We’re thrilled to announce that Bamboo Insurance has been honored by The Salt Lake Tribune as a 2024 Top Workplace! As one of 154 standout companies in the Salt Lake City area, Bamboo Insurance is recognized for our commitment to fostering a supportive, inclusive, and genuine workplace culture. 

“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees,” said Eric Rubino, Energage CEO. “That’s something to be proud of. In today’s market, leaders must ensure they’re allowing employees to have a voice and be heard. That’s paramount. Top Workplaces do this, and it pays dividends.” 

This list is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage, LLC. The confidential survey uniquely measures the employee experience and its component themes, including employees feeling Respected & Supported, Enabled to Grow, and Empowered to Execute, to name a few.  

To learn more, visit topworkplaces.sltrib.com or check out our Top Workplaces company profile. 

We’re excited to share that Bamboo Insurance has been recognized as a Top Insurance Employer by Insurance Business Magazine, a trusted business magazine featuring news and business intelligence from within the insurance space. 

Through an optional survey, our employees had the opportunity to share their experiences working at Bamboo with Insurance Business Magazine. They provided candid feedback on various aspects such as pay, benefits, DE&I, and career development. This feedback helped IBA identify the top workplaces in the insurance industry. 

Here’s a breakdown of how organizations are chosen (Source: insurancebusinessmag.com)

Insurance Business America invited organizations to participate by explaining their various offerings and practices. Employees nationwide were then asked to evaluate their workplace on a number of metrics:

  • benefits
  • compensation
  • culture
  • employee development

Each entrant had to reach a minimum number of employee responses based on its overall size, with the best earning the title of IBA Top Insurance Employers for 2024.

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Find IBA’s full list of Top Insurance Employers here. 

In addition to this, we were also recognized this year as a Fastest-Growing Private Company in America by Inc. 

Phyn, the leader in intelligent water solutions, today announced that it is joining forces with Bamboo, a property and casualty insurance organization that prioritizes simplicity, transparency, and savings, to protect homes from water-related loss and help address the challenges California residents face in securing dependable homeowners insurance. The partnership offers eligible Bamboo policyholders a 10% discount* on insurance premiums for homeowners who install Phyn Plus and a 15% discount on the Phyn product suite.

In a landscape where California’s insurance market is experiencing unprecedented challenges with many insurers leaving the state, many homeowners face limited options and higher costs. Bamboo has stepped up to ensure Californians can secure reliable and affordable homeowners insurance. Phyn’s solutions protect a home’s plumbing system to prevent leaks and ensure it is watertight while empowering homeowners to conserve and avoid unnecessary water loss.

“With our roots in California, Phyn is proud to partner with Bamboo as they double down on their commitment to the state and continue to offer Californians quality insurance options while empowering them with the tools to protect their homes from unnecessary water damage and reduce water loss,” said Ryan Kim, CEO, Phyn.

“At Bamboo, we’re committed to continually innovating and finding solutions to ensure we deliver an insurance experience that puts our customers first, even in a high-risk environment,” added Brian Suzuki, Bamboo Insurance Chief Insurance Officer. “We’re excited to partner with Phyn to offer its cutting-edge smart water solutions, providing an option to our policyholders that protects their homes from water damage and conserves water, while continuing to be a solid option for Californians struggling to find reasonable coverage.”

As part of the partnership, Bamboo policyholders will get the opportunity to save on their homeowners policy, as well as save 15% on Phyn’s portfolio of smart water solutions including:

  • Phyn Plus: Installed on a single location on the main water line, Phyn Plus is a powerful smart water monitor that protects homes from leak damage with unmatched accuracy and reliability and provides detailed insights into water use to help conserve and save. If it detects abnormally high water flow in your home, Phyn Plus will automatically shut off the water to mitigate costly damage.
  • Phyn Smart Water Assistant: Self-installed under a sink, the DIY Phyn Smart Water Assistant monitors the water in your entire home to automatically alert you the second a leak is detected, and provide detailed insights into how each fixture in your home uses water.
  • Phyn Smart Water Sensor: The puck-sized Phyn Smart Water Sensor is engineered to provide fast, early detection alerts when a leak starts or weather conditions push water into the home. As the first line of defense, the moment water comes in contact with the sensor, a notification is sent directly to your phone, the device starts flashing, and an audible alarm is triggered. When combined with Phyn Plus, it can automatically shut off the water, delivering added convenience and peace of mind.

For more information about the exclusive Phyn discounts available to Bamboo policyholders, please visit here. And explore how Phyn is reducing losses and improving homeowner protection here.

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Read the full press release here. 

 

Click here to view the full press release.

With a three-year revenue growth of 309 percent, Bamboo Insurance ranks among America’s Fastest-Growing Private Companies. 

