Stand, a company revolutionizing insurance for climate-affected properties, has launched its first product: wildfire-resistant homeowners insurance in California. This announcement follows a successful $30 million funding round from investors including Inspired Capital, Lowercarbon, Equal Ventures, and Convective Capital. The company, which boasts an AM Best A- rating, aims to write over $2 billion in home coverage within its first year. This ambitious goal reflects the growing urgency of the climate crisis and its impact on the insurance market. With the fourth-worst fire season in California’s history, many insurers are retreating from high-risk areas, leaving homeowners underinsured or reliant on government programs. Stand addresses this challenge by combining insurance with proactive property fortification. Utilizing advanced physics and AI modeling, Stand creates “digital twins” of properties to simulate the impact of extreme weather events. This allows for the creation of tailored risk-mitigation plans that involve specific improvements, such as replacing flammable landscaping or high-risk trees. The resulting quantifiable risk reduction translates into more accurate pricing, enabling Stand to offer policies in areas where traditional insurers are hesitant to operate. This innovative approach benefits both homeowners and the company. The company’s interdisciplinary team includes experts from the insurance, wildfire management, scientific research, and consumer distribution sectors. Co-founders Dan Preston (former CEO of Metromile), Jason Mueller (former CPO of Policygenius), Sam Shank (former CEO of HotelTonight), and Bill Clerico (former CEO of WePay) bring a wealth of experience and expertise to the venture. Stand’s partnership with Concert Specialty Insurance Company®, further strengthens their capabilities, leveraging their “A-” AM Best rating and commitment to innovative risk solutions. This strategic collaboration enables Stand to offer reliable and comprehensive insurance coverage to Californians facing increasing wildfire risks. The launch of Stand’s wildfire insurance product signifies a significant step towards building resilience against climate change-driven disasters. Their innovative approach, combining advanced modeling with practical risk mitigation strategies, offers a promising solution for a growing problem and positions Stand as a leader in the evolving landscape of climate-conscious insurance. The company is headquartered in San Francisco and additional information can be found on their website, standinsurance.com. In a world increasingly impacted by climate change, the launch of Stand’s homeowners insurance represents a positive step forward, addressing both the financial and physical vulnerabilities faced by homeowners in high-risk areas.
Insurtech Startup Stand Launches Wildfire-Resistant Home Insurance in California After Securing $30 Million in Funding
