Ankur Jain, a 28-12 months-antique entrepreneur, has arise with a plan that can make renting an condominium more affordable — safety insurance coverage.
Jain’s $25 million Kairos Society fund is anticipated to roll out on Wednesday an coverage with a view to rate renters as much as $20 a month — and take the entire again-end possibility of damage to the condominium.
The insurance coverage will probably be offered thru Rhino, an organization shaped via Kairos with a purpose to paintings with an insurance company and can pay landlords as much as two times the standard safety deposit to cover any costs while the renter exits the hire, Jain said.
With Out the need to fork over as much as two months hire as security, renting an apartment becomes more affordable, Jain said.
“Folks shouldn’t need to lock away heaps of greenbacks that they never actually come again,” stated Jain in an interview on Tuesday. “It’s cash they never see, because it goes from one condo to another. there is so much extra other folks can do with that money.”
Jain estimates that there’s more than $40 billion these days tied up in safety deposits across the US.
Rhino is the primary release of the Kairos fund — which has already incubated corporations value roughly $FOUR billion.