Inc. announced today Bamboo Insurance has earned the No. 1,680 spot on the Inc. 5000 2024, its esteemed list of the fastest-growing private companies in America. This prestigious ranking offers a data-driven look at the most successful independent and entrepreneurial companies that have driven rapid revenue growth while navigating inflationary pressure and the rising costs of capital.  

“Being included on the Inc. 5000 for a second consecutive year is a milestone we are incredibly proud of,” said John Chu, Bamboo’s Founder & CEO. “This achievement is a testament to the unwavering commitment our entire team demonstrates to delivering exceptional value to our partners and clients. No matter the challenge, we’ve remained focused on bringing innovative solutions to dislocated insurance markets.” 

Earlier this year, White Mountains Insurance Group, Ltd. (NYSE: WTM) invested $297 million, including primary capital to support Bamboo’s growth, acquiring a 72% stake. 

About Inc.   

Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work achieves a monthly brand footprint of more than 40 million across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since its launch as the Inc. 100 in 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. For more information, visit www.inc.com.   

For this article, we’re taking it from the jewelry insurance experts and our trusted partner, Jewelers Mutual.

While most insurance policies rely on reimbursement, jewelry insurance offers a more desirable option: replacement. Here’s a breakdown of both approaches and why replacement holds the key to your peace of mind.

Reimbursement: A Common Approach, But Not Always Ideal

Traditional insurance, including jewelry coverage under homeowners’ policies, typically operates through reimbursement. Here’s the basic flow:

  1. You pay for coverage.
  2. You file a claim if your jewelry is lost, stolen, or damaged.
  3. The insurance company assesses the claim and determines your payout.
  4. You receive a check.

However, the payout amount is the crucial factor. Your compensation can be based on:

  • Actual Cash Value (ACV): Your payout reflects the item’s depreciated value, leaving you responsible for any remaining replacement cost.
  • Replacement Cost: You receive the amount needed to replace your jewelry, regardless of depreciation.

Replacement Cost

Jewelry’s unique nature makes replacement cost insurance highly favorable. Unlike depreciating assets like cars, jewelry’s value often remains stable or even appreciates (with the exception of lab grown diamonds). With replacement cost coverage, you’ll receive the amount required to replace what you insured, at the time you insured it. ACV has more grey areas and may even leave you with extra out-of-pocket expenses after a claim.

The Advantage of Dedicated Jewelry Insurance

Specialized jewelry insurance like Jewelers Mutual takes replacement a step further:

  • Freedom of choice: We won’t limit you to working within a small network of jewelers. Choose to work with your preferred jeweler in the event you need a repair or replacement.
  • Expert guidance: We employ jewelry specialists who understand the intricacies of your piece and can assist in finding a perfect match.
  • Direct communication: We’ll handle the process directly with your chosen jeweler, ensuring efficient and hassle-free resolution.

Don’t Leave Your Valuables to Chance

Understanding your insurance policy is crucial, especially when protecting precious possessions like jewelry. Consider your needs and preferences to determine if replacement-focused jewelry insurance is the best fit for you.

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Source: Jewelers Mutual

Coverage is subject to underwriting review and approval, and to the actual policy terms and conditions. Any descriptions are a brief summary of coverage and are not part of any policies, nor a substitute for the actual policy language.
Coverage is offered by a member insurer of the Jewelers Mutual Group, either Jewelers Mutual Insurance Company, SI (a stock insurer) or JM Specialty Insurance Company.  Policyholders of both insurers are members of Jewelers Mutual Holding Company.

 

 

 

As temperatures rise, so do the risks of wildfires. In 2023, the National Interagency Fire Center (NIFC) reported more than 55,000 wildfires burning 2.7 million acres across the United States*. If you live in a wildfire-prone area, being prepared is crucial. Luckily, we have some tips to help you get started. 

Here are steps to potentially reduce the spread of flames toward your home:

  • Create a defensible space: Establish a clear zone between your home and any nearby grass, trees, shrubs, or wild-land areas. This buffer can significantly slow down or halt the progress of a wildfire. 
  • Remove potential hazards: Regularly clear debris from your roof, gutters, and yard to minimize fuel for fires. 
  • Prepare your home: Upgrade your home with features like vulcan vents, gutter guards, and fire-resistant windows and doors to enhance its ability to withstand wildfires. 
  • Check your landscaping: Maintain well-pruned trees, keep shrubs away from your house, and opt for fire-resistant plants when landscaping around your property.

Additional resources: 

Questions about wildfire in relation to your Bamboo homeowners policy? Reach out to your Bamboo Sales Advocate today. 

