Trov Renters Insurance Overview

TROV is an on-demand insurance platform that allows you to protect just the things you care about when you want. Everything, from registering to filing a claim only takes a few taps on your phone. The big selling points of TROV are its on-demand coverage, customer service, and easy to use platform.

TROV was founded in 2012 and is based in Danville, California. It is currently available in Australia and will launch in the USA in 2017. Trov chose Australia to launch its product because it has a single regulatory body as opposed to 50 – one for every state – insurance regulatory bodies in the United States. Australia is also the country with the highest smartphone penetration per capita in the world. TROV’s policies are underwritten by Munich RE, a German reinsurance giant based in Munich.

As of October 2016, Trov has received $46.3 million in seed funding. The main investors are Anthemis Group, Gordon Bell, Guidewire Group and Oak HC.

What Are Trov Renters Insurance’s Ratings?

Trov has not yet received ratings by Moody’s, AM Best, or Standard & Poor’s. However, Munich RE, the insurance company that backs Trov has an A- rating with AM Best, an A2 rating with Moody’s, and an A- rating with Standard and Poor’s.

What Coverage Does Trov Renters Insurance Offer?

Trov offers customers the ability to insure a single item for a set period. Policyholders can choose to pay daily or monthly rates. Once users add an item to their policy, they can activate or deactivate coverage from their phone with a single swipe.

Conventional homeowners and renters insurance policies cover all the personal property, but the deductible policyholders have to pay (typically $500 or $1,000) is more than what most individual items cost. For instance, most phones or laptops are worth around $500 or $1,000. Trov offers coverage for individual items that policyholders would generally have pay out of pocket if they were damaged or lost.

How Does Trov Compare with Other Renters Insurance Companies?

Trov has still not launched in the USA. So it is still unclear whether it will succeed in differentiating itself from other online insurance providers.

We like:

- Ability to get coverage for individual items

- Easy to activate and deactivate coverage

- Low costs


We don’t like:

- Still not available in the U.S.

  • Available 24/7 by Phone
  • Property Damage
  • Guest Medical Protection
  • Liability
  • Personal Property Protection
  • Reimbursed Living Expenses
  • Identity Theft Insurance
  • AM Best Financial Strength Rating
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Sounds like an interesting product. I'm looking forward to seeing the prices for the on-demand coverage. That will determine whether Trov is a useful service or a gimmick to overinsure people who are bad at math.

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