Renters Rewards
Renters Rewards helps recognize long term relationships by allowing eligible renters to earn credits over time. These credits can later be applied toward an Amica homeowners or condominium policy when you’re ready to make the transition.
How Renters Rewards works
Renters Rewards credits are applied to your renters account every year. When program conditions are met, you earn credits at renewal that can be used later if you move from renting to owning.
With this program:
- You accrue a $100 credit at each renters policy renewal when program conditions are met.
- Credits continue to accrue at renewal until a maximum of $500 is reached.
- No additional premium is associated with Renters Rewards — it’s a credit program, not an insurance coverage.
Using your Renters Rewards credits
Credits may be used after you transition from a renters policy to an Amica homeowners or condo policy. When eligible, the credits reduce the premium of the new policy over time.
- Credits are applied in $100 increments per policy year until the accrued credits are exhausted.
- Credits can only be used in states where the Renters Rewards program is available.
- The new homeowners or condo policy is subject to Amica’s underwriting criteria.
Important details
Here are a few key things to know about Renters Rewards:
- Credits have no cash value and are nontransferable.
- To use credits, you must transition from an Amica renters policy to an Amica homeowners or condo policy and maintain the new policy to receive the annual credit application.
- Any accrued credits will expire one year from the cancelation or expiration of your renters policy. If a policy is restarted before one year has elapsed, the expiration period resets.
Real-life scenarios
Long-term renter transitions to homeowners policy
A renter renews their renters policy over seven years and accumulates the maximum $500 in Renters Rewards credits. They later purchase a home and switch to an Amica homeowners policy. $100 per year is applied to the homeowners policy premium until the $500 credit is exhausted after five policy periods.
Renter transitions to condo policy
A renter maintains an Amica renters policy for three years and accumulates $300 in Renters Rewards credits. After buying a condo, they switch to an Amica condo policy and use the credits in $100 increments over three policy periods toward the new policy premium.
Ready to decide?
Explore YourPlan renters coverage options, or talk to an Amica representative about how Renters Rewards works and whether it’s available in your state.
No. Credits can only be used on a policy in a state where Renters Rewards is available. An Amica insurance representative can help you with details and availability for this program.
No. Renters Rewards credits have no cash value and are nontransferable.
Yes. Any accrued credits will expire one year from the cancelation or expiration of your renters policy. If a policy is restarted before one year has elapsed, the expiration period resets.
No. The new homeowners or condo policy is subject to Amica’s underwriting criteria.