Insurtech company Orion180 has launched a new insurance product, FLEX Home Insurance, in 14 coastal counties across Florida.
The product is designed to offer homeowners customisable policy options, allowing them to select coverage levels and deductibles that align with their risk profiles, the company said in its press release.
Go deeper with GlobalData
The product allows policyholders to modify their coverage by adjusting base perils, deductibles and co-pay options.
The features include a claims-free bonus, which can return up to 100% of the first-year premium to homeowners who remain claim free, the company claims.
Additionally, it includes a rate-lock feature, which aims to help homeowners manage their insurance costs by stabilising premiums over time.
The product can be accessed through a network of insurance agents across Miami-Dade, Broward and Palm Beach, among others.
The coverage options include perils such as fire and lightning, and can add protection against wind, storms and water damage.
The product also features roof coverage, enabling homeowners to choose between replacement cost value (RCV), actual cash value (ACV) and stated value.
Orion180 CEO Ken Gregg said: “Standard home insurance policies are outdated for today’s consumer, and a lot of time do not align with the individual’s budget and interest. FLEX gives homeowners the power of choice. The policy is flexible and allows consumers to choose coverages that fit their individual needs and budget.”
In February, Orion180 appointed Chris DiMartino as its new chief underwriting officer, tasked with overseeing underwriting, product development and management for the company’s surplus and personal lines of business.
Orion180 operates through two entities: Orion180 Insurance, a surplus lines insurance company, and Orion180 Select Insurance, an admitted insurance company.
The operator utilises its proprietary MY180 platform, along with third-party integrations, to facilitate policy management for its customers.
