Delos partners with Lloyd’s to expand wildfire coverage for California homeowners

Delos Insurance Solutions, has partnered with underwriters from Lloyd’s of London to expand wildfire insurance coverage to a broader range of California policyholders with vacant properties.

Delos employs cutting-edge technology to provide insurance protection to homeowners in communities abandoned by other insurers due to wildfire risk. Utilising satellite imagery and artificial intelligence, Delos identifies insurable homes within territories considered too risky by the rest of the insurance market.

The significance of extending coverage to vacant properties is underscored by data from The California Association of Realtors, which estimated in 2022 that approximately 1.2 million units, consisting of apartments and single-family homes, are vacant in California.

In alignment with its mission to offer insurance options to a wider spectrum of California homeowners, Delos collaborates closely with carrier partners to significantly expand insurance options for homeowners struggling to find coverage.

Kevin Stein, CEO and Co-Founder of Delos, explains, “The Lloyd’s underwriters we are working with have established successful books of vacant home business in California, and we are excited to partner with them to use their strong market foundation to safely grow the business.”

“With this product and the partnership with Lloyd’s underwriters, we can help homeowners fill the coverage gap that exists between their traditional homeowner’s policy and their vacancy status.”

“We are committed to creating insurance products that will help more homeowners in California, who may otherwise go uninsured, find insurance coverage,” Stein concludes.

Article via: Reinsurance News