Massachusetts-based managing general agent ShoreOne created a new coverage for coastal homeowners to address inadequate flood coverage.
ShoreOne’s new offering combines traditional homeowners insurance with full flood coverage in a single policy. Access to the combined policy fills the coverage gap affecting 4.8 million National Flood Insurance Program (NFIP) policyholders.
The new homeowners coverage that evaluates flood risk through proprietary modeling will be rolled out first in South Carolina. It is available through a ShoreOne designed technology platform, developed in partnership with Focus Technologies, that enables agents to issue a complete policy in under one minute. The segmented pricing plan incorporates geospatial features with individual risk characteristics and is backed by reinsurance partners.
ShoreOne inspections validate policyholder information, verify that coverage is adequate, and identify any immediate hazards that a responsible homeowner should address.
The ShoreOne management team is experienced in coastal homeowners insurance and includes Nick Steffey, CEO; Cameron Rhodes, president & COO; Zachary Smith, vice president of Risk Management; and Satvinder Dhami, vice president of Administration.
ShoreOne Insurance Managers, Inc. was founded in 2019 to address the coverage gap for flood exposed coastal homeowners face. ShoreOne provides one policy that covers both traditional homeowners perils and flood and are distributed through independent insurance agents. ShoreOne is backed by global reinsurers with combined assets in excess of $90 billion.
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