Lighthouse partners with Topa for new insurance offering
Lighthouse, the Los Angeles-based software for landlords and tenants, announced a new partnership with Topa Insurance Company to offer security deposit insurance for renters.
The My Lighthouse platform connects landlords and tenants so that they can communicate, manage rent payments, and track maintenance requests. The company believes in empowering landlords and tenants by reducing vacancies and enabling tenants to afford more housing options. The new insurance product enables tenants to hold on to their cash security deposits and protects landlords' investments while expanding their potential tenant market.
Changes in the US rental market
The product, which has been created in response to rapid inflation and resulting rises in rental prices, means the security deposits required by renters have increased, making the market less easy to enter and move around in.
The security deposit insurance product will replace the need for a high sum security cash deposit, resulting in more affordable residential rentals. According to reports, tenants will pay an affordable monthly premium to the new cover product, My Lighthouse, for insurance to cover lost rent or property damage, which the tenant is ultimately responsible for.
Topa Insurance and Lighthouse are certain the new cover will result in more potential tenants with affordable rental units as well as help landlords and property managers fill vacancies.
Strategic partnerships the result of a growing insurtech industry
The collaboration between Topa Insurance and My Lighthouse is the result of the growing model of insurtech.
Speaking about the news, Denise Pavlov, COO of Topa Insurance"We're excited to partner with My Lighthouse in the launch of this innovative product."
Pavlov explained the move will help My Lighthouse expand into the emerging security deposit insurance marketplace, where there are not enough suppliers of this increasingly in-demand product.
She said, “Both parties are excited by the possibility of alleviating some of the financial pressures tenants may feel when moving into a new home, especially given the rent pricing increases across the country.”
Tomer Simonov, CEO of Lighthouse, added, “This important step allows us to get one step closer to our goal of simplifying the landlord-tenant relationship.”