Three new states join California as the insurance startup begins nationwide expansion.
SAN FRANCISCO, June 21, 2022 /PRNewswire-PRWeb/ -- Goodcover, the affordable and modern insurance provider, today announced it has launched its member-focused renters insurance in three new states: Texas, Arizona, and Nevada. With this expansion, Goodcover is now reaching one-third of all renters in the United States. Today, these three states join California in gaining access to comprehensive renters insurance plans at wholesale prices, with plans starting at $5/month.
"We're excited to add Texas, Arizona, and Nevada to our covered states," said Chris Lotz, CEO, and Co-founder of Goodcover. "In the past year alone, these communities have faced massive rent increases, severe weather phenomena, and inflation rates higher than we've seen in decades. Renters in these states need to know their insurance will support them – swiftly – in an emergency. By providing high-quality, low-cost coverage for renters in these states and returning unused premiums at the end of the year, we hope to ease some of the financial burden that renters face."
This new expansion is part of Goodcover's mission to make financial security accessible to all by returning insurance to its cooperative roots. Designed with today's renters in mind, Goodcover uses precise assessments that overcome traditional risk biases – many of which have existed for decades – to ensure they don't overcharge Goodcover Members for coverage they don't need. The result is that Goodcover Members save money with wholesale-priced plans for appropriately-sized coverage. The Y-Combinator-backed company then pools Member premiums, pays claims, and takes a flat fee for operating costs.
Annually, the company returns unused funds from premiums to the customer through its Member Dividend if any are available. In 2021, Goodcover returned 1.93% of the collected premiums to its Members. This unique benefit has garnered company loyalty in California; the company's NPS customer loyalty score is nearly double the industry average.
"Goodcover's NPS score shows just how happy Members are with our renewed approach to insurance, and I'm proud of that," Lotz continued. "There's no shortage of stories and statistics about how people in their mid-20s and 30s are struggling in today's economy – and that is especially true for people who don't own their own homes. Goodcover believes the world of finance should make money serving people, not undermining them, and I think that core belief is essential to why Members are so happy with our service."
With today's news, renters in California, Texas, Arizona, and Nevada, can visit Goodcover's website, enter their zip code, and receive a free quote backed by the company's low price guarantee.
Goodcover plans to expand its products and coverages to serve as many people as possible. For more information, visit http://www.goodcover.com.
About Goodcover
Goodcover makes fair and modern renters insurance accessible to all. The company uses new, efficient technology and a precise risk assessment to deliver cooperative renters insurance plans starting at $5/month. Goodcover's cooperative model pays claims quickly and returns any unclaimed funds to Members annually through Goodcover's Member Dividend program.
A Y-Combinator-backed company, Goodcover's investors include Goodwater Capital, Fuel Capital, Broadhaven Ventures, Global Founder Capital, and Liquid 2. Goodcover's affordable insurance launched in 2020 and is currently available in California, Texas, Arizona, and Nevada, with plans to expand nationwide. For more information, visit http://www.goodcover.com.
Media Contact
Casey Martinez, Goodcover, 1 855-231-4663, [email protected]
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