Riskcovry, Housing.com tie-up for insurance

Hyderabad Proptech platform Housing.com announced its foray into the insurance distribution business by offering 'Rent Protect Cover' in collaboration with insurtech platform, Riskcovry. The cover will provide insurance benefits to its buyers at a premium of Rs 99 per month.

With the launch of this offering, Housing.com customers can avail insurance at the time of completing online rental payments. The benefit claim amount can be used by customers to make on due rental payments, which otherwise would have been at risk of default due to uncertain instances.

"Our aim is to eventually become the preferred destination that offers full stack services in the residential real estate space, catering to the needs of home buyers, sellers, renters and allied service providers," Group CEO of Housing.com, Proptiger.com and Makaan.com, Dhruv Agarwala said.

The insurance will cover 15 critical illnesses of up to Rs 2 lakh, a personal accident plan of Rs 1 lakh, and medical expenses of up to Rs 60,000 in case of accidental hospitalization. The tenure of the insurance policy will be annual while the premium can be paid monthly.

"Timely rental payment is a source of anxiety for property owners. Unforeseen accidents and illnesses to tenants who may end up requiring hospitalisation, can unexpectedly lead to default or delay in rental income. That makes buying a future rent protection product almost a matter of hygiene. However, delivering such a product can be tricky as it could be seen as disruptive to consumer experience on a platform such as ours. That is where embedded insurance comes in to enable seamless bundling of the insurance purchase with the rent payment experience," Agarwala added.

The premium of the 'Rent Protect Cover' will be embedded into the monthly rent payments workflow for customers of Housing.com under its service 'Pay on Credit' which is part of Housing Eedge (full stack rental and allied services platform).