Congrats! Awesome that you use Scala!
Launch HN: Goodcover (YC S17) – Cooperative renters insurance for half the price
21–30 of 89 posts
Re: Launch HN: Goodcover (YC S17) – Cooperative renters insurance for half the price
#22Congrats! Awesome that you use Scala!
Yeah big fan of it, warts and all!
Re: Launch HN: Goodcover (YC S17) – Cooperative renters insurance for half the price
#23Looks really cool. I'm in MO so I can't check it out quite yet. I know you can't give specifics but could you give some generalities on the plan to roll out to the rest of the US? Is that something you are _actively_ working on now or are you really just trying to establish yourself in CA first and then will work on other states later? Basically, are we looking at months or years? In either case, I've already added my email to be notified.
Again, totally understand the legal aspects of making too many promises. Just curious. Cheers!
Re: Launch HN: Goodcover (YC S17) – Cooperative renters insurance for half the price
#24In a previous life tried this with a UK car insurance startup. It's a tough world. Glad you have reinsurance already.
Good luck! Hope you come to New York
Re: Launch HN: Goodcover (YC S17) – Cooperative renters insurance for half the price
#25Looks really cool. I'm in MO so I can't check it out quite yet. I know you can't give specifics but could you give some generalities on the plan to roll out to the rest of the US? Is that something you are _actively_ working on now or are you really just trying to establish yourself in CA first and then will work on other states later? Basically, are we looking at months or years? In either case, I've already added m…
Thanks! Short answer, Months - but perhaps not in 2020. Definitely recommend you get renters insurance if you don't have it.
More info: We have to roll out state by state, meaning we need to get approved in a state before we can do business there. That can be a pretty tedious process. So although we are working on it, we don't really have a good estimate for when we'll be available in each one. Since our model is a bit... different... some state regulators may take more convincing. California is very consumer friendly, so we got along because our model helps people. But other states don't share that point of view.
Re: Launch HN: Goodcover (YC S17) – Cooperative renters insurance for half the price
#26While I understand you've clearly run the numbers, it still boggles my mind that you can cover $100,000 with $5/mo, and even more for higher tiers. It's fairly hard to see how it all works out, could you maybe ELI5?
Biggest issues for insurance companies are bonding ($5 mill in FL for example) and payroll (as you scale out, you need more people to handle claims) in the home space.
Re: Launch HN: Goodcover (YC S17) – Cooperative renters insurance for half the price
#27Earlier quoted context omitted.
All regions go to $50k if you up the property coverage, thanks for the feedback on the UI we'll adjust to make that more obvious. In the renters insurance market our ALE numbers are pretty normal (or better!), so wanted to get a sense of what you think is needed here.
Whether or not your max ALE limit is "normal" is beside the point: my experience tells me that the amount is insufficient to cover one's probable downside risk in a major metro area, especially for unit larger than 1 bedroom. I live in SF. My personal best case scenario in the event of a permanent relocation (insurer freely pays out limits without me having to hire an attorney, I use none of my ALE coverage in the im…
> 100k might last 4 years
ALE is not meant to permanently replace your apartment. I don't understand why you would be expecting 4 years of living expenses to be covered in the case of your apartment burning down. I wouldn't even expect 4 months. It is meant to help you get back on your feet, and go to a hotel for the immediate aftermath while you look for a new place to stay.
You lost your apartment, not your entire livelihood. Chances are you still have an income to pay rent and a big chunk of contents coverage to help you out with down payments, and honestly, the insurance company should be going after the building owner.
Re: Launch HN: Goodcover (YC S17) – Cooperative renters insurance for half the price
#28In a previous life tried this with a UK car insurance startup. It's a tough world. Glad you have reinsurance already. Good luck! Hope you come to New York
Thanks! Yeah, reinsurance is key for sure.
Re: Launch HN: Goodcover (YC S17) – Cooperative renters insurance for half the price
#29This is a really cool idea! Looking forward to seeing availability in New York.
Thanks!! You don't have to, but if you punch in you zip on the site and leave your email we'll let you know when we're there!
I second this. I'd loveto get away from big insurance. Also is there a plan for more different coverages? Home/Auto/Life?
Re: Launch HN: Goodcover (YC S17) – Cooperative renters insurance for half the price
#30Earlier quoted context omitted.
Thanks!! You don't have to, but if you punch in you zip on the site and leave your email we'll let you know when we're there!
I second this. I'd loveto get away from big insurance. Also is there a plan for more different coverages? Home/Auto/Life?
Yes, for sure - Home/Condo is next, with Auto, Life and others further down the roadmap. Lots to do! But the goal is to be full service.