{"id":464,"date":"2020-05-12T16:07:08","date_gmt":"2020-05-12T20:07:08","guid":{"rendered":"https:\/\/wpvip.msimga.com\/leasetrackold\/?page_id=464"},"modified":"2020-12-08T11:30:24","modified_gmt":"2020-12-08T16:30:24","slug":"renters-insurance-report-q12020-covid19-part2","status":"publish","type":"page","link":"https:\/\/wpvip.msimga.com\/leasetrackold\/renters-insurance-report-q12020-covid19-part2\/","title":{"rendered":"Renters Insurance Report Q1 2020 COVID-19: Part 2"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"464\" class=\"elementor elementor-464\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1be40c7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1be40c7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-564902d\" data-id=\"564902d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b6f49fc elementor-widget elementor-widget-heading\" data-id=\"b6f49fc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Renters Insurance Report: COVID-19 Part 2<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f00a1a elementor-widget elementor-widget-image\" data-id=\"9f00a1a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/wpvip.msimga.com\/leasetrackold\/wp-content\/uploads\/sites\/8\/2020\/08\/shutterstock_editorial_10599689e-scaled.jpeg?w=768\" title=\"Protesters call for rent forgiveness in Los Angeles due to coronavirus pandemic, USA &#8211; 01 Apr 2020\" alt=\"Mandatory Credit: Photo by EUGENE GARCIA\/EPA-EFE\/Shutterstock (10599689e)\nProtesters call for rent forgiveness with a sign due to job losses from the coronavirus SARS-CoV-2 which causes the COVID-19 disease during a rally in Los Angeles, California, USA, 01 April 2020. Unemployment has jumped dramatically since California ordered non-essential businesses to close.\nProtesters call for rent forgiveness in Los Angeles due to coronavirus pandemic, USA - 01 Apr 2020\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ec7887b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ec7887b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8afe4a8\" data-id=\"8afe4a8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-992143f elementor-widget elementor-widget-text-editor\" data-id=\"992143f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-size: 18px; font-style: normal; font-weight: 400;\">COVID-19 has impacted the the entire US economy, although for single- and multi-family industries, the impact on renters insurance is still being assessed. LeaseTrack analyzed over 25,000 rental properties across the US and discovered renters insurance cancellation rates are the lowest they\u2019ve been in over a decade. Cancellations will come due as financial assistance programs end, leading to a flood of uncovered losses and more risk for property owners.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b6dbdf elementor-align-center elementor-widget elementor-widget-button\" data-id=\"9b6dbdf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/leasetrack.ai\/wp-content\/uploads\/2020\/05\/Renters-Insurance-Report-Q1-2020-COVID-19-Part-2-1.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download NOw<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-49b5a40 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"49b5a40\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-14466b7\" data-id=\"14466b7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-24f29ba elementor-widget elementor-widget-text-editor\" data-id=\"24f29ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-size: 18px; font-style: normal; font-weight: 400;\"><span style=\"font-size: 1.38889rem; font-style: normal; font-weight: 400;\">Summary<\/span><\/p><p style=\"font-size: 18px; font-style: normal; font-weight: 400;\">LeaseTrack conducted a study across 25,000 rental properties to analyze the volume of renters insurance policy cancellations, and found cancellation rates have risen steadily, up 11.9% in Q1 2020 vs Q1 2019. Once COVID-19 struck, cancellation rates fell to\u00a0<span style=\"font-size: 18px; font-weight: bold;\">3.83%, the lowest in over a decade of record keeping<\/span>.<\/p><p style=\"font-size: 18px; font-style: normal; font-weight: 400;\">Insurance companies offered premium deferment programs at the end of March, and many states followed suit in April. Data is now available to see the impact of COVID-19 on the velocity of cancellation rates, and as predicted, cancellation rates are at their lowest rate in over ten years.