by Morgan Dzak
Get Covered, a leading insurance technology provider for multifamily operators, managers, residents and distribution partners, today announced the release of its new credit monitoring product.
Get Covered’s credit monitoring tool will help residents build their credit scores by reporting on-time rental payments to major credit bureaus and will report up to 24 months of past payments. Rental reporting has become a top-tier amenity at apartment communities and assists in ensuring on-time rent payments, helps to retain residents and increases NOI for apartment owners and operators.
“Many residents value credit reporting from rent payments as a modern apartment amenity and we are excited to roll this new feature out to our clients and their residents,” said Brandon Tobman, CEO of Get Covered. “Rental reporting has incredible benefits for both residents and operators. It not only incentivizes on-time payments for residents and helps them build credit through one of their largest monthly expenses, but it also attracts more responsible renters and reduces evictions and turnover.”
According to data from TransUnion, 97% of renters see rent reporting as a good way to build credit and 67% prefer apartment communities that offer rental reporting over other options. Seventy-three percent of renters are more likely to pay their rent in a timely manner when rent is reported. While attracting more responsible renters and increasing on-time payments, rental reporting creates an ancillary revenue stream for operators through a beneficial amenity and increases NOI.
In addition to credit monitoring, Get Covered is also launching an ID theft protection bundle that will notify residents via text or email whenever possible suspicious activity is detected. With a premium plan, residents will be able to simultaneously build their credit while protecting it in the event of ID theft or fraud.
Get Covered is also partnering with Embrace Pet Insurance to provide a full suite of pet health insurance coverage. Get Covered’s pet insurance policies offer coverage for accidents, illnesses, dental issues, cancer and more. In addition to comprehensive pet health insurance policies, Get Covered will offer Wellness Rewards, a flexible preventative care plan that reimburses for everyday veterinary, training and grooming costs. The add-on perk rewards pet owners for proactive pet care.
“Rent is the largest expense for residents and historically they haven’t been able to build their credit scores through payments that can make a very significant impact,” Tobman said. “Rental reporting is a unique amenity that differentiates apartment communities from others and truly sets residents up for success while helping them build financial security. In turn, operators get more on-time payments, have longer-term responsible residents and see a decrease in their evictions.”
Get Covered provides insurance technology products and services for the multifamily industry that makes buying, selling and tracking insurance as simple and seamless as possible. Modern renters can search various policies and make a customized purchase within minutes while operators can easily monitor residents’ policies to certify they’re in compliance.