Slice is an insurance technology startup that offers insurance coverage to small businesses in the on-demand economy, such as AirBnB hosts and Uber drivers. Slice’s homeowner’s insurance policies allow users to purchase coverage for whatever time frame they rent their home.
The company was founded in 2015 and is backed by several venture capital companies with Munich Re / HSB Ventures and Horizons Ventures. It is licensed in 50 states and the District of Columbia.
Slice is backed by Great Lakes Insurance SE, which is a subsidiary of Munich Re, one of the world’s largest reinsurers. Reinsurers are companies that sell insurance to insurance companies.
Slice Labs is rated as AA- (very strong) by Standard & Poor’s and A+ Superior by AM Best.
Slice’s provides primary and noncontributory insurance coverage. This means it will take care of the claim without requiring another insurance company, such as your primary home insurance company, to pay.
- Property insurance to the full replacement value of the home, additional structures and all its contents.
- Commercial liability up to $2 million.
Slice is a pioneer in this type of insurance, so we’ll just explain how it works. Most people who rent their homes rely either on their personal home insurance policy or the insurance offered by the homeshare site they use, such as AirBnB, VRBO, or HomeAway. Although these insurance policies may provide some coverage, they have limitations.
Homeowners insurance policies include restrictions and special conditions for homeshare businesses. Some policies just don’t cover short-term rentals. Homeshare sites might offer users insurance coverage, but homesharers are not the named insured, which limits their policy rights. Another thing to consider is that the insurance provided by homeshare sites is not primary insurance, which further complicates things when you file a claim.
Having an on-demand insurance gives small businesses a flexible way to get affordable commercial while only paying for it when they need it. Homesharers can insure their entire home or just a room depending on their needs. Once a property is registered, users can insure their property by simply texting the number of nights or weeks they need coverage.
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