RealPage Resident Insurance vs. Profit-Sharing Captive Programs: A Full Comparison

RealPage resident insurance is one of the most widely used resident programs in multifamily. It runs through RealPage’s ePremium business and plugs directly into the leasing workflow many operators already use. This post compares RealPage resident insurance with a profit-sharing captive program: what each delivers, what each costs residents and what each returns to you.

What RealPage’s resident program delivers

ePremium offers renters and resident liability coverage, enrollment at lease signing, and tools that track proof of coverage across a portfolio. For operators already on RealPage, setup is light. Residents get real coverage, enrollment flows through leasing, and compliance tracking is built in.

What comes back to the operator is a different question. In a typical third-party resident program, the operator may receive a small administrative fee or ancillary revenue in some configurations, while the underwriting results on that premium belong to the program and its carriers. The operator is the distribution channel.

What a profit-sharing captive delivers

A profit-sharing captive gives residents the same kind of coverage, the same claims process and the same opt-out path for residents who carry their own policy. From the resident’s side, the two programs look alike.

From the owner’s side, the economics change. Premium goes into a structure you co-own. Claims are paid from it. What isn’t spent on claims comes back to you at year end.

Side by side

• Coverage for residents: comparable liability limits and opt-out options in both.

• Monthly charge: commonly in the $15 to $25 range per enrolled resident in both.

• PMS integration: RealPage is native to its own platform. Captive programs integrate with major PMS platforms.

• Underwriting results: in a typical third-party program they go to the program and its carriers. In a captive they come back to you.

• Operator return: typically an admin fee of about $1 to $3 per resident per month in third-party programs, versus 15% to 40% of premium as an annual distribution in a captive, based on the programs we’ve built.

• Setup: minimal for RealPage users. A captive typically takes 60 to 90 days.

• Loss ratio visibility: usually limited in third-party programs. Full quarterly reporting in a captive.

The economics at scale (illustrative example)

Take a 300-unit property with 255 enrolled residents generating $61,200 a year in resident premium. In a typical third-party program, the owner sees little beyond any admin fee. In a captive at a 15% loss ratio, the estimated annual distribution is about $33,700.

Over five years with modest enrollment growth, an admin fee might total roughly $12,000 to $18,000. The captive distributions could total roughly $175,000 to $200,000, a five-year gap of about $157,000 to $188,000 on one property. Across 10 similar properties, that gap exceeds $1.5 million. These figures are illustrative, not a quote.

Our programs have consistently averaged 75% to 93% resident enrollment over time, which is why the enrolled base in examples like this one tends to grow.

When RealPage’s program makes sense

For operators deep in the RealPage ecosystem with fewer than about 150 enrolled units, integration and low setup effort may outweigh the difference in returns. The program works. Above roughly 200 enrolled units with professional management and good loss history, the captive economics are hard to ignore. Our loss ratio guide explains why that history matters.

How a transition works

Current residents stay on their existing coverage through their lease terms. New move-ins enroll in the captive. Over 12 to 18 months, the portfolio transitions as leases renew. For the step-by-step version, read our guide to replacing RealPage.

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.

Want to see the comparison for your own portfolio? 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.