Rental passport platform Canopy has partnered with insurance tech firm Urban Jungle to offer tenants pay-as-you go contents insurance from £5 a month.
The product is specifically designed for tenants, who can apply via a six-step question process to get the insurance via the Canopy app and, if they are successful, are then given a £20 voucher towards the cost of the insurance.
Canopy and Urban jungle are hoping to sell policies into what is considered to be a largely under-served market.
Many tenants don’t take up contents insurance because, incorrectly, they often assume the property and its contents are insured by the landlord.
But following a burglary or fire, tenants then find out the hard way that their belongings are not covered by a landlord’s buildings or rental protection insurance policy.
Recent research revealed that £50 billion of home contents across the UK are not insured and 43% (or seven million people) don’t have home contents insurance.
Young people are the most vulnerable. Half of 18-34-year-olds living in rented accommodation don’t insure their contents.
“Our partnership with Urban Jungle gives tenants access to contents insurance, at affordable rates,” says Tahir Farooqui (left) Founder and CEO of Canopy. “Tenants can insure the things they love most, easier and cheaper, though our app.”
Jimmy Williams, Co-Founder and CEO of Urban Jungle, says, “This partnership is a great fit for us as we are both helping tenants to manage their financial lives. Canopy is doing a great job with its RentPassport and deposit alternatives, while we focus on helping people protect their belongings.”