Insurtech Honeycomb Given Approval to Write Policies in Indiana

The Indiana Department of Insurance has given Honeycomb Insurance approval to write policies statewide. The digital insurer has built proprietary technology offering comprehensive insurance coverage for apartment buildings, condominium associations, and single-family rental dwellings.

Honeycomb’s broker-facing platform empowers industry professionals to leverage Honeycomb coverages to best serve their clients. This expansion marks an exciting opportunity for Honeycomb Insurance to establish a stronger presence in the Midwest.

Despite the housing market soaring in 2022, the average sales price of a home in Indiana increased by 7.9% from 2021 to 2023. With its stable economy, low crime rate, and relatively low property taxes, Indiana is a lucrative option for many real estate investors.

“We are delighted to announce that we have obtained approval from the state of Indiana to provide our insurance policies within the state,” stated Mr. Ben-Zaken, co-founder and CEO of Honeycomb. “With the housing market in Indiana outpacing the rest of the U.S market, we look forward to helping local landlords, condo associations and single-family rentals with the challenge they face when looking to insure their properties”.

Chicago-based Honeycomb aims to revolutionize real estate insurance by introducing cutting-edge technology that eliminates the necessity for in-person property inspections to evaluate risk. Instead, they leverage aerial photography, computer vision, artificial intelligence, and machine learning. Consequently, the laborious and time-consuming process of obtaining insurance quotes, which has long been a source of frustration for apartment building owners, condo associations, and the brokers who cater to them, is finally coming to an end.

With their recent launch in Indiana, Honeycomb now operates in 14 states, the thirteen others being California, Texas, Illinois, Arizona, Ohio, Michigan, Georgia, Pennsylvania, Wisconsin, Massachusetts, New Jersey, Utah and North Carolina. The company today insures more than $10 billion of real estate assets.

Source: Honeycomb