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Quilt Announces 20 State Launch of Digital Renters Insurance Product

The company’s millennial customers can purchase a renters insurance policy entirely online in less than five minutes


Boston, Mass. – WEBWIRE
Quilt digital renters insurance
Quilt digital renters insurance

Digital insurance startup Quilt today announced the launch of a new renters insurance product that can be purchased online in about five minutes. Designed primarily for millennials, the policy allows customers in 20 states, including New York, California, Texas, Massachusetts, Illinois and Ohio, to purchase renters insurance in about five minutes from their smartphone, laptop or tablet.

Although 95 percent of U.S. homeowners have homeowners insurance, only about four in 10 renters are covered in the event of a fire, hurricane, theft or similar disaster, leaving them exposed to a tremendous amount of financial risk. Quilt aims to close the coverage gap with a simple and streamlined purchase process, says co-founder and CEO Blair Baldwin.

“The average renter has about $20,000 worth of belongings, so a major disaster could be financially devastating. Going without coverage is a huge gamble, and renters insurance usually costs about the same as a streaming subscription,” said Baldwin. “Quilt’s mission is to radically simplify protecting what matters, and renters insurance is a huge part of that.”

Another major issue Baldwin sees is the tendency of renters to undervalue their belongings. To solve the problem, Quilt leverages big data to estimate how much coverage someone likely needs based on factors such as age, income, zip code and more. Customers can then customize their policy by simply adjusting sliders to increase or decrease their coverage levels. The premium estimate adjusts in real time to match, allowing customers to find the balance of protection and cost that works best for their unique situation.

The data integrations also help speed the buying process, allowing users to purchase a policy online in fewer than five minutes without the need for phone calls or faxes. “Young people have very different expectations than their parents for what the insurance-buying process should look like,” said Nichole Mace, Quilt’s senior vice president of product and customer experience. “They don’t visit travel agents to book a flight, and most don’t want to spend an hour on the phone with an agent to buy renters coverage. We’re bringing insurance up to speed.”

The new renters insurance policies are underwritten by Stillwater Insurance Group and Security First Insurance. The carriers were chosen based on both their financial stability and willingness to innovate, which Baldwin says makes them a great fit for Quilt. 

About Quilt

Quilt offers a family of mobile-first insurance products designed to be bought and used online – no talking to agents, no cutting down trees and no complicated user experience. Quilt takes the hassle out of insurance by creating an intuitive buying experience and easy-to-understand products, along with managing the entire customer experience from sign-up through claims. Learn more at getquilt.com.

 


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 Quilt
 Renters insurance
 New York
 Texas
 California


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