As the 2024 Alkami Telemetry Data Report shows, rent payments have increased substantially in recent years. Luckily for renters, renter’s insurance premiums have held steady, averaging just over $20/month.
Renter’s insurance is a recurring payment – make sure those payments are on your financial institution’s debit card or credit card to capture interchange fees and deepen engagement. More importantly, renter’s insurance transactions are strongly indicative of a renter persona. Financial institutions can help renters continue on their financial journey towards home ownership. Suggest beginning to save for a down payment by creating automatic savings transfers each month. Remind renters about any mortgage products designed for first-time home buyers.
