Porch Group’s Homeowners Insurance Enters Delaware, Its 19th State

July 8, 2022
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Home services firm Porch Group announced the expansion of its homeowners insurance services, Homeowners of America (HOA), to Delaware, its 19th state.

Porch Group is a Seattle-based, technology platform that provides software and services to home services companies including home inspectors, utility companies, loan officers, warranty companies, and real estate agencies. Its concierge service helps homebuyers buy insurance, warranty, moving, security, TV/internet, and home repair and improvement, and other services.

On April 1, the company completed its previously announced acquisition of home warranty and inspection software and services from Residential Warranty Services (RWS). Total consideration was $33 million, Full year 2022 revenue impact to Porch Group is expected to be approximately $8 million.

Porch Group’s total revenue for the full year 2021 was $192.4 million, an increase of 166% from 2020.

Software revenue for the full year 2021 was $137.2 million. Insurance revenue was $55.3 million and insurance gross written premium for the year was $307 million.

The company earlier reported that three of the states where it sells insurance — Arizona, Georgia and Virginia— have agreed to allow it to use some of its own data such as water heater location data into underwriting models.

On June 22, Porch Group announced it had prevailed in arbitration on all counts in a legal dispute over its acquisition of Kandela. The company said the presiding arbitrator also determined that Porch is entitled to reimbursement of its legal costs and expenses. The arbitral tribunal’s decision is anticipated to be final and unappealable.

Topics Homeowners New Markets

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