RealPage, a provider of software and software-enabled services to the rental housing industry, has introduced an involuntary unemployment insurance (IUI), offering residents of apartments and property owners rent protection in the event of an unexpected job loss.
RealPage launched IUI endorsement in February, adding the policy coverage to its eRenterPlan renter’s insurance product, offered through its LeasingDesk insurance services subsidiary.
The IUI endorsement is to deliver insurance products that match an apartment resident’s lifestyle and mitigate cost of risk to owners.
IUI can be purchased for two months at a benefit of $500 or $1000 per month and covers income loss resulting from layoff, involuntary termination, general strike, or lockout. Payment will be made directly to the property manager, ensuring that the amount of the benefit is paid directly for rent.
RealPage said currently the IUI endorsement is available in most states with nationwide availability planned for mid-year 2011.
IUI adds to an eRenterPlan product designed specifically for apartment residents that provides comprehensive contents and liability insurance protection.
LeasingDesk president David Carner said the company launched its involuntary unemployment insurance endorsement to provide relief to tenants and offer protection for property owners.
"With the US Bureau of Labor Statistics reporting the latest unemployment rate at 9%, we see a need for programs like this that can provide aid in what can be an extremely stressful time for individuals and families," Carner said.