ICAT, an underwriter and producer of US catastrophe insurance, has announced a new insurance solution for catastrophe-exposed homeowners in Alabama, Mississippi, Louisiana, and Texas.
Future expansion is planned in Florida and tier 1 and 2 counties along the Eastern Seaboard.
The new homeowners insurance policy can reportadly be quoted and bound through ICAT Online, offering broad, flexible coverage options in minutes.
ICAT Homeowners is the first traditional homeowners insurance product offered by the underwriter, joining existing programs for residential Hawaii hurricane and California earthquake insurance.
The policy provides limits up to $5 million per dwelling and insures dwellings up to $10 million in total insured value (TIV), with coverage available for both primary and secondary/seasonal occupancies.
ICAT Homeowners is available to agents through ICAT and Victor in the US, with claims managed by ICAT subsidiary, Boulder Claims.
“As the catastrophe insurance market continues to tighten, we are keenly aware of the need for competitive solutions that offer high-quality coverage for policyholders,” said Colin Tinley, Vice President, Homeowners, ICAT.
“Our new ICAT Homeowners policy offers comprehensive and flexible coverage options for agents and their clients in an often underserved homeowners market, through ICAT’s leading-edge technology platform.”
The ICAT Homeowners announcement follows the recent launch of ICAT’s vacant buildings insurance solution for mid-market commercial building owners.
