New Wisconsin Insurance Program Pays For Tenants’ Rent After Income Loss

Renter SafetyNet, the newest insurance program to spin out of CUNA Mutual Group’s innovation lab, launched today in Wisconsin. Renter SafetyNet is a first-of-its-kind program that gives landlords a lump-sum payment to cover a tenant’s rent after a layoff, illness or injury.

For as little as $5 per unit, per month, landlords can protect their own income and keep renters in their homes in the event the tenant has an unexpected income shock leading to the inability to cover rent.

National data and primary research conducted by Renter SafetyNet point to workers’ on-going struggle to build up sufficient savings – making it almost impossible to prevent financial distress when faced with an unexpected setback like a layoff or injury. Nearly eight out of 10 workers are living paycheck to paycheck and about seven out of 10 admit they have below $1,000 in savings. In addition to the negative impact on individual tenants, their dire financial situation can cause financial, emotional and legal problems for landlords, as well.

“An income loss can throw a family's financial security into jeopardy, making it difficult to pay rent and keep a roof overhead, and this impacts landlords’ ability to bring in rental income,” said Dan Murray, vice president of product development at Renter SafetyNet. “A program like Renter SafetyNet not only helps landlords protect their income, but also keeps tenants in their homes during this stressful time.”

In addition to covering the cost of rent for tenants that suddenly lose their income, Renter SafetyNet helps property owners and landlords better market and stand out against competition by putting prospective renters at ease over concerns regarding a layoff or disability.

“Renter SafetyNet helps landlords and tenants weather life's toughest financial storms,” said Murray. “Like our original SafetyNet income-protection program, Renter SafetyNet reflects our mission for fixing significant social problems with private sector solutions.”

Renter SafetyNet is a product of SafetyNet, an insurance program and division of CUNA Mutual group, named one of the top U.S. insurance companies by The Reputation Institute in 2017. Renter SafetyNet currently serves landlords in Wisconsin.

For more information on Renter SafetyNet, please visit www.RenterSafetyNet.com.

About Renter SafetyNet

Renter SafetyNet is an insurance product for landlords that covers the cost of rent after a tenant loses their income to a layoff, illness or injury. Renter SafetyNet’s mission is to improve the financial well-being of millions of landlords and their tenants. The program is one of many innovative insurance solutions, including income insurance program SafetyNet, to spin out of 80-year-old CUNA Mutual Group’s innovation lab. CUNA Mutual Group was named one of the top U.S. insurance companies by The Reputation Institute in 2017.

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