Tenant insurance, also known as renters insurance, is designed to protect tenants from various risks. Credit: Vitalii Vodolazskyi/Shutterstock.

Canadian fintech company KOHO has expanded its financial product suite by partnering with Walnut Insurance to offer a new tenant insurance policy to its members in several provinces.  

The insurance is available to KOHO members in Alberta, British Columbia, Manitoba, Nova Scotia, and Ontario.  

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Tenant insurance, also known as renters insurance, is designed to protect tenants from various risks including liability, loss or damage, ensuring they have coverage in emergencies or natural disasters. 

Starting at C$22 ($16.32), KOHO’s policy offers three coverage levels for personal items, ranging from C$5,000 to C$15,000.  

Additionally, policyholders receive up to C$1m in bodily injury liability, up to C$100,000 in property damage liability, up to C$10,000 in medical payments and up to C$100,000 in animal liability. 

Since its founding in 2014, KOHO has raised more than C$400m in equity and debt, with its latest funding round in December 2023 bringing in C$86m and valuing the company at C$800m.  

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KOHO is known for its no-fee spending and savings account, which offers cash back and spending insights. 

The company has also introduced a rent reporting solution to help users build their credit history.  

This feature enables members to have their rent payments reflected in their credit reports, potentially improving their credit scores. 

KOHO founder and CEO Daniel Eberhard said: “Roughly 40% of Canadians rent. The idea that paying a mortgage counts towards building credit, but paying rent doesn’t is an outdated view of the world. We are thrilled to bring Rent Reporting to our users. More than that, we are adding Tenant Insurance and the first cash back on rent programme in Canadian history.” 

Earlier this month, Walnut Insurance secured C$4.6m in a fundraise led by NAventures to bolster its embedded insurance technology platform.  

The company plans to use the investment to expand its technology and team, form strategic partnerships, as well as enter new markets.