Massachusetts-based ShoreOne administrative general agent created new coverage for coastal landowners to address inadequate flood coverage.
ShoreOne’s new offering combines traditional home insurance with full flood coverage in a single policy. Access to the combined policy fills the coverage gap that affects 4.8 million policyholders under the National Flood Insurance Program (NFIP).
The new homeowner coverage that assesses flood risk through proprietary models will be implemented first in South Carolina. It is available through a technology platform designed by ShoreOne, developed in partnership with Focus Technologies, which allows agents to issue a full policy in less than a minute. The segmented pricing plan incorporates geospatial characteristics with individual risk characteristics and is supported by reinsurance partners.
ShoreOne inspections validate the insured’s information, verify that the coverage is adequate, and identify any immediate hazards that a responsible owner must address.
ShoreOne’s management team is experienced in coastal home insurance and includes Nick Steffey, CEO; Cameron Rhodes, president and 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 faced by coastal homeowners exposed to flooding. ShoreOne offers a policy that covers both the traditional hazards of homeowners and floods and is distributed by independent insurance agents. ShoreOne is supported by global reinsurers with combined assets in excess of $ 90 billion.
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