What Operators Who Left RealPage Resident Insurance Found When They Switched

Operators rarely leave RealPage resident insurance because of coverage problems. They leave because they realize the premium their residents pay could be producing income for them. This post covers what operators who left RealPage resident insurance found when they switched to a captive program, using a documented case from the programs we’ve built.

The case: 3,364 units off RealPage

In one of the programs we’ve built, a 3,364-unit multifamily portfolio had been running RealPage’s resident insurance program and moved to Insur3Tech’s profit-sharing structure. Before the switch, the portfolio’s 2,500+ enrolled residents generated roughly $540,000 a year in premium at an $18 monthly average. The operator received an administrative fee of roughly $30,000 to $45,000 a year. The rest of the underwriting results went to the program.

What happened in month 1

New move-ins enrolled in the captive while existing residents stayed on the prior program through their lease terms. Month 1: 4 enrolled residents and $44 in monthly net revenue to ownership.

Migrations start small. An operator who judged the switch by month 1 alone would call it not worth the effort. The right way to judge it is the trajectory. Our guide to replacing RealPage lays out each step.

Month 1 to month 31

• Enrolled residents: grew from 4 to 2,515, or 75% penetration across 3,364 units

• Monthly net revenue to ownership: grew from $44 to $27,665

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

• Loss ratio over the full period: 0.9%, with one claim filed for $4,000

Our programs have consistently averaged 75% to 93% resident enrollment over time, and this portfolio landed at the low end of that range while still in transition.

What operators who switch consistently report

• Less disruption than expected. Leasing staff adapt quickly because the daily process barely changes.

• Steady opt-out rates. Residents who were enrolled before stay enrolled.

• A slower first year. Enrollment builds as leases turn, so patience through the ramp matters.

• Real visibility. Most operators had never seen how profitable their resident base was until their first quarterly loss ratio report.

• The year-end distribution. Receiving a check from an insurance structure instead of writing one is when the numbers become real.

The question they wish they’d asked sooner

The most common reflection: why did we wait? The old program worked and the coverage was real. What was missing was knowing that a structure existed where the same coverage produced returns for ownership. Learn how captive insurance works before you decide.

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.

Thinking about leaving RealPage? 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.