Palomar provides tailored specialty property insurance solutions for homes and businesses, focusing on risks from earthquakes, hurricanes, and floods. Utilizing proprietary data analytics and advanced technology, the company offers flexible coverage options without waiting periods or elevation certificates, addressing the need for reliable protection against increasing natural disaster threats.
Funding
Funding not disclosed
Founders
Product
Problem
Individuals and businesses face increasing financial risks from natural disasters such as earthquakes, hurricanes, and floods, which are becoming more frequent and severe. Traditional insurance options may have restrictive waiting periods or require elevation certificates, creating barriers to timely and adequate coverage. Many property owners, particularly those outside designated flood zones, underestimate their risk and lack sufficient insurance protection.
Solution
Palomar provides specialty property insurance solutions tailored to protect homes and businesses from the financial impact of earthquakes, hurricanes, and floods. The company utilizes proprietary data analytics and advanced technology to offer flexible coverage options, including standalone earthquake, flood, and hurricane insurance policies. Palomar's commercial insurance products include DIC/Earthquake, Commercial Flood, Inland Marine, General Casualty, Professional & Management Liability, Environmental Liability, and Crop Insurance. For residential customers, Palomar offers earthquake, flood, and hurricane insurance, with flood coverage available without waiting periods or elevation certificates. By offering tailored pricing and flexible product features, Palomar addresses the need for reliable and accessible protection against increasing natural disaster threats.
Target Audience
Palomar serves residential homeowners and commercial businesses seeking specialty insurance coverage for earthquake, hurricane, and flood risks, as well as agents and brokers looking for comprehensive and flexible insurance solutions for their clients.
Features
- Standalone earthquake, flood, and hurricane insurance policies for residential and commercial properties
- DIC (Differences in Conditions) insurance providing flexible coverage for earthquake and earthquake sprinkler leakage
- Commercial flood insurance with no waiting period or elevation certificate required
- Inland Marine insurance covering builder’s risk, contractor’s equipment, and miscellaneous floaters
- General Casualty insurance protecting against injuries and legal liability
- Professional & Management Liability Insurance including D&O, EPL & Fiduciary coverage
- Environmental Liability Insurance covering general liability and pollution liability
- Crop Insurance supporting American farmers through partnerships
- Granular pricing and flexible product features for tailored coverage
- Insured Portal for policy details, documentation access, online bill payment, and paperless billing enrollment