Bolt Launches VTRO Homeowners Insurance to Address California's Coverage Gap

Bolt, an insurtech company operating one of the world's largest technology-enabled insurance exchanges, has introduced VTRO, a new homeowners insurance product designed specifically for California's unique risk environment.

This offering is underwritten by carriers rated 'A' by A.M. Best and 'A+' by Standard & Poor's, aiming to address the significant homeowners insurance shortfall in the state, which exceeds one trillion dollars according to McKinsey & Company. The shortage has led many residents to rely on the California FAIR Plan, the state's insurer of last resort. VTRO aims to bridge this coverage gap by providing reliable, comprehensive protection for California homeowners.

A key feature of VTRO is the integration of bolt's smart water sensor technology, which proactively detects leaks and alerts homeowners in real time. This technology has demonstrated the potential to reduce claims and preventable losses by up to 40%, contributing to more sustainable insurance coverage. By minimizing preventable damage, VTRO seeks to limit costs that strain the insurance system and improve coverage availability for severe, catastrophic risks most pertinent to California homeowners.

VTRO is accessible to thousands of licensed insurance agents across California through bolt's digital platform, marking it as the largest licensed distribution network within the state. This distribution strategy enables widespread agent access and consumer choice in a market that has faced growing difficulties with homeowners insurance availability and affordability.

As a managing general agent (MGA), VTRO combines technological innovation with tailored insurance solutions developed for the state’s distinct risks. This approach aligns prevention efforts with dependable coverage, potentially offering a modernized path to strengthen California's homeowners insurance market. Bolt continues to expand its role as a technology-driven distributor within the broader property and casualty insurance industry, supporting insurers and distributors in reaching new markets and meeting diverse consumer protection needs.