Lighthouse, the Los Angeles-based software for landlords and tenants, announced a new partnership with Topa Insurance Company to offer security deposit insurance. The partnership marks a significant step for Lighthouse into the insurtech space, making them a licensed insurance provider.
My Lighthouse is rolling out this product in response to rising inflation and skyrocketing rental prices. Security deposit insurance will replace the need for high sum security cash deposit, resulting in more affordable residential rentals. Tenants will pay an affordable monthly premium to My Lighthouse for insurance to cover lost rent or property damage, which the tenant is ultimately responsible for. The partners are confident this new service will connect more potential tenants with rental units they can afford as well as help landlords and property managers fill vacancies.
The partnership between My Lighthouse and Topa Insurance is indicative of the growing model of insurtech (a combination of "insurance" and "technology").
"We're excited to partner with My Lighthouse in the launch of this innovative product."
- Denise Pavlov, COO of Topa Insurance Company.
The deal will help My Lighthouse expand into the emerging security deposit insurance marketplace, where there are not enough suppliers of this increasingly in-demand product. 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.
"This important step allows us to get one step closer to our goal of simplifying the landlord-tenant relationship,"
- Tomer Simonov, CEO of Lighthouse.
My Lighthouse is a platform through which landlords and tenants can connect to communicate, manage rent payments, track maintenance requests, and more. The company believes in empowering landlords and tenants by reducing vacancies and enabling tenants to afford more housing options. This insurance allows tenants to hold on to their cash security deposits and protects landlords' investments while expanding their potential tenant market.
Lighthouse is a Los Angeles-based software company designed to connect landlords and tenants by simplifying every aspect of their relationship. Using Lighthouse, tenants can pay their rent with scheduled reminders, schedule maintenance requests with progress reports, and communicate with their landlord with ease. Landlords can screen potential tenants, manage their finances across multiple properties, respond to tenant messages, and request late rent payments at the touch of a button. Their new security deposit insurance allows tenants to afford move-in costs more easily, further facilitating connection with potential landlords.
About Topa Insurance Group
Topa Insurance Group is a boutique insurance holding company, made up of core company Topa Insurance Company, as well as Dorchester Insurance Company (USVI), and Topa Insurance Services (USVI). Topa provides insurance products through the wholesale market. Topa Insurance Group is focused on underwriting profit, operational excellence, and agility for continuous growth. The group is led by President and Chief Executive Officer, Michael Day.