, which may include renters insurance companies. Roost doesn’t provide much information about its offerings, but the company claims Blue members can access “our very best deals and tips from our very best partners.” Roost doesn’t mention specific partners or the products and services it offers.[2]
Roost also sells renters insurance for eligible renters, though the company provides no information about its products.
Simplifies security deposit management for property managers and renters
Offers a credit-building option and financial education for renters
Provides access to deals and discounts for Blue members
Doesn’t disclose all partners or available deals and discounts
No transparency about its renters insurance
Renters must live in an eligible property to sign up for a Roost account
Alternatives to Roost renters insurance
Roost doesn’t provide any information about its renters insurance, though it appears to have a partnership with Lemonade. Navigating to “Renters Insurance” on the Roost website takes the user to a Roost-affiliated Lemonade renters insurance page.
If you’re specifically looking to purchase a renters insurance policy, you should consider other companies. Here are three of the best renters insurance companies for you to consider instead. Each company below has solid coverage options and transparency about what products it offers.
American Family: Best for cheap coverage
If you want to save money on coverage, American Family is a good option. American Family offers renters insurance coverage in 19 U.S. states, with average rates of just $15 per month, or $180 per year. Besides offering affordable renters insurance, this insurance company is transparent about its coverage, clearly displaying and explaining each available coverage type.
Travelers: Best for accessible coverage
While some renters insurance companies have a limited footprint, Travelers offers renters insurance in all 50 U.S. states. Travelers renters insurance policies cost an average of $17 per month, or $204 annually. Renters can also earn discounts on coverage for multiple policies or if their rental has protective systems like burglar alarms or interior sprinklers.
Progressive: Best for discounts
Like Travelers, Progressive renters insurance is widely available. It’s slightly more expensive on average than some competitors. But its average rates are still fairly affordable, at $19 per month, or $228 annually. Progressive also offers a broad range of discounts that could further reduce your renters insurance rates.
Policyholders can save by bundling renters and auto insurance coverage, paying in full, receiving documents by email, living in a secured or gated community, and more.
How Roost renters subscriptions work
Roost is available to eligible renters living in properties that utilize its software. The company has two subscription plans for renters: basic and Blue. Basic is free, and Blue costs $4 per month. Both plans let you track your security deposit, process refunds, and split refunds among your roommates.
If you upgrade to the Blue plan, you can also earn interest on your refundable security deposit, opt in to have your rent payments reported to the credit bureaus, and access exclusive deals from its partners. Roost doesn’t specify which partner deals you can access through its platform, so it’s unclear whether this includes discounted renters insurance coverage from partners.
Roost may also offer renters insurance for eligible tenants, though it doesn’t provide any information on its website.
What Roost renters insurance covers
It’s unclear what Roost renters insurance covers, as the company isn’t transparent about its partner offerings.
A standard renters insurance policy generally protects renters in the following ways:
Personal property coverage
Covered incidents, like theft or severe weather, can damage your personal items. Personal property coverage can reimburse you for the cost of repair or replacement.
Personal liability coverage
Personal liability coverage protects you if you unintentionally damage someone else’s property. It also protects against a visitor who injures themselves at your rental and requires medical attention or pursues legal action against you.
Loss of use coverage
If your rental becomes uninhabitable for a covered reason, loss of use coverage can help pay for the cost of temporary housing while you have the problem fixed.
Medical payments coverage
Some policies may also include medical payments coverage. This can compensate another person for their medical bills if they incur an injury on your property, regardless of fault.[3]
Roost renters insurance discounts
Since Roost isn’t transparent about its insurance offerings, it’s not clear whether any insurance discounts are available through the platform.
Renters insurance companies often provide the following discounts, though the exact discounts vary by insurer:
Bundling discount: Many insurers offer discounts for obtaining multiple policies through them, such as a car insurance and renters insurance policy.
No-claims discount: You can often get a discount if you don’t file a claim with your renters insurance company for a set time period.
Pay-in-full discount: Paying for your insurance policy in full each year, rather than monthly, may also lower your insurance premiums.
Roost reviews: What real customers are saying
Roost doesn’t have many customer reviews online. The business has an unclaimed Trustpilot, with no reviews as of the time of publication. It also has a Facebook page, though none of Roost’s customers have reviewed or recommended it. The company doesn’t have a page on the Better Business Bureau (BBB) website either.
Due to the absence of reviews, it’s hard to gauge customer satisfaction. It’s a good idea to select a renters insurance company with more available information. Roost may not be a good option for renters insurance.
Roost renters insurance FAQs
Consider the following information if you’re still wondering whether Roost is a good option for your needs as a renter.
Is Roost reputable?
It’s unclear. Roost was founded in 2001, but it doesn’t have clear renters insurance offerings. The company offers services for property managers and renters, including security deposit management, unclaimed property tracking, financial education, and more.
What does Roost renters insurance cover?
It’s not clear if Roost has its own renters insurance or offers coverage through one or more of its partners. The company gives its paid Blue subscribers access to exclusive deals from its partners, but it doesn’t specify what this entails.
Roost provides no information about available renters insurance coverages. Typical renters policies cover personal property, loss of use, medical payments, and personal liability coverage.
Will your renters insurance go up if you file a claim with Roost?
It’s unclear if you can file a claim with Roost at all. The company isn’t transparent about whether it offers renters insurance independently or through its partners.
How can you contact Roost customer service?
Roost doesn’t provide a contact phone number, but you can reach its customer service team via its “Contact Us” page.[4] Property managers can also request a demonstration or pricing on the Roost website.
Sources
- Roost. "What is Roost?."
- Roost. "How much does Roost cost?."
- Insurance Information Institute. "Renters Insurance."
- Roost. "Contact Us."
)
Jess is a personal finance writer who's been creating financial and business content for over a decade. Her work is published on Investopedia, MoneyWise, NextAdvisor, The HuffPost, and more. Prior to freelancing full-time, Jess was an editor at Investopedia, The Balance, and FinanceBuzz. Connect with her on LinkedIn.
Jess has been a contributor at Insurify since September 2022.
)
Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
Featured in