Stand Insurance has announced its entry into Florida, bringing its mitigation-focused insurance model to one of the nation’s most disaster-prone states. The company’s expansion follows the close of a $35 million Series B funding round, with Stand Insurance now aiming to provide coverage for the nation’s most at-risk homes in Florida. This move comes at a time when Florida cities are experiencing significant growth, further increasing the demand for reliable insurance solutions.

Stand Insurance Raises $35 Million to Support Florida Expansion

The main keyword, Stand Insurance, is central to this development as the company secures significant funding to back its move into Florida. The Series B round was led by Eclipse, with participation from previous investors including Inspired Capital, Lowercarbon Capital, and Equal Ventures.

According to Stand Insurance, the new capital will be used to expand operations beyond California, where the company initially focused on wildfire-exposed properties. In just over a year, Stand Insurance has underwritten $1 billion in insured value in California alone.

Florida’s Catastrophe Insurance Market: High Risk, High Demand

Florida represents one of the largest and most volatile catastrophe insurance markets in the United States. According to the National Oceanic and Atmospheric Administration (NOAA), Florida has experienced 94 separate billion-dollar disasters since 1980. The most recent seven events have resulted in more than $1 trillion in losses statewide.

Citizens Property Insurance Corporation, the state-run insurer of last resort, currently holds nearly $300 billion in exposure. This figure underscores the scale of Florida’s insurance market and the urgent need for sustainable private insurance options. The influx of new residents, many relocating from states like New York to Florida, has also contributed to the heightened demand for comprehensive insurance coverage.

Increasing Insurance Gaps in Florida

Over the past decade, weather-related catastrophes in the United States have caused an average of $146 billion in annual damages, according to official sources. In Florida, access to insurance coverage has diminished as insurers have exited the market or reduced their risk exposure.

Hundreds of thousands of Florida homeowners have lost coverage after major insurers canceled policies or denied renewals, leaving many residents reliant on Citizens Property Insurance Corporation. This trend is especially notable in areas where Port St. Lucie is attracting homebuyers from major metros amid ongoing market shifts.

Stand Insurance’s Mitigation-First Approach

Stand Insurance is introducing its mitigation-first model to Florida, focusing on linking insurance coverage to home upgrades that reduce risk from wind, fire, and flood. The company’s underwriting relies on physics-based models to assess how homes withstand extreme weather events.

According to Stand Insurance, this approach allows for a more precise assessment of risk and encourages homeowners to invest in resilience measures. By hardening homes against natural disasters, policyholders may benefit from reduced insurance costs over time.

Industry Support and Investor Confidence

Aidan Madigan-Curtis, partner at Eclipse and board director at Stand Insurance, stated that rising costs and shrinking coverage are leaving American families exposed. Eclipse’s $30 million investment in Stand Insurance reflects a strong belief in the company’s resilience-focused strategy.

Stand Insurance is led by industry veterans with backgrounds in insurance, technology, and applied science. The company is recognized for its claims management and customer service, according to official statements from Stand Insurance.

Challenges Facing Florida’s Homeowners Insurance Market

Florida’s insurance market has faced significant strain due to frequent hurricanes, flooding, and other natural disasters. According to NOAA, less than half of the $1.4 trillion in U.S. weather disaster losses over the last decade were insured.

As private insurers reduce their presence in the state, the need for innovative solutions like those offered by Stand Insurance has become more pronounced. The company’s expansion is intended to increase access to private insurance options for Florida homeowners.

• Stand Insurance has underwritten $1 billion in insured value in California
• Florida has experienced 94 billion-dollar disasters since 1980, according to NOAA
• Citizens Property Insurance Corporation holds nearly $300 billion in exposure
• Stand Insurance’s Series B round totals $35 million
• Expansion aims to address gaps in catastrophe insurance coverage

Frequently Asked Questions About Stand Insurance

What is Stand Insurance?

Stand Insurance is a company that provides insurance for homes exposed to natural disasters, focusing on mitigation and resilience. The company uses advanced models to assess risk and encourages homeowners to upgrade their properties for better protection.

How much funding has Stand Insurance raised for its Florida expansion?

Stand Insurance raised $35 million in its Series B funding round to support its expansion into Florida and other catastrophe-prone regions.

Are there other states where Stand Insurance operates?

Yes, Stand Insurance initially operated in California, focusing on wildfire-exposed properties. The company is now expanding into Florida to address wind and flood risks.

Can you get Stand Insurance coverage for homes in high-risk areas?

Stand Insurance specializes in providing coverage for homes in high-risk areas, such as those exposed to hurricanes, wildfires, and floods. The company’s approach links coverage to mitigation efforts.

Where are Stand Insurance’s main operations located?

Stand Insurance is based in San Francisco, California, with operations now expanding into Florida to serve homeowners in catastrophe-prone regions.

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