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.
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.
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.
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.
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.
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.
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.
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:
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 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.
Consider the following information if you’re still wondering whether Roost is a good option for your needs as a renter.
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.
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.
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.
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.
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