Findigs is winding down Termwise and hasn't announced it.

[Andrew Glisson]

Termwise, the deposit alternative from Findigs, is apparently closed to new business. I got that in writing from their support team yesterday.

No announcement or heads up, and the website product pages came down quietly. 

Findigs to us: they are no longer onboarding new Termwise policies, it won't be available for new renters or new move-ins, existing active policies continue under current terms, will process renewals on existing policies, and for any new leases use standard security deposit process. No effective date given.

I only found out because I had an applicant in underwriting and sent a ticket asking whether they were approved.

I checked the site. findigs.com/termwise still returns a page, but it's their application-processing product now, no Termwise content. The Termwise blog post URL links to the blog index instead of the article. Both were live in April. The one thing still standing is the legal placement agreement from May 2024, which is what you'd keep for people who already hold policies while everything else gets pulled down.

Looks like a wind-down.

Dug into the industry a bit today.. Rhino and Jetty merged Feb 2025 into what they called the largest security deposit insurance company in the market (6M units). 2 of the 3 biggest names in a young category combining... The National Consumer Law Center published on the product arguing they're structured to sit outside state deposit law, and the FTC's junk-fee work is saying the same thing. Not a good sign. 

The math has never made sense to me. You're selling an insurance product to people selected for not having a month's rent in cash, at $20-30 a month, covering over a month's rent in damages. That only works with a low loss ratio, and there's no room in the premium to absorb if it balloons.

I loved these products but looks like they were as short lived as I thought they'd be.

Anyone else have intel on this or the industry?