Markets/Coverages: Connecticut Opens Door to Real Estate Insurer Honeycomb

The Connecticut Insurance Department has given Honeycomb Insurance approval to write policies statewide.

Honeycomb offers customizable insurance coverage for apartment complexes, condominium associations, and single-family rental dwellings. The insurer promises technology-enabled and streamlined service, underwriting and pricing for commercial insurance brokers and real estate customers.

Honeycomb’s technology eliminates the need for on-site physical inspections by utilizing aerial photography, computer vision, artificial intelligence, and machine learning to assess risk. The firm can generate online quotes for commercial package policies in minutes.

Honeycomb now operates in 16 states: Arizona, California, Connecticut, Georgia, Illinois, Indiana, Michigan, Massachusetts, New Jersey, North Carolina, Ohio, Pennsylvania, Texas, Virginia, Wisconsin, and Utah.

The Chicago-based company reports it insures more than $21 billion of real estate assets.