(Image source: IIR.)
Bamboo Insurance (Midvale, Utah) has launched its Texas Essential Homeowner Program, an admitted homeowners product designed to give policyholders more flexibility in structuring coverage.
The program is intended to provide an alternative for Texas homeowners facing rising renewal costs from traditional carriers, according to a Bamboo statement. Bamboo says the product gives homeowners clearer information about what is and is not covered while allowing them to tailor coverage to individual needs and budgets.
“Texas homeowners have different needs depending on their property, location, and circumstances, and we believe every customer should be able to make their own choice about the coverage they need,” comments John Chu, Founder and CEO, Bamboo Insurance.
John Chu, Founder and CEO, Bamboo.
Chu says the program is intended to expand access to flexible coverage while giving Bamboo’s agent partners additional tools to serve customers in a changing market.
Texas Essential lets policyholders tailor roof coverage, water coverage and loss-settlement options based on a home’s age, condition and budget, according to the statement. The product also includes optional add-ons that let homeowners further customize coverage.
Bamboo says homeowners who have made qualifying home improvements may receive premium credits. Discounts are also available for claim-free homeowners and recent home buyers.
Expanding Essential Homeowners Program
The Texas launch follows Bamboo’s July introduction of its Essential homeowners program in California and a relationship with MS Transverse that added about $150 million of admitted capacity in that state.
Bamboo says the Texas program reflects its continued expansion of product offerings and capacity, as well as its focus on underwriting discipline and flexible coverage options for homeowners in challenging insurance markets.
Bamboo Insurance is a technology-enabled managing general underwriter focused on homeowners coverage. The company says it combines data-driven underwriting, proprietary insights and domain expertise with an MGU model designed to support faster quote-to-bind, more precise pricing and disciplined risk selection.
Bamboo works with insurance and reinsurance capacity providers and distributes through a multi-channel, partner-focused model.