Honeycomb Expands to Washington State and Maryland, Now Insuring Over $35 Billion in Assets

The digital insurer now offers coverage in 18 states while growing 2-3X annually and launched an advanced E&S program to support landlords and property owners nationwide

CHICAGO, IL / ACCESSWIRE / November 6, 2024 / Honeycomb Insurance, a leading MGA offering insurance for landlords and condo associations, has expanded its footprint to Washington state and Maryland, bringing its total active states to 18. Honeycomb serves more than 60% of the U.S. population, insuring assets with a total insured value of more than $35 Billion across states including Arizona, California, Connecticut, Georgia, Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Texas, Utah, Virginia, Washington, and Wisconsin.

In addition to expanding its geographic reach, Honeycomb recently introduced its new E&S program which offers expanded eligibility for landlords and condo associations. Backed by Atlanta-based insurer Builders, this ‘E&S Lite' program extends the solutions Honeycomb can offer to risks that do not quite qualify for their admitted program while maintaining the ease of use and technical innovation that has defined Honeycomb's admitted program since its initial launch.

Honeycomb began operating in 2021 and its innovative approach to underwriting utilizes computer vision and AI to streamline the traditionally complex insurance quoting process. This technology-driven platform offers superior experience and significant time and cost savings for landlords, condo association board members, and brokers.

Honeycomb continues to experience remarkable growth and is projected to sell over $100M in insurance premiums this year. The company recently secured $36 million in funding, led by Zeev Ventures, marking it the largest Insurance technology funding deal in the U.S. this quarter.

"As the U.S. insurance market grapples with rising premiums, reduced competition, and widespread refusals to insure, Honeycomb is stepping in with a highly differentiated, tailored solution for property owners," said Itai Ben-Zaken, Co-Founder and CEO of Honeycomb. "Our advanced technology enables us to tackle these challenges directly, offering more affordable and accessible coverage where it's needed most."

About Honeycomb

Honeycomb is a deep-tech powered P&C insurer offering tailored insurance solutions for landlords and condo associations in the U.S. By integrating advanced technologies, including computer vision and AI, Honeycomb delivers real-time, accurate risk underwriting. Headquartered in Chicago, IL, Honeycomb also has offices in Tel Aviv, Israel, and in California, New York, Texas, Pennsylvania, Michigan, Ohio, Virginia, North Carolina, and Washington State.

For more information, visit https://www.honeycombinsurance.com

Contact Information

Mia Balaban
Tell NY
mia@tellny.com

SOURCE: Honeycomb

View the original press release on newswire.com.