 

*Source: disasterphilanthropy.org 

We know what some of you are thinking – earthquake insurance is one of those unnecessary coverages that you’ll pay for, but probably won’t end up using. We’re here to shake that thinking up (pun intended). If you’re in an area that’s prone to earthquakes or has experienced an earthquake in the past few decades, it’s worth it to look into getting earthquake insurance. Earthquakes can cause intense damage, costing thousands of dollars. In fact, a report conducted in 2023 by the U.S. Geological Survey and FEMA estimates that earthquake damage costs the U.S. $14.7 billion dollars annually – an increase of 140% over the previous estimate from 2017.*

What is earthquake insurance, and what does it cover? 

Earthquake insurance is a specialized type of insurance designed specifically for covering the cost and repairs of damage caused by earthquakes (since your standard homeowners won’t).  Earthquake insurance coverage ranges from structural damage to your home (e.g., your roof, damaged walls, etc.) to replacement of personal property (e.g., your furniture, appliances, etc.). If you need to find a temporary place to stay, it can also help to cover those expenses. Keep in mind, this isn’t a one-policy-covers-all type of insurance, so make sure you run through the details of exactly what your specific earthquake insurance policy covers with your agent. 

Why do I need earthquake insurance? I have a homeowners policy. 

Your homeowners policy will cover many things; but one thing it doesn’t cover is damage to your home, structures, and personal property caused by earth movement (i.e., an earthquake). If your home is in an earthquake-prone area, we highly recommend looking into obtaining earthquake insurance. Good news! Our Bamboo Insurance Agency can help with finding options for you. 

What factors impact the cost of earthquake insurance? 

When obtaining earthquake insurance, your location, the cost of rebuilding your home, and risk tolerance are considered. All these factors impact the cost.  

Does my renters insurance cover earthquakes? 

Unfortunately, it doesn’t. Renters insurance is great for covering situations like vandalism, theft, fire, and other events; however, it generally doesn’t cause damage directly caused by earthquakes. 

Which one is better to have? Homeowners/renters or earthquake? 

If you live in an earthquake-prone area, you should look at obtaining both. Let’s say an earthquake causes a fire, and that fire causes damage to your home. In that situation, your homeowners or renters insurance policy would come in for the save. However, if the earthquake directly causes damage to your home, that’s when that earthquake insurance would really come in handy. 

Looking to learn more and potentially get earthquake coverage? 

Connect with one of our experienced Bamboo Agents 👉 Contact Us Page

 

*Source: temblor.net

Damage to the home caused by water is one of the costliest and most stressful situations homeowners deal with. Even worse? Most homeowners don’t even know they had a leak to start. The impact of water damage can result in way more than just wet floors – like potential mold growth over time, broken pipes, damaged walls, and destruction of your home’s structural integrity. In fact, according to the Insurance Information Institute, approximately 14,000 people nationwide are impacted daily from water damage.  

When it comes to a leak, it’s critical to get the leak stopped and water dried up within the first 24 hours to avoid the growth of mold. The good news is that there are options for systems, like an automatic water shut off system, to keep you aware of any leaks in your home that will even shut off your water to prevent excessive damage. Even better? We’ve partnered up with Phyn, a trusted provider of property and water protection systems, to make it easy to find your ideal one.   

The Phyn Plus system includes a water shut-off mechanism that leverages advanced machine learning and AI to accurately alert you the moment a leak is detected and if needed, will automatically shut off your water. The result? The avoidance of extreme damage done to your property and the costly fixes that come with it. We’ll just go ahead and add this cherry on top: When you purchase a Phyn Plus through us, you’ll get 15% off the system. Wait, it gets better: Phyn will let us know once you’ve installed it and we’ll apply 10% off your Bamboo homeowner policy’s premium**. 

To learn more and get your Phyn Plus, visit this link.

About Phyn 

Since Phyn’s start, they’ve shown unwavering dedication to improving users’ health, well-being, and communities by strengthening their relationship with water. Their mission is to create the best technology for a more sustainable relationship with water by reducing loss and protecting property and life on the only known planet to support humanity. Learn more about them by visiting phyn.com/pages/mission. 

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Bamboo Ide8 Insurance Services (Bamboo) is Managing General Agency licensed to sell property-casualty insurance products; NPN 18657046; CA License #0M31082. Products and services are provided by Phyn, LCC, or its independent contractors and not Bamboo Ide8 Insurance Services, LLC (“Bamboo”). Bamboo has no relationship with any of Phyn LLC’s independent contractors. Selection of Phyn, LLC, and/or an independent contractor is solely the decision of the eligible policyholder. Bamboo makes no representations or warranties, express or implied, concerning Phyn, LLC, its independent contractors, Phyn Plus, or any other products or services provided by or on behalf of any of the foregoing. Please speak with your independent agent to learn about Bamboo’s coverage products. Products vary by jurisdiction, terms, and conditions and are provided by Bamboo and its insurer affiliates. Details at https://bambooinsurance.com. **Discount is available only to Bamboo homeowners’ policyholders (HO3, HO5, + E&S) in California.

