NEW YORK -- (BUSINESS WIRE) -- Slice Labs Inc., a technology company offering on-demand insurance through a cloud-based platform, is helping homeshare hosts stay protected while opening their doors to fans coming to town for the big game.
Homeshare hosts are homeowners who list their properties on sites like Airbnb and VRBO for short-term renting. With new regulations in the Twin Cities in place, homeshare hosts will want to be prepared and protected come Game Day Sunday. Currently, there more than 2,600 active hosts in the St. Paul and Minneapolis, however, as we get closer to the big day, these numbers will trend upward. In Houston, for example, 50% of hosts are hosting for the first time during the game, significantly increasing the lodging capacity in the area.
Slice’s objective is to fill the gap in short-term rental coverage, which many hosts fail to realize exist. The majority of homeowner policies exclude claims related to short-term rental activity. Furthermore, homeshare ‘guarantees’ do not provide the proper protection to ensure there are no issues. As hosts open their homes during the game, it’s vital they purchase a short-term rental policy.
Tim Attia, co-founder and CEO of Slice commented, “Minneapolis is very short on hotels and accommodations for fans coming to the game. Slice will be able to help many people feel protected when sharing their homes. When you consider that nightly rates during the big game can be significantly higher than normal, and let’s face it, these guests are coming into the city to party, the opportunity for hosts is great—but so are the risks.”
Slice is designed to address a number of exposures that homeowners who participate in homesharing face including $2 million liability, vandalism, excess utilities and loss of income. These are exposures that typical homeowners insurance will not cover. A few hosting sites do offer some kind of policy, but they can’t provide the same comprehensive protection that Slice does.
Slice operates on a digital platform that is completely paperless, making it quick and easy to sign up, get coverage, and file claims. Most customers pay about seven dollars a night, only for the nights they have renters. In most cases, claims are paid immediately.
Since officially launching their first product offering to homeshare hosts in October 2016, Slice has experienced double-digit monthly revenue growth and is now providing homeshare coverage in 36 states across the U.S., reaching over 85% of the U.S. population and 90% of the homeshare market. The company plans to have their homeshare product in all 50 states by early 2018. Slice’s rideshare product is in testing mode and will be launched soon.
Slice Labs Inc. is a startup technology company offering a cloud-based, on-demand, pay-per-use insurance platform used to quickly and easily deploy new insurance products that perform vastly better, offer deeper customer engagement, and present a wider array of options for consumers. Slice is reimagining insurance through design, data, and technology. To stay up to date with Slice, visit http://www.slice.is and follow @SliceLabs on Twitter.
*Slice is not an official sponsor of, nor affiliated in any way with, the NFL. These statements are provided by Slice Labs Inc. and do not reflect the opinions or beliefs of the NFL.