Canadian fintech company KOHO has expanded its range of financial products by partnering with Walnut Insurance to offer new renters insurance to its members in several provinces.
The insurance is available to KOHO members in Alberta, British Columbia, Manitoba, Nova Scotia and Ontario.
Renters insurance, also called tenant liability insurance, is designed to protect tenants against various risks such as liability, loss or damage and to ensure that they are covered in the event of an emergency or natural disaster.
KOHO’s policy starts at $22 CAD ($16.32 USD) and offers three levels of personal property coverage ranging from $5,000 CAD to $15,000 CAD.
In addition, policyholders receive coverage of up to CAD 1 million for personal injury, up to CAD 100,000 for property damage, up to CAD 10,000 for medical services and up to CAD 100,000 for pet liability.
Since its founding in 2014, KOHO has raised more than C$400 million in equity and debt. The most recent funding round in December 2023 raised C$86 million, valuing the company at C$800 million.
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By GlobalData
KOHO is known for its free spending and savings account that offers cash back and spending insights.
The company has also launched a rental reporting solution to help users build their credit score.
This feature allows members to include their rental payments in their credit reports, potentially improving their credit score.
KOHO Founder and CEO Daniel Eberhard said, “About 40% of Canadians rent. The idea that paying a mortgage contributes to creditworthiness but paying rent does not is an outdated worldview. We are excited to offer the Rent Reporting feature to our users. In addition, we are adding renter’s insurance and the first rental cashback program in Canadian history.”
Earlier this month, Walnut Insurance secured C$4.6 million in a capital raise led by NAventures to strengthen its embedded insurance technology platform.
The company plans to use the investment to expand its technology and team, enter strategic partnerships and enter new markets.