It’s official, spring is here! And what better season than this one to get some tasks around the home checked off the to-do list? Compiled below are some tasks that not only feel good to get done but could also protect your home against any potential mishaps that result in costly damages. 

  • Change air filters: With spring comes pollen, and for those of us with allergies, having clean, high-efficiency air filters can help trap not only the pollen in the air, but also the dust and airborne particles. On top of that, you’re supporting your HVAC system’s longevity by regularly swapping out those filters (we’re talkin’ every 90 days). 
  • Clean your dryer vent: This may not seem too important, but regularly cleaning out your dyer’s lint filter could prevent clogs that reduce your dryer’s efficiency. Even more serious? Dirty dryer vents are a leading cause of domestic dryer fires, according to the US Fire Administration. (Source: architecturaldigest.com) 
  • Clean those hard-to-reach areas: When was the last time you moved your couch and vacuumed underneath? We thought so. The good news, spring’s a great time do that.  
  • Change batteries: Household items that are battery-operated, like smoke and carbon monoxide detectors, could probably use a new set. Instead of waiting for them to run out of juice, go ahead and swap those batteries out so you’re set for the season. 
  • Check your hoses: And we don’t mean the ones outside. Your washing machine hoses rupturing could create huge problems that cost a whole lot of money. Go ahead and check those to ensure there are no leaks or swelling, and if you’re feeling fancy, swap out any rubber hoses with braided hoses for more durability and longevity. 

Our final tip? Make sure your homeowners insurance policy is exactly what you need. Start your personalized quote right here. 

For this article, we’re taking it from the home maintenance experts and our trusted home warranty partner, Super Home Warranty.

If house slippers have become more of a necessity than a nice-to-have, you might want to think about what’s creating the extra chill (and we don’t mean that in a relaxing way). Before you touch that thermostat, check the gaps around doors and windows to see if you’re losing out on heat because of worn weatherstripping (or lack thereof). The solution? Installing new weatherstripping to keep your home toasty (and your bank account happy). (PSA: Weatherstripping is for the sides and top of doors and swing-out windows. Slide-up windows are pre-sealed.)

According to Super Home Warranty, take the following steps to get your home’s heating back in check:

1. Check for air leaks to find out where you need new weatherstripping. Put your hand over the edge of a door or window. Does it feel colder than the rest of the surface? You should probably weatherstrip there. You can also light a candle or incense stick and place it in front of the space between the door/window and its frame. If you see the flame flicker, you’ve got unwanted air flow.

2. Choose new weatherstripping. You basically have three options, but we’re skipping ultra-expensive compression strips and V-type weatherstripping this time. They’re durable, which is great, but they’re also hard to install correctly. Do yourself a favor and just opt for self-adhesive strips instead. They’re cheaper, come in rolled-up strips and don’t need to be nailed in (read: less damage to your doors and windows). Cons? You’ll need to swap them out after a few years.

3. Measure your frame. Grab your measuring tape and measure the width of the frame where the adhesive strips will go. This is the small ledge where the door or window meets the frame. (It’ll face outward if the door or window swings out and vice versa.) Don’t forget to measure the length too so you know how much weatherstripping to buy.

4. Get new weatherstripping. Head over to your local hardware store with pictures of the doors/windows you’d like to seal — closed is best, with a focus on the space between the doors/windows and their frames. Find weatherstripping that’s roughly as thick as the gap. It doesn’t need to be perfect, but you do need the doors and windows to close.

5. Remove old weatherstripping, especially if it came with the house. Many houses come pre-weatherstripped. If yours came with compression or V-type weatherstripping, use the claw of a hammer to remove the nails. If you’ve got the self-adhesive variety, just peel it away.

6. Cut the new weatherstripping to the length of the frame. Measure the length of the door/window you want to weatherstrip from the top of the frame to the bottom. Give yourself an extra inch so you can really get into those corners and snip, snip, snip.

7. Clean the frame. Grab a paper towel or washcloth, coat it in soapy water and clean the door or window frame. You don’t want any dust preventing the adhesive on the weatherstripping from sticking.

8. Apply the weatherstripping. Peel as you apply so the strip doesn’t get stuck to itself or something else you don’t want it stuck to. Once you’re done with both sides and the top, close the door or window for half an hour to let the adhesive set. Go make yourself a snack. You earned it.

Pro Tip: Want to seal the bottom of your door as well? Grab a door sweep from your local hardware store — these metal sweeps with rubber bottoms attach to the bottom of your door with screws and create a seal between the door and the floor.

Check out Super Home Warranty’s original article here!

Source: Super Home Warranty