InsurTech bolt Launches VTRO for California Homeowners
PRODUCT: VTRO.
COMPANIES: VTRO, an MGA and program brand created by bolt.
BEST RATING: A.
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Recently, bolt announced the launch in California of VTRO, a new homeowners insurance offering that will bring a much-needed option to a market where homeowners have struggled to find protection.
“VTRO is a California excess & surplus homeowners program designed to bring dependable insurance choice back to a market where many admitted carriers have restricted or exited homeowners business, leaving a large protection gap,” says Jon Walheim, CEO of bolt. “The goal is to stabilize capacity, reward resilient homes and give agents a viable option for quality risks in a stressed market.”
COVERAGE DETAILS: The program combines surplus lines flexibility for form and rate in California, a modern California homeowners policy built for the risks that come with owning a home in California, and bolt smart water sensors to reduce avoidable water losses.
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Coverage is written on a non-admitted HO-5 homeowners form tailored to California risks with Coverage A up to $2.5 million and total insurable value up to $5 million for qualifying risks. There is a minimum $10,000 deductible and a replacement cost coverage for personal property and additional enhancements, such as equipment breakdown and limited water backup/sump discharge coverage.
The program also separates catastrophic wildfire risk and everyday attritional risk, with wildfire exposure fully reinsured via specialist partners.
UNDERWRITING: Rating factors include location, total insured value of home, age and condition of home, claims history and protection class. Eligibility based on electrical, plumbing, HVAC and roof requirements. A four-point inspection is required for homes 20 years old or older.
MINIMUM PREMIUM: $1,500.
TARGET: VTRO targets a California mass-affluent homeowner profile, focusing on owner-occupied homes with higher TIV, typically in the mid to upper market, and properties located in medium to higher wildfire hazard areas.
Ideal clients are homeowners who are investing in resilient construction, are willing to adopt smart water-loss prevention technology and are struggling to find stable homeowners coverage due to carrier withdrawals or tightening guidelines.
COVERAGE AVAILABILITY: California only.
CONTACT: Caliber Corporate Advisers.
Will Jones is IA editor-in-chief.
