Esurance, the acclaimed car insurance provider, has announced that it will be branching out into the homeowner’s insurance sector in Florida.
The company is partnering with Security First Insurance, a well establish home insurer in the state. In teaming with Security First, Esurance hopes to bring a new line of affordable insurance options to the state’s homeowners. The company will also be providing discount for properties at risk of being damaged by hurricanes or wildfires.
Security First will be underwriting the insurance policies, which will be tailored to cater to the needs of Florida homeowners. There will be a number of payment options available, including full pay and escrow. Customers will be able to customize their policies through Esurance.
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According to a recent Quinnipiac University poll, 63% of Florida residents believe it is getting more difficult to obtain property insurance in the state. Rising rates are putting a strain on consumers, but they may prove to be a boon to Esurance, as their line of affordable homeowner’s insurance policies is likely to draw in those looking for an alternative to their pricey policies.
Esurance has chosen an interesting time to enter into the homeowner’s market. The hurricane season is ramping up and Florida is currently battling a number of wildfires that are threatening homes in a number of areas. How they will fare in the market, especially if hurricanes begin making landfall, is as yet unclear.