Palomar Specialty Insurance Company (“Palomar”) has partnered with TriCoast Insurance Services, LLC (“TriCoast”) to offer a residential windstorm-hurricane insurance product in Hawaii. The product is a stand-alone hurricane coverage that will be offered through local independent agents.
Palomar’s stand-alone residential hurricane program is intended for use with homeowners, rental dwellings and condo unit-owners, and includes higher limits with up to $10 million of total insured values. The product includes separate limits for dwelling with optional coverages for other structures, personal property and loss of use coverage based on a customer’s needs, budget and risk tolerance. Deductibles range from 1% to 15%.
“Palomar Specialty Insurance Company is thrilled to partner with TriCoast to offer Hawaiian insureds a unique residential hurricane product. Palomar and TriCoast have significant experience in Hawaii and with underwriting and evaluating hurricane and catastrophic risk broadly. The higher available limit, flexible coverage options and easy to use platform provided by Palomar result in a truly differentiated product for policyholders,” said Palomar CEO Mac Armstrong.
Palomar Specialty Insurance Company (www.PalomarSpecialty.com) is a recently established catastrophe insurer that focuses on earthquake, hurricane and wind-exposed multi-peril homeowners business in catastrophe-exposed states including California, Oregon, Washington, Texas and Hawaii. The company is an admitted carrier in 17 states. Palomar has an A.M. Best financial strength rating of “A-” (Excellent).