Honeycomb Raises Property Cover Limits to US$25m Across US
Chicago-based insurtech Honeycomb has expanded its non-admitted insurance programme to all 18 states where it operates, whilst increasing total insured property limits from US$10m to US$25m per policy.
The expansion follows what the company describes as consistent double-digit month-over-month growth, with the programme reaching billions of dollars in insured assets within 12 months of launch.
The enhanced programme targets properties that fall outside Honeycomb's traditional admitted appetite, including risks with non-standard electrical breakers or panels, roofs in below-average condition, or properties with short coverage lapses.
Honeycomb's non-admitted programme, branded as 'Honeycomb Specialty', now operates with geographical and insured limit parity alongside the company's admitted programme.
This allows customers to manage both admitted and specialty risks through a single platform.
Platform consolidation drives efficiency gains
The unified approach enables customers and partners to submit, bind, and manage multiple properties through what Honeycomb describes as a single, multifunctioning flow.
In certain cases, the company offers the ability for risks to migrate from the non-admitted to the admitted programme when specific criteria are improved.
This migration capability allows customers to access more affordable solutions when they invest in property improvements, according to the company.
Honeycomb uses advanced computer vision and AI technology to power its underwriting engine, eliminating the need for lengthy approval processes and physical property inspections that characterise traditional insurance approaches.
"We built Honeycomb to make insurance easier, faster, and fairer for everyone involved: from brokers to building owners"
Market volatility creates opportunity
The expansion comes during a period of heightened volatility in the commercial property market. Traditional carriers have scaled back coverage or exited high-risk geographies altogether.
AIG has pulled back in over 200 ZIP codes across key states, whilst Allstate and State Farm have paused new policies in California. According to the American Property Casualty Insurance Association, US commercial property insurers paid out US$90bn in catastrophe losses over the past two years.
This has led to reduced capacity and tighter underwriting standards across the sector.
Honeycomb reports it has more than doubled its revenue in 2024 and now insures over US$55bn in real estate value. The company maintains what it describes as an industry-leading loss ratio.
Technology-driven underwriting model
Honeycomb's underwriting engine uses computer vision and AI technology developed by insurance industry experts. The platform delivers customised policies for properties often overlooked by traditional carriers.
The company's approach allows for granular risk selection, which supports what it describes as stable, consistent coverage and pricing.
Honeycomb operates across 18 major states, reaching 60% of the US population, and manages insured assets exceeding US$55bn. The company maintains offices in Chicago, Illinois, as well as additional locations in the United States and Israel.
The insurtech specialises in providing coverage for landlords and condominium associations, targeting a market segment that traditional carriers often find challenging to underwrite effectively.
Honeycomb's platform streamlines the insurance process by removing traditional barriers such as lengthy approval processes and mandatory physical inspections. This approach reduces the time between application and policy issuance.
The company's technology stack enables it to process risks that traditional carriers might decline, whilst maintaining underwriting discipline through data-driven risk assessment.
"We built Honeycomb to make insurance easier, faster, and fairer for everyone involved: from brokers to building owners," says Itai Ben-Zaken, CEO and Co-founder of Honeycomb Insurance.
"The success of our Specialty programme shows just how much the market needs accessible coverage options that don't compromise on quality. With this expansion, we're making it even simpler to manage diverse portfolios on a single platform, with the confidence that the coverage will be there when it's needed most," Ben-Zaken says.