With the addition of NJ, Slice on-demand homeshare insurance is now available in 13 key states (CA, CO, FL, GA, IL, IA, MD, MA, NJ, NY, OH, TX and WA), 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.