When the insurance market gets tough—and it has been in recent years—the entrepreneurs get going. New products, new coverage alternatives and new service bolt-ons are created. Dylan DiMarchi is in the middle of it. He emerged from the real estate world, frustrated with the unpredictable cost of insurance, and developed Premium Lock, which guarantees insurance cost on a property for up to three years. “If a fixed-rate 30-year mortgage is a thing, why not at least a three-year guarantee for an insurance policy?” he says. Premium Lock is not insurance per se. Customers pay an average of $20 per month and are reimbursed if premiums rise over the agreed amount. His firm reviews a number of sources to predict how every carrier will price every piece of property in the U.S. That includes macro-economic factors like construction cost inflation, carrier profitability, regulatory behavior, and weather dynamics. Dylan believes Premium Lock is educating consumers on the impact of climate change. He also credits his fellow insuretech founders who are working to prevent property losses, such as fortifying homes. “Right now it’s expensive to do, but I have hope that carriers will show real financial ROI” on investments in mitigating property risks,” he says. Listen to this new On Point episode with host Peter van Aartrijk today!

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