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Digital Co-op Renters Insurance = half the price, better coverage.
Goodcover has raised $10.0M across 2 funding rounds.
Key people at Goodcover.
Goodcover was founded in 2017 by Christopher Lotz (Founder/CEO) and Daniel Di Spaltro (Founder).
Goodcover has raised $10.0M in total across 2 funding rounds.
Goodcover provides its Members with Good Renters Insurance for 50% less than legacy companies and an Annual Dividend of the money left over after claims obligations are met.
Goodcover is a Managing General Agent (MGA) that administers personal insurance on behalf of our Membership, a bit like how USAA does it.
Member's premiums are pooled and used to pay claims. We take a fixed fee, and the remainder is returned in our Annual Member Dividend.
We work with multi-billion dollar capital partners to ensure regulations are followed, adequate claims capital is always available, and we have emergency capacity for catastrophes.
Technology allows us to eliminate waste, saving roughly 25% of the cost. We are 100% digital, but not bots - we invest in tech that enables our experts to help Members.
As an Invitation Only Membership served by an MGA, we can give Members Free Insurance when they invite others, turning our "Marketing Budget" into savings for Members. This eliminates Lizards and Sales Agents, saving the other 25%.
We do not use the standard industry models, instead using a multiperil model to more granularly price risk. This means that for a few of you we are more expensive... but everyone else pays much less than they would otherwise pay.
Our granular, multiperil model allows us to offer a superior policy over the standard market including:
- coverage for if your place is flooded by a neighbor
- Replacement Cost Coverage (meaning new stuff for your old)
- All Risk coverage for high value items you tell us about - including computers (almost no one does that amazingly)
- added coverage for mold removal
Our MGA business model allows us to be capital efficient, "renting" capacity as we need it.
All this adds up to our government approved pricing being 40-60% cheaper on average than that of our competitors.
Goodcover is a digital-first cooperative renters insurance company offering coverage at approximately half the price of traditional insurers while providing better coverage terms. Its mission is to build a community of members who enjoy financial peace of mind at the lowest possible cost by pooling premiums, taking a fixed fee, paying claims, and returning leftover funds to members as annual dividends. The company serves renters seeking affordable, transparent, and modern insurance solutions, solving the problem of high-cost, confusing renters insurance with a streamlined, digital experience backed by human support. Goodcover’s growth momentum is driven by its innovative cooperative model, technology-enabled efficiency, and partnerships with reinsurers holding over $20 billion in assets, ensuring financial stability and regulatory compliance[1][2][3].
Founded in 2017 by Daniel Di Spaltro, Goodcover emerged from the idea of reinventing renters insurance through a cooperative, member-first approach. The founder’s background and vision led to creating a Managing General Agent (MGA) model that administers insurance on behalf of its members, similar to USAA’s approach. Early traction came from leveraging technology to reduce costs by eliminating waste such as agent commissions and marketing expenses, enabling the company to offer policies 40-60% cheaper than competitors while providing superior coverage. The invitation-only membership and digital-first platform helped Goodcover gain a foothold in the market with a unique value proposition[2].
Goodcover rides the trend of digital transformation in insurance, leveraging AI, machine learning, and mobile-first platforms to meet the expectations of modern renters who demand convenience, transparency, and affordability. The timing is favorable due to rising rental populations, increasing awareness of renters insurance benefits, and dissatisfaction with legacy insurers’ complexity and cost. By pioneering a cooperative, tech-enabled model, Goodcover influences the broader ecosystem by demonstrating how insurance can be more member-centric, cost-effective, and digitally accessible, pushing incumbents to innovate and adapt[1][2][5].
Looking ahead, Goodcover is poised to expand its membership base and geographic footprint, potentially broadening its product offerings beyond renters insurance. Trends such as increased digital adoption, demand for personalized insurance products, and cooperative business models will shape its journey. Its influence may grow as a model for how insurance companies can combine technology, community, and financial prudence to disrupt traditional markets. Goodcover’s commitment to returning value to members and maintaining financial stability positions it well to lead the future of renters insurance, fulfilling its mission of affordable, fair, and modern protection[1][2][5].
Key people at Goodcover.
Goodcover was founded in 2017 by Christopher Lotz (Founder/CEO) and Daniel Di Spaltro (Founder).
Goodcover has raised $10.0M in total across 2 funding rounds.
Goodcover's investors include Goodwater Capital, Signia Venture Partners, Slow Ventures, Heidi Zak, Broadhaven Ventures, Fuel Capital, Global Founders Capital, Liquid 2 Ventures, TransRe, BoxGroup, Y Combinator.
Goodcover has raised $10.0M across 2 funding rounds. Most recently, it raised $8.0M Series A in October 2020.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Oct 1, 2020 | $8.0M Series A | Goodwater Capital | Signia Venture Partners, Slow Ventures, Heidi Zak, Broadhaven Ventures, Fuel Capital, Global Founders Capital, Liquid 2 Ventures, TransRe |
| Feb 6, 2020 | $2.0M Other Equity | BoxGroup, Fuel Capital, Liquid 2 Ventures, TransRe, Y Combinator |
