Bolt Launches VTRO Homeowners Insurance with Smart Water Sensors in California

Bolt, an insurtech company, has introduced VTROSM, a new homeowners insurance product tailored to the California market.

The policy is underwritten by a carrier rated highly by A.M. Best and Standard & Poor's, providing a robust option amid a significant coverage gap in California's homeowners insurance market. This gap is valued at over one trillion dollars according to McKinsey & Company, with many residents currently reliant on the California FAIR Plan, the state's insurer of last resort.

VTROSM integrates bolt's smart water sensor technology, which aims to reduce preventable losses by alerting homeowners to early signs of leaks. This technology is expected to lower claim costs by up to 40 percent, promoting more sustainable insurance coverage. This proactive prevention helps address the financial strain and risk associated with catastrophic events prevalent in California.
VTROSM is distributed through bolt's extensive digital platform, which connects thousands of licensed agents across California. This broad network enhances access to this new insurance product, offering homeowners a reliable alternative to the state's FAIR Plan. VTRO emphasizes comprehensive coverage combined with proactive risk management using technology to strengthen the California insurance system.

Bolt operates as a managing general agent (MGA) for VTRO, leveraging its market position as a leading property and casualty insurance distribution platform in the U.S. The company's technology-enabled exchange includes partnerships with two-thirds of America's top insurers, facilitating wider market reach and diversified product offerings.

The introduction of VTRO reflects ongoing efforts within the insurance industry to innovate and adapt to heightened risk environments, especially in areas prone to natural disasters and escalating property claims. By integrating technology-driven preventative measures, insurers aim to improve loss prevention, reduce claim frequency, and ensure more consistent availability of coverage for high-risk markets.