Personal Finance News
Insurtech Platform Orion180 Launches FLEX Home Insurance
The insurtech firm Orion180 has unveiled its latest home insurance product.
About FLEX Home Insurance:
Orion180 has introduced a new home insurance product called FLEX. According to the company, these policies are fully customizable and can be tailored to a customer’s needs.
With FLEX, customers can select specific coverage options. For example, a policyholder might start with basic coverages, including fire and lightning damages but then select additional perils, such as wind, water, or storm damage. This approach allows users to balance risk tolerance and budget as well as address specific concerns. Customers can also adjust deductible and copay levels to match their needs.
FLEX Home Insurance products also feature loyalty rewards. As Orion180 explains, homeowners who have no losses can earn deductible reductions or other benefits. Policyholders may even qualify for a full refund of their first-year premium after 10 years of maintaining claim-free coverage. Elsewhere, FLEX offers a two-term price lock feature, helping provide predictability to policyholders.
Currently, the FLEX product is only available to homeowners in Texas. However, the offering will expand to Florida along with other states this spring.
About Orion180:
Based in Central Florida, Orion180 aims to blend technology, compassion, and innovation into insurance options. According to their site, the company has more than $285 million in written premiums. It also claims a 97% “first call resolution” rate and has a 4.8 on Google reviews.
What they’re saying:
Announcing the new product, Orion180 CEO Ken Gregg said, “We believe insurance should be adaptable to the lives of our customers—not the other way around. FLEX Home Insurance empowers homeowners with choice to design their policies around their individual preferences and priorities, offering unparalleled transparency, flexibility, and peace of mind.”
Gregg added, “FLEX gives homeowners the ability to balance affordability and protection that our competition simply doesn’t deliver today.”
My thoughts:
As a homeowner myself, on the whole, I think that the FLEX insurance product sounds fairly interesting and could help policyholders save some money. Of course, it’s important for customers to not only consider the premiums they’ll be paying but also the funds they’ll be risking by potentially skipping out on certain coverages. I can only imagine foregoing a certain “peril” on your policy only to have that specific hazard cause significant damage to your home.
With FLEX Home Insurance making its debut in the Lonestar State and rolling out from there, I’m intrigued to see how it’s received. And, while it doesn’t seem as though Orion180 currently operates in Missouri where I live, I’d be interested to take a closer look at FLEX if/when it makes its way here.
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