Get Covered raises $7 million

Get Covered, a platform for streamlining property-related insurance, announced the completion of a $7 million Series A financing round led by RET Ventures and joined by Updater, Pelican Ventures, and Crocker Mountain.

Founded in 2018, Get Covered works with insurance carriers, agencies, multifamily owner/operators, and proptech companies to ensure that tenants purchase a community’s minimum required policy – for both residential and commercial leases – and tracks policies throughout the term of the lease. Get Covered provides its partners with a customizable frontend for tenants to purchase insurance from A-rated carriers as well as a backend policy admin portal for COI verification, tracking, billing and policy administration.

The company’s products include renters insurance, security deposit alternatives, rent guarantee, master liability program, and vendor insurance, and it has partnered with Updater, Marsh, NFP, Confie and other “major insurance agencies.”

“By bundling all the relevant insurance products for apartment residents, we’re able to simplify the process for each stakeholder while providing valuable ancillary benefits to landlords, including policy administration and COI tracking. In raising this round, we were particularly excited to work with strategic investors like RET Ventures and Updater, who have incredible influence and expertise in the real estate sector. Our mission has been to become the Shopify of Insurance and give the smaller Property Managers and Insurance Agencies access to the same tools the large companies have, and this capital infusion will help turn that vision into a reality.” – GetCovered CEO Brandon Tobman.

“GetCovered’s unique approach to partnership distribution helps them acquire customers much more cost-efficiently than their direct-to-consumer competitors. Besides its clear value to property managers, the company also has synergies with several of our portfolio companies, which made GetCovered a very compelling investment opportunity for us.” – John Helm, Partner of RET Ventures.

“Updater is dedicated to building a more delightful and less stressful moving experience. Providing our users with a seamless experience for setting up insurance at their new home is critical for a great move. GetCovered’s unique platform will not only benefit millions of Updater users, but also hundreds of our real estate partners, which is why we’re thrilled to support GetCovered’s mission.” – David Greenberg, Updater’s Founder and CEO.