People procrastinate about buying insurance because it’s such a boring and complicated chore to compare policies. But Cover combines plans from 45 insurance companies into a single marketplace so it’s easy to find the best one for your car, home, rental, business, personal property, pets, jewelry and more. Now Cover is building powerful onboarding tricks like a driving school that earns you lower car insurance rates, and a way for Shopify merchants to sell warranties for their items. The potential to use tech to run circles around the old insurance brokers has attracted a new $16 million Series B for Cover led by Tribe Capital’s Arjun Sethi, who led the Series A and sits on the startup’s board. The round was joined by Y Combinator, Social Capital, Exor and Samsung, and brings the company to a total of $27.1 million in funding.
Cover raises $8 million to insure your belongings
Applying for homeowner’s insurance should be as easy as waving your phone camera around your room. That’s the premise behind Cover, an app that recommends insurance based on what’s photographed in your home. Whether it’s electronics, jewelry or even your pet, Cover will cover just about anything. Cover is licensed to sell insurance and they work with Progressive, Allstate, Nationwide and other major providers to tailor a plan for the customer, taking about a 10 to 15 percent commission for referring the business. Now they’ve raised an $8 million Series A led by Social Capital and are announcing a previously undisclosed $3 million seed round. Arjun Sethi from Social Capital will be joining Cover’s board.