InsuraGuest Launches Subscription Based Vacation Rental Insurance

Rhea-AI Summary

InsuraGuest Technologies (TSXV:ISGI)(OTCQB:ISGIF) has launched a new subscription-based insurance product for the Vacation Rental/Short Term Rentals market. This innovative offering enables property owners and managers to select coverage options for under $1 a day, with 24/7 coverage that can be adjusted seasonally. The product includes unique primary no-fault medical coverage for guests. The company aims to reach a broader audience, including the 1.7 million U.S. rental properties without property management systems, enhancing their market presence.

Positive

• Launch of a subscription-based insurance product targeting the 2.6 million U.S. vacation rental properties.
• Affordable coverage option at less than $1 a day enhances attractiveness for property owners.
• 24/7 coverage with seasonality options allows flexibility for users.
• Unique primary no-fault medical coverage for guests adds value to the offering.

Negative

• Intensely competitive insurance industry with competitors having more resources.
• Market acceptance of new products is uncertain and may require substantial advertising budgets.
• Potential need for additional debt or equity financing may pose financial risks.

VANCOUVER, BC / ACCESSWIRE / June 15, 2022 / InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), through its wholly-owned U.S. hospitality subsidiary, announces it has launched an insurtech monthly subscription-based insurance product for the Vacation Rental/Short Term Rentals (STR) Insurance market place.

For less than a cup of coffee a day, InsuraGuest's new subscription model will give the Vacation Rental/STR owner or property manager the ability to choose which insurance package they want to cover their property, depending on the level coverage and its limits; a cost that can be passed onto the guest during their stay. www.InsuraGuest.com

Unlike other InsuraGuest products, the new subscription-based product will cover the property 24 hours a day, 7 days a week, 365 days a year, and can be turned on or off depending on the seasonality of the property's renters.

Included in the new product offering will be InsuraGuest's unique and widely accepted primary no-fault medical coverage, which covers guests' accidental injury no matter who's at fault.

"This is a major insurtech technology lift we have been working on for over six months, states Reed Wright, President of InsuraGuest. Our initial digital distribution platform allows the sale of our products to property management companies that use one of the property management systems integrated with our API. However, there are 2.6 million rental properties in the United States and 65.4% (1.7 million) do not use a property management system and go directly to online travel agencies like Airbnb. Our new subscription-based solution allows our product to be sold to everyone and anyone in the Vacation Rental/SRT space in the U.S. It also gives our clients the ability to control their insurance needs while protecting their property and their guests at the same time."

About InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance

InsuraGuest Technologies (TSX.V: ISGI) (OTCQB: ISGIF) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to embed its short-term rental insurance products to vacation rental, sports and ticketed events, hotels, and travel reservations.

CA / LIC: 6001686

For more information, visit the company's website at: www.InsuraGuest.com

The Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. There is no assurance that this new business product offering or other planned products will be successful. The insurance industry is intensely competitive, and the Company's competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance, this will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company's current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Company Contact:
InsuraGuest Technologies, Inc.
Media Relations
Reed Wright
media@InsuraGuest.com

SOURCE: InsuraGuest Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/704900/InsuraGuest-Launches-Subscription-Based-Vacation-Rental-Insurance

FAQ

What is InsuraGuest's new subscription-based insurance product for?

The new product is designed for the Vacation Rental/Short Term Rentals market, offering affordable coverage options for property owners.

How much does InsuraGuest's insurance product cost?

The subscription-based insurance product is available for less than a cup of coffee a day, making it very affordable.

What unique coverage does InsuraGuest offer with its new product?

The product includes primary no-fault medical coverage for guest injuries, regardless of fault.

How does the new product benefit vacation rental property owners?

It allows owners to customize their insurance coverage, is flexible with 24/7 availability, and can be adjusted based on renter seasons.

What challenges does InsuraGuest face with the new insurance product?

The company faces intense competition and uncertainty regarding market acceptance and may need substantial advertising funding.