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Stand Launches Innovative Hurricane Insurance in Florida

In an unprecedented move aimed at enhancing the resilience of homes against hurricane threats, Stand Insurance has officially launched its inaugural hurricane insurance program in Florida. This novel offering is structured around a fundamental principle: assessing how a home can become less vulnerable to hurricanes while directly connecting homeowners with essential improvements. The ultimate goal? Reducing insurance premiums based on these enhancements.

Traditionally, insurance has relied heavily on zip code-based risk assessments that stem from historical data. However, Florida’s increasing hurricane frequency and severity have highlighted the inadequacy of such methods. Stand Insurance recognizes that past data cannot reliably predict future hurricanes and, instead, focuses on understanding the unique resilience factors of individual homes.

How the Program Functions

1. Simulating Risk with Advanced Technology

Stand employs its proprietary World Model, a revolutionary physics-based analysis tool designed to assess how disasters interact with various home features. Developed initially to gauge wildfire risks in California, the model has now been adapted for Florida, providing a detailed understanding of hurricane impacts on residential structures.

2. Strengthening Homes

One of the standout features of Stand’s approach is its proactive assistance in fortifying homes. Homeowners are not left to navigate the multitude of contractor options alone. Instead, Stand builds a network of trusted professionals and identifies affordable solutions. Early participants in the program will receive complimentary smart water leak detection devices and a year of monitoring, directly facilitating home security. Furthermore, Stand has pre-negotiated discounted rates with vetted contractors to ensure that homeowners can easily implement crucial safety measures.

3. Saving on Premiums

A unique aspect of Stand's initiative is the financial reward system for homeowners who undertake mitigation measures. Homes that enhance their hurricane-resilience through targeted upgrades, such as roof anchor clips and water shutoff valves, can see premium reductions of up to 40%. This approach not only incentivizes homeowners to invest in safety but also creates a scenario where the protective measures effectively pay for themselves over time.

Stand originally entered Florida’s insurance landscape via the state’s Citizens program, which functions as an insurer of last resort. The recent expansion marks its first voluntary offering, aimed at providing sustainable coverage options for discerning homeowners facing the ongoing insurance crisis that has plagued Florida for over two decades. In this time, hurricanes have caused countless private carriers to falter, pushing numerous policyholders towards Citizens, which was never intended to be a lasting solution.

4. Understanding Hurricane Resilience

The program leverages expertise from various disciplines, integrating knowledge from aerospace engineering with practical home safety strategies. Dan Preston, the co-founder and CEO of Stand, emphasizes that the scientific principles addressing wind resistance inform their home safety methodologies. In a state that has recorded 94 billion-dollar weather events since 1980, this data-centric and homeowner-focused approach is a fresh breath of air.

Stand’s operations in Florida are led by a team well-versed in the local insurance market. Their multifaceted background includes aerospace, 3D modeling, and machine learning, providing them with the insights necessary to assess catastrophe risks at the individual home level.

5. About Stand Insurance

Stand is dedicated to protecting residences in regions prone to natural disasters by partnering with homeowners and recognizing the factors that contribute to their risk. The World Model, which has been effectively utilized in California, guides the company in identifying resilience factors for homes—empowering homeowners to take decisive actions that can not only enhance their safety but also assist in lowering their costs.

Stand offers underwriting and servicing policies via Concert Specialty Insurance Company (with an AM Best A- rating) in California and Stand Insurance Exchange (rated Demotech A) in Florida. Furthermore, they are backed by notable reinsurers (AM Best A and A+) such as Arch, RenaissanceRe, Hannover, Nephila, and Hiscox. To discover more about this innovative insurance program and how it can help safeguard your home, visit standinsurance.com.

With its forward-thinking initiatives, Stand seeks to redefine the insurance landscape in hurricane-prone areas, encouraging homeowners to strengthen their homes instead of merely relying on policy coverage during wearisome hurricane seasons.