The product is available to Koho members in Alberta, British Columbia, Manitoba, Nova Scotia, and Ontario. The insurance is designed to protect tenants from various risks including liability, loss or damage, ensuring they have coverage in emergencies or natural disasters.
KOHO’s policy offers three coverage levels for personal items, ranging from C$5,000 to C$15,000, and begins at C$22.
Starting at C$22 ($16.32), KOHO’s policy offers three coverage levels for personal items, ranging from C$5,000 to C$15,000. Policyholders receive up to C$1m in bodily injury liability, up to C$100,000 in property damage liability, up to C$10,000 in medical payments and up to C$100,000 in animal liability.
KOHO was founded in 2014, and has raised more than C$400m in (USD $297 million). In December 2023, the company raised C$86m (USD$64), at a valuation of C$800m (USD$594M).
KOHO is known for its no-fee spending and savings account, which offers cash back and spending insights. The company has also launched a rent reporting solution, which helps users build their credit history. This ensures members can improve their credit scores through timely rent payments.
Daniel Eberhard, KOHO Founder and CEO, commented: “Roughly 40% of Canadians rent. The idea that paying a mortgage counts towards building credit, but paying rent doesn’t is an outdated view of the world. We are thrilled to bring Rent Reporting to our users. More than that, we are adding Tenant Insurance and the first cash back on rent programme in Canadian history.”
Walnut Insurance recently raised C$4.6m in a fundraise led by NAventueres, to boost its embedded insurtech platform. Walnut intends to use the investment to expand its technology and team m build partnerships and enter new markets.
