September 19, 2018 by Staff
The Co-operators’ new digital insurance brand, duuo by co-operators, has launched a pay-per-use insurance product for home-sharing hosts who rent their properties on platforms such as Airbnb, HomeAway and VRBO.
Policies can be purchased online for the nights guests are renting a property for an average of $8 per night. They provide coverage for the full replacement cost of a home and its contents, as well as protection against vandalism, infestation, liquor liability, loss of income and more.
“As more Canadians participate in the sharing economy, new unmet insurance needs will continue to emerge,” Rob Wesseling, president and CEO of The Co-operators, said in a news release. “Our commitment to provide financial security and peace of mind while meeting the rapidly evolving needs of Canadians has driven us to innovate, and this insurance solution is a direct result of that.”
To obtain a policy online, customers input their name, email address and property address, as well as the length of the rental stay.
The new product has been launched in Ontario, and will be rolled out in Alberta and British Columbia next.
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This story was originally published by Canadian Insurance Top Broker.