Homeowners in high climate-risk states like California, Florida, and Texas struggle to secure insurance. Over 26% of U.S. homes, worth $12.7 trillion, face severe climate risks. Stand Insurance, a startup, enters the Florida market after insuring wildfire-exposed California homes. They use physics and AI to cover high-risk properties rejected by traditional insurers.

Miami homeowners, facing high insurance costs, could benefit from Stand Insurance’s entry into Florida. The company closed a $35 million funding round to support its expansion into the catastrophe-prone Florida market. Florida has experienced 94 billion-dollar disasters since 1980, with significant losses.

Stand Insurance, founded by industry experts, plans to provide over $2 billion in homeowner coverage within its first year. The company offers innovative coverage for properties traditional insurers avoid due to climate risks. They have a partnership with Concert Specialty Insurance Company, which also holds an AM Best A- rating.

The leadership team of Stand Insurance includes industry veterans from companies like Metromile, Policygenius, and HotelTonight. Florida homeowners who can’t find insurance can turn to Citizens Property Insurance Corporation as a last resort. Stand Insurance aims to provide coverage for properties at high risk of climate disasters.

Read more at Yahoo Finance: New homeowners’ insurance company expands into risky markets