Japanese rental space booking site InstaBase.jp has launched insurance cover of up to Y100 million ($898,000 U.S.) to compensate owners for possible damages to their property while its in use. 

Launched by Tokyo-based Rebase Inc. in Apr. 2014, InstaBase is a mobile-first search engine for rental meeting rooms, seminar venues, studios, kitchens, and salons. The vertical currently lists more than 5,500 rental spaces.

The compensation service was developed to indemnify both landlords and tenants. Registrations and listings on the site are free, but the company takes a commission once a deal is finalized. The insurance premium is variable.

All the main property verticals like Suumo.jpLifull Home’sAtHome, and HomeDirect offer rental spaces but this is the first time an insurance option has been introduced.

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