Mid-Term Rentals Specialist Spotahome Partners with Tuio to Offer Content Insurance to Landlords

July 26, 2022
Share this Post: 

The European end-to-end rentals specialist Spotahome has teamed up with the digital insurance company Tuio to offer its landlords and customers content insurance.

Unlike most other policies, the new insurance product offered to Spotahome's landlords covers not only the landlord but also the tenants and their possessions as well - a first for the Spanish market according to a company blog post. The new service is all online and managed through Spotahome's app and is offered to compliment the Madrid-based proptech's existing protection for landlords including payment insurance, damage insurance and tenant verification.

The new product appears to be aimed solely at customers and landlords in the company's primary Spanish market with similar products apparently already available in other markets that Spotahome operates in such as France, Germany and The Netherlands.

"Although the incidence rate in the medium and long-term rental sector is much lower than with other rental models, we're working to reduce and minimise the impact",  said Álvaro Marín, Spanish Market Lead at Spotahome.

Having been founded in 2014 by four young entrepreneurs as a solution to what they saw as a lack of trust and service in the housing market for young people looking to move to a new country, Spotahome made headlines in 2018 when its end-to-end rental model convinced Silicon Valley fund Kleiner Perkins to invest $40 million.

After failing to establish a strong foothold in several new markets including the Middle East and Eastern Europe and seeing its revenue decimated by pandemic lockdown orders, 2020 saw the firm forced to go cap in hand to investors and cut a reported 80% of its staff.

With increasing demand among young professionals to work remotely, the company has changed its model slightly moving towards longer-term rentals and signing up former Airbnb landlords affected by a lack of international tourism. The company has raised around $93 million in funding according to Crunchbase and achieved profitability at the beginning of 2021.

July 26, 2022
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Nils K
Ringier's Nils Körber on ArtificiaI Intelligence, Training the Machine, and Talking about Problems

"What would you do with one million interns?" The award for the best question at the PropTech and Portal Watch...

Read More
Untitled Design 13
As OnTheMarket Hits 15,000 Advertisers, Zoopla Fights Back with Big Agency Deal

The British property portal Zoopla has announced a new long-term listings deal with Dexters, one of London's top agencies with...

Read More
Untitled Design 12
LeBonCoin Suffers Data Leak and Boliga Comes Under Cyber Attack on Same Weekend

LeBonCoin, the leading French horizontal marketplace owned by Adevinta, has acknowledged that some of its users' personal information was exposed...

Read More
Number 2S Challenging Hero Image 2
Analysis: Can Zoopla, Realtor.com and Domain See Off Challengers and Close the Gap to Market Leaders?

Well-funded challenger portals have been generating a lot of headlines in the industry recently. CoStar has been explicit about its...

Read More

Editor's Pick