Honeycomb Insurance Expands Specialty Non-Admitted Program Nationwide with Enhanced Limits

Honeycomb Insurance, a digital insurer specializing in landlord and condominium association coverage, has expanded its non-admitted insurance program to all states where it operates, increasing total insured property limits. This expansion follows rapid growth and the program reaching billions in insured assets within its first year, supported by a strong loss ratio and top-tier reinsurance partnerships. The non-admitted program targets properties outside Honeycomb's traditional admitted risk appetite, including those with non-standard features or minor coverage lapses, while maintaining data-driven underwriting practices.

With the expansion, Honeycomb Specialty now accommodates per-policy total insured values up to $25 million nationwide, aligning its admitted and non-admitted programs geographically and by insured limit. This integration enhances customer experience by allowing portfolio management across both programs via a single digital platform. Additionally, select risks can transition from non-admitted to admitted status as property conditions improve, providing potential cost savings.

This growth occurs amid reducing capacity in the commercial property insurance market, where traditional insurers like AIG, Allstate, and State Farm have curtailed or paused coverage in high-risk areas. The American Property Casualty Insurance Association notes a significant $90 billion paid in catastrophe losses over two years, resulting in tighter underwriting standards. In contrast, Honeycomb has more than doubled its revenue in 2024 and now insures over $55 billion in real estate value with favorable underwriting outcomes.

Honeycomb leverages AI and advanced computer vision technology to streamline underwriting and policy management, reducing the need for physical inspections and lengthy approvals. Its platform offers competitive, customized pricing for properties typically underserved by traditional carriers, operating across 18 key U.S. states. This technology-driven approach supports efficient risk selection and portfolio administration in a market facing volatility and constrained insurer capacity.