Stand's first voluntary hurricane product in Florida uses physics-based modeling to cut premiums up to 40% for homeowners who make resilience upgrades. RenaissanceRe backs the panel.
Stand, a property insurer that uses physics-based modelling to assess catastrophe risk at the individual home level, has launched its first voluntary hurricane insurance product in Florida. The product ties premium reductions to specific home resilience upgrades, with potential savings as high as 40%.
The company's Stand World Model, initially developed for wildfire risk in California, has been adapted for Florida's hurricane hazards. The proprietary platform evaluates how a specific building's features – roof type, window construction, and foundation anchorage – affect its ability to withstand severe wind and water. Based on that analysis, Stand identifies upgrades that would most improve the home's resilience and works with homeowners to coordinate the work through an approved contractor network.
For certain early customers, Stand is offering smart water leak detection devices and covering the first year of monitoring costs. It has also secured discounted contractor rates and may provide financing assistance for qualifying mitigation projects.
The launch marks Stand's first open-market insurance product in Florida. The company previously entered the state through Florida's Citizens depopulation programme, which transfers policies from the state-backed insurer of last resort to private carriers. The new product is designed for homeowners outside that framework, Stand said.
Florida's property insurance market has been under severe strain for years. The state has experienced 94 weather and climate disasters causing at least $1 billion in damage since 1980, according to Stand. Rising claims costs and several insurer failures have driven growing reliance on Citizens.
"Instead of just charging them more because of where they live, we reward them for taking action," said Dan Preston, co-founder and CEO of Stand. He noted that aerospace engineers have modelled how wind tears apart structures for decades, and Stand applies that same science to home safety.
Stand's insurance programmes are supported by a panel of reinsurers including Arch, RenaissanceRe, Hannover Re, Nephila and Hiscox. RenaissanceRe (NYSE: RNR) is a publicly traded property catastrophe reinsurer with significant Florida exposure. The company is backed by Eclipse and Inspired Capital.
Stand underwrites policies through Stand Insurance Exchange, which holds an A rating from Demotech, and through Concert Specialty Insurance Company in California. The Florida business is led by a team with deep local insurance market experience.
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