Slice Launches On-Demand Insurance for Homeshare Hosts
Staff Writer | May 31, 2017
Slice Labs, a technology company offering the first on-demand insurance platform in the United States, announces the launch of its homeshare insurance product. Homeshare hosts in 13 states can now purchase insurance “on-demand” (per booking) directly from the Slice website.
With services available in 13 states (California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Massachusetts, New Jersey, New York, Ohio, Texas, and Washington), Slice is now available in many of the most popular homeshare markets in the country. These 13 states had over 27 million homeshare bookings and over $5 billion in homeshare revenue in 2016 with an average nightly rate of $162 across the states—Colorado having the highest average nightly rate at $238.
Homeshare hosts can purchase Slice coverage to coincide with their homeshare booking dates for as low as $4 per night. Coverage includes $2 million in commercial liability, the full replacement of their property, and a number of deductible free 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.
“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 13 key states,” says Tim Attia, CEO and co-founder of Slice. “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.”
Slice has received regulatory license approval across the U.S. with states embracing the new insurance model. With 40 percent of hosts stating they use the money they make renting their homes or rooms to help pay their mortgage or rent, Slice ensures a more secure revenue stream to offset expenses so people aren’t putting their livelihood at risk.
Slice is backed by Horizons Ventures, XL Innovate, Munich Re, and Tusk Ventures, and is headquartered in New York City. Slice is currently licensed to sell insurance in 50 states and the District of Columbia and the company plans to expand coverage availability to these areas.
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