Of the approximately 4.5 million Canadian households that rent, nearly half do not have the protection of a tenant insurance policy.
That leaves those individuals, their families, and the landlords they rent from, vulnerable to risks such as fire and water damage — even if they themselves are not responsible for the damage.
Two Vancouver companies are working together to address these gaps in coverage that leave Canadians vulnerable to significant financial loss.
Tribe Property Technologies and Apollo Insurance Solutions are partnering to digitize insurance access for condo owners, renters, landlords and developers across Canada, making insurance access easier and faster for owners, while improving the coverage and protection of condominium and rental buildings.
A direct connection to APOLLO’s insurance technology from both Tribe’s strata and condo management platform and rental software, will allow for increased education and awareness for owners into insurance risks and options.
It also includes future ability for notifications if a tenant cancels policy mid-term, while offering protection from potential strata/condo corporation deductibles that owners or tenants could be subject to.
“We are excited to partner with APOLLO to bring accessibility, visibility and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents, while protecting the value of their biggest assets”, said Tribe CEO Joseph Nakhla.
“This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities.”
APOLLO uses technology as a conduit between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
The digitization of condo owner, tenant and building insurance in Tribe communities supports Tribe’s journey to simplify residential community living by providing the most comprehensive suite of products and services for building, managing and living in condominiums, while delivering revenue-generating services.