Better technology means better decision making, and investors rewarded Bamboo’s data-driven underwriting platform.

When most people think of home and auto insurance companies, they think of boring decades-old businesses— and they wouldn’t be wrong. So, when John Chu, an insurance industry veteran, started considering what he wanted to do before he retired, he decided to try to disrupt the industry he had spent three decades working in.

In 2018, Chu launched Bamboo Insurance, a company that, unlike others in the space, uses sophisticated technology to underwrite and price more accurately. While most home insurers collect five or six pieces of basic data, Bamboo ingests significantly more, including the condition of the roof, the life of the heating system, the quality of the cabinetry, and much more. “We’re better at matching the risk to the price,” he says.

This is key to Bamboo’s success: Many insurers get in trouble when rates are inadequate, and losses paid are greater than premiums earned. With more detailed information and greater pricing sophistication, Bamboo looks to ensure all policies are priced adequately for the risk taken over the long term. “I just knew that the homeowners space was ripe for change,” Chu says.

Strategic partnerships

By 2023, Bamboo had $250 million of premium in force—a figure he expects to double by the end of 2024. The bulk of Bamboo’s business stems from homeowners policies in California, but it also offers auto and renters insurance through its internal agency and aims to expand into other states in 2025.

The company also has found success partnering with other insurance providers, leveraging innovative technology and an easy-to-use platform Chu developed. Some of the largest name-brand insurers—businesses Chu had developed relationships with during his many years in the insurance sector—all jumped at the chance to work with him. They sell Bamboo’s policies through their own agents, using the company’s technology to determine pricing.

Long-term focus

Chu has always taken a long-term attitude toward Bamboo. While he could have sold policies for cheap and grown the company even faster, he wanted to create a profitable business with a solid foundation. In 2023 White Mountains Insurance Group invested $297 million for a 73 percent stake.

The deal opened doors to new markets and customers, he says, but also proved that Chu’s strategy of long-term growth versus short-term gains was the right one. “That validated that taking the long run was the right decision for us,” he says. “We want to continue growing profitably and doing the right thing for the company.”

Check out Inc.’s original article here!

Source: Inc.com

If you’ve been shopping for homeowners insurance in California, you may have come across a term you’re not familiar with: Excess and Surplus Lines Insurance—also known as E&S insurance. While it’s traditionally been used for high-risk or hard-to-insure properties, a growing number of California homeowners with standard homes are now ending up with E&S policies.

Why? It’s not because their homes necessarily carry a high risk, but because California’s admitted insurance market is volatile with the exit of many traditional insurers. In this blog, we’ll break down what E&S insurance is, why it’s becoming more common in California, and what you need to know as a homeowner navigating today’s evolving insurance market.

What is Excess and Surplus Lines (E&S) Insurance?
Excess and Surplus Lines Insurance is a category of property insurance for homes or risks that admitted insurance companies decline to cover. E&S carriers are considered non-admitted insurers, meaning they operate under specific regulations different from