Zillow Introduces Renters Insurance for Tenants After Conducting Customer Research

Zillow now provides direct access to renters insurance through a partnership with Homesite, where renters can get coverage for personal property and more.

Renters can now purchase a policy through Zillow's app or website before or after completing a move in 49 states. Renters insurance is the latest addition to the Zillow Rentals all-in-one platform, and covers tasks including finding a rental property, applying, signing a lease, purchasing insurance and paying rent.

Zillow has introduced the product after surveying circa 300 tenants this year which found that only 50% of renters have insurance.

Of the (approximately) 150 who didn't have insurance, 25% said they didn't have it because didn't know enough about it to determine whether they should invest in a policy or not.

Further research by Zillow, conducted in May, found that 56% of landlords believe renters insurance is "essential" if they are to rent out their property to a prospective tenant.

Michael Sherman, vice president of Zillow Rentals, said:

"Renters insurance is important for both tenants and landlords, and now renters can conveniently get a quote and purchase a plan through Zillow, making their move that much easier.

"Zillow aims to simplify the moving process and make life easier for renters. We understand the importance of crossing off those essential to-do list items, and now we're excited to offer a seamless solution to protecting renters' belongings."

The addition of renters insurance comes swiftly off the back of Zillow introducing mortgages with a 1% down payment within the past fortnight:

The mortgage segment of Zillow's business is by no means a major money spinner as things stand, but the introduction of a wallet-friendly alternative for homebuyers will definitely go down well in a U.S. housing market facing a major affordability crisis.