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7aff7af elementor-blockquote--skin-border elementor-blockquote--button-view-icon-text elementor-blockquote--button-skin-classic elementor-widget elementor-widget-blockquote\" data-id=\"7aff7af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t\"We will suspend cancellation and nonrenewal of coverage due to nonpayment through June 15, 2020\"\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">-Traveler's Insurance<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/intent\/tweet?text=%22We+will+suspend+cancellation+and+nonrenewal+of+coverage+due+to+nonpayment+through+June+15%2C+2020%22+%E2%80%94+-Traveler%27s+Insurance&amp;url=https%3A%2F%2Fwpvip.msimga.com%2Fleasetrackold%2Fleasetrackold%2Frenters-insurance-report-q12020-covid19-part2%2F\" class=\"elementor-blockquote__tweet-button\" target=\"_blank\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-twitter\"><\/i>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-blockquote__tweet-label\">Tweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a532dd6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a532dd6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0110207\" data-id=\"0110207\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-122b9e3 elementor-widget elementor-widget-text-editor\" data-id=\"122b9e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 style=\"font-size: 1.38889rem; font-style: normal; text-transform: none;\">Preparing for Q3 Cancellations<\/h3><p style=\"font-size: 18px; font-style: normal; font-weight: 400;\">\u00a0<\/p><p style=\"font-size: 18px; font-style: normal; font-weight: 400;\">Cancellation rates have continued to slow since our reporting in March. Economic hardship assistance programs for policyholders are still in place for now, but LeaseTrack projects that these payments will come due starting in Q3 2020, and when that happens, cancellation rates will spike. Once cancellations begin, property owners\u2019 resident risk will increase.<\/p><p style=\"font-size: 18px; font-style: normal; font-weight: 400;\">Taking into account the cancellation trends pre-pandemic and considering the historic lows of April 2020, LeaseTrack projects an average cancellation rate of 15%+ starting in Q3 2020.\u00a0\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f918052 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f918052\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4453175\" data-id=\"4453175\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a3e3703 elementor-widget elementor-widget-image\" data-id=\"a3e3703\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/wpvip.msimga.com\/leasetrackold\/wp-content\/uploads\/sites\/8\/2020\/05\/cancellation-rates-by-quarter_Artboard-6-scaled.jpg?w=1024\" title=\"cancellation rates by quarter_Artboard 6\" alt=\"Chart depicting Renters Insurance cancellation rates and projection for Q3 2020.\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5f4ee92 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5f4ee92\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ee7b499\" data-id=\"ee7b499\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-39a07f1 elementor-widget elementor-widget-text-editor\" data-id=\"39a07f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 style=\"font-size: 1.38889rem; font-style: normal; text-transform: none;\">About LeaseTrack<\/h3><p style=\"font-size: 18px; font-style: normal; font-weight: 400;\">Founded in 2019 to provide property owners the tools to reduce resident risk and increase lease compliance, LeaseTrack is the market leader in lease abstraction software. The company was born out of a decade of data from our parent company, Effective Coverage, the #1 writer of renters insurance through Travelers in the country. LeaseTrack provides a unique lens into the resident risk management space with insights provided from our proprietary tracking data and multiple partnerships in the renters insurance space.\u00a0<\/p><p style=\"font-size: 18px; font-style: normal; font-weight: 400;\">To learn more about LeaseTrack, visit our\u00a0<a style=\"font-size: 18px;\" href=\"https:\/\/leasetrack.ai\/about\/\">about page<\/a>, or call\u00a0<span style=\"font-size: 18px; font-weight: bold;\">800.430.8075<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Renters Insurance Report: COVID-19 Part 2 COVID-19 has impacted the the entire US economy, although for single- and multi-family industries, the impact on renters insurance is still being assessed. LeaseTrack analyzed over 25,000 rental properties across the US and discovered renters insurance cancellation rates are the lowest they\u2019ve been in over a decade. Cancellations will [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":667,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-464","page","type-page","status-publish","has-post-thumbnail","hentry"],"aioseo_notices":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/wpvip.msimga.com\/leasetrackold\/wp-json\/wp\/v2\/pages\/464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wpvip.msimga.com\/leasetrackold\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wpvip.msimga.com\/leasetrackold\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wpvip.msimga.com\/leasetrackold\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/wpvip.msimga.com\/leasetrackold\/wp-json\/wp\/v2\/comments?post=464"}],"version-history":[{"count":0,"href":"https:\/\/wpvip.msimga.com\/leasetrackold\/wp-json\/wp\/v2\/pages\/464\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wpvip.msimga.com\/leasetrackold\/wp-json\/wp\/v2\/media\/667"}],"wp:attachment":[{"href":"https:\/\/wpvip.msimga.com\/leasetrackold\/wp-json\/wp\/v2\/media?parent=464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}