NEW YORK--(BUSINESS WIRE)--Slice Labs Inc., a technology company offering the first on-demand insurance platform in the United States, announced the launch of their homeshare insurance product today. Homeshare hosts in 13 states can now purchase insurance “on-demand” (per booking) directly from the Slice website.
With services available in 13 key states (CA, CO, FL, GA, IL, IA, MD, MA, NJ, NY, OH, TX and WA), Slice is now available in many of the most popular homeshare markets in the country. In fact, these 13 states 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.
Homeshare hosts can purchase Slice coverage to coincide with their homeshare booking dates for as low as $4 per night. Coverage includes $2M in commercial liability, the full replacement of their property and a number of unique 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 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,” commented Tim Attia, CEO and co-founder of Slice.
Slice has received regulatory license approval across the U.S. with states embracing and welcoming the new insurance model. With 40% 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 are planning to expand coverage availability to these areas.
Slice Labs Inc. is a startup technology company offering on-demand, pay-per-use insurance that is cost-effective, easy to acquire with a tap, and provides superior coverage. Slice is reimagining insurance through design, data, and technology. Slice raised $3.9M in seed funding in the first part of 2016. To stay up to date with Slice, visit http://www.slice.is and follow @SliceLabs on Twitter.