US-based insurtech platform Slice Labs has launched its on-demand homeshare insurance product across 13 states.
Slice is backed by Horizons Ventures, XL Innovate, Munich Re and Tusk Ventures, and is headquartered in New York City.
The new product's coverage includes $2 million in commercial liability, full replacement of the property and a few other coverages that address hosts’ key exposures while renting their homes, such as theft, infestation, breakage of valuables, and loss of income. Coverage turns on and off in sync with bookings so costs align with revenue, the company said.
Slice stated that it has received regulatory license approval across the US with states embracing and welcoming the new insurance model. It added that the company ensures a secure revenue stream to offset expenses so people aren’t putting their livelihood at risk.
Tim Attia, CEO and co-founder of Slice, commented: "As the first company to offer on-demand insurance without an application or any of the traditional bureaucracies, we are beyond pleased with the smooth launch and rollout to these thirteen key states. We could not have done it without the valued partnership with insurance regulators. It’s nice to see how many people understand and see the need for this kind of insurance disruption."
According to the statement, the 13 states the insurtech company is targeting had over 27 million homeshare bookings and over $5 billion in homeshare revenue in 2016 alone with an average nightly rate of $162 across the states—Colorado having the highest average nightly rate at $238.
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Slice Labs, Insurtech, Munich Re, Homshare, Insurance, North America