Assurant Specialty Property to Provide Debit Cards for Immediate Renters Insurance Funds Availability

By Anuradha Kher, Online News EditorAtlanta–Renters insurance provider, Assurant Specialty Property, has begun issuing Chase Visa debit cards as an alternative to paper-based manual checks for claims settlements of renters insurance. Through this card, renters insurance customers can receive advanced claims payments after a catastrophic loss in the form of a Chase Visa-branded debit card, issued by J.P. Morgan.“With the new debit card program, our customers have access to funds as soon they receive the card, says Kathy McDonald, senior vice president for Assurant Specialty Property. “With a paper check, it sometimes can take 10 to 15 business days to process the check and for the bank then to release the funds. We can deliver a debit card in approximately three to five business days,” she adds.This program will be expanded later in the year to other property and casualty insurance programs, including manufactured housing. The card works like any other bank-issued debit card. Cardholders are able to make purchases, as well as receive cash back at participating locations.The option to receive claim payments via the debit card is only applicable when payments are issued to the policyholder only, not the lender or loss payee.“Catastrophe victims typically have an immediate need for cash, to arrange for temporary housing or replace necessary items, such as clothing, that have been damaged or destroyed,” McDonald says. “The debit card option enables us to help our policyholders get their lives in order much quicker.”