Case Study: How One Operator Replaced RealPage Resident Insurance and Got $483,668 Back in 31 Months

This case study follows a 3,364-unit multifamily portfolio that replaced RealPage resident insurance with Insur3Tech’s captive. It is one of the programs we’ve built, and every figure below comes from the live program.

The core result: $483,668 in net profit returned to the ownership group over 31 months. Under the prior structure, the owner would have received a small administrative fee over the same period, and the underwriting results would have gone to the program.

The starting conditions

• Portfolio: 3,364 units on RealPage resident insurance

• Month 1 enrollment in the captive: 4 residents

• Month 1 net revenue to ownership: $44

Residents were enrolled and covered, and the operational setup existed. What didn’t exist was any return to ownership. New move-ins enrolled in the captive starting in month 1, while existing residents stayed on RealPage through their lease terms. Our guide to replacing RealPage covers the full process.

The enrollment build

• Month 1: 4 enrolled, $44 a month net to ownership

• Month 6: 287 enrolled, $3,157 a month

• Month 12: 891 enrolled, $9,801 a month

• Month 18: 1,456 enrolled, $16,016 a month

• Month 24: 2,108 enrolled, $23,188 a month

• Month 31: 2,515 enrolled, $27,665 a month, at 75% penetration

The results at month 31

• Enrolled residents: 2,515, or 75% of 3,364 units

• Monthly net revenue to ownership: $27,665, or $331,980 annualized

• Total net profit to ownership over 31 months: $483,668

• Loss ratio over 31 months: 0.9%, with one claim filed for $4,000

Our programs have consistently averaged 75% to 93% resident enrollment over time, and this portfolio reached 75% while still mid-transition.

Putting 0.9% in context

Over 31 months across 3,364 units, one claim was filed for $4,000. That is exceptional even for professionally managed multifamily, and it reflects strong screening, maintained properties and clear lease terms. Resident programs are commonly priced for much higher market-average loss ratios, so the gap between priced risk and actual risk was large. In a traditional program, that gap goes to the program and its carriers. Here, it came back to ownership. We break this down further in our post on a 0.9% loss ratio.

What the prior program would have returned

Over the same 31 months, the prior structure would have returned an estimated $45,000 to $67,000 in administrative fees, assuming $1 to $2 per enrolled resident per month and about 1,500 average enrolled residents. It would have returned no underwriting results, no loss ratio visibility and no ownership interest. That puts the additional return from the structural change at roughly $427,000 over 31 months. Same portfolio, same residents, same monthly charge on the ledger.

The lesson about migration

Month 1, with 4 enrolled residents and $44 in revenue, is the number that discourages operators who judge a transition by its start. Month 31, at $27,665 a month, is the number that makes the case. See our full RealPage comparison for the side-by-side.

How Insur3Tech fits

Insur3Tech’s captive has no minimum premium and no unit minimum; portfolios as small as 4 doors can join. There are no holdout periods. The entire program is reinsured, so you carry no downside risk. What isn’t spent on claims comes back to you. We insure 100,000+ doors.

Running RealPage, ResidentShield or another third-party program? Book a free discovery call. We’ll audit your portfolio for free and tell you how much you can expect to get back every year.