ShoreOne Insurance Managers, which combines homeowner and flood insurance, has launched its residential homeowners policy with full flood insurance protection in Massachusetts.
ShoreOne Insurance Managers was founded in 2019 to address the significant coverage gap that flood-exposed coastal homeowners face.
Rather than placing the burden on homeowners to piece together coverage for their properties, ShoreOne provides one policy that covers both traditional homeowners’ perils and flood. The company is backed by some of the largest reinsurer in the world.
This first-of-its-kind product is already live in New Jersey, New York, and South Carolina. Previously, homeowners with coastal properties had to purchase separate policies and pay separate deductibles.
The flood policies were generically priced and did not cover the real cost of replacing the home or temporary living expenses if the homeowner was displaced.
ShoreOne’s proprietary technology delivers a highly customized policy designed to close this protection gap. Policies are sold exclusively through ShoreOne agency partners. Homeowners will find significantly broader coverage, and in many cases, premium savings compared to their existing insurance.
Nick Steffey, ShoreOne chief executive officer said, “We’ve been very pleased by the support from the Division of Insurance in Massachusetts. They, like their counterparts in New Jersey, New York, and South Carolina, have recognized the need for more comprehensive flood solutions for their coastal constituents.”
David Robinson, chief executive officer of RogersGray, added “There is a large coverage gap for coastal homeowners who frequently get inadequate flood coverage. We are pleased to see ShoreOne enter Massachusetts and as a leading coastal agency in this area, we support continued growth in the private flood market.”
Earlier this year, US-based InsurTech NsureHub partnered with Guardian Leak Detection to bolster its home insurance offering.
The partnership aims to offers customers discounts on their home insurance policies, as well as discounts on devices from Guardian Leak Detection.
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