Source: Insurance Business Magazine
Apollo Insurance Solutions (APOLLO) has partnered with property management technology company Tribe Property Management to launch a national campaign to digitize insurance access for condominium owners, renters, landlords, and developers.
Citing recent data, a release from the companies noted that out of the approximately 4.5 million Canadian households that rent, nearly half do not have tenant insurance policies. That leaves them, their families, and the landlords they rent from vulnerable to risks like fire and water damage – even if they are not directly responsible for the damage.
To close this protection gap, APOLLO and Tribe are launching a national insurance campaign to raise awareness about the issue. The partnership will see APOLLO connect its insurance technology with Tribe’s strata and condo management platform and rental software, allowing rental property owners to learn about their insurance risks and what options are available to them.
APOLLO’s integration into Tribe’s platform will later have the ability to provide notifications if a tenant cancels their policy mid-term, while offering protection from potential strata/condo corporation deductibles that owners or tenants may be subjected 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.
“We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service,” commented APOLLO CEO Jeff McCann, “and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities.”