GuideWell Insurance Agency, an exclusive property and casualty agency for Florida Blue health plan members, will offer StormPeace, a supplemental hurricane policy from Assured Risk Cover that provides coverage of losses and expenses not covered by traditional homeowners insurance.
The StormPeace product includes no claims process by automatically issuing payments based on the strength of the hurricane and the distance of the property from the storm. Funds are wired to the policyholder’s bank account within 24 to 72 hours and can be used to offset costs associated with:
- Tree and debris removal
- Power restoration (e.g. buying a generator)
- Temporary living expenses (e.g. hotel, food, gas)
- Replacing spoiled food
- Repairs to unattached structures (e.g. gazebos, docks and pool covers)
Policies start as low as a dollar a day and policyholders can even use the money to pay their homeowners deductible.
According to Alok Jha, CEO of Assured Risk Cover, 98 percent of eligible StormPeace claims were paid within three business days after Hurricane Irma, and most were within one business day.
GuideWell Insurance Agency offers property and casualty insurance to Florida Blue and other Blue Cross and Blue Shield members in Florida. The agency is a subsidiary of GuideWell Mutual Holding Corporation (GuideWell), a not-for-profit mutual holding company.
Assured Risk Cover (ARC) is a venture-backed Silicon Valley corporation based in Pleasanton, Calif. ARC was founded by a team of catastrophe risk professionals. StormPeace is backed by insurance and reinsurance companies ranked A- and A+ by A.M. Best, respectively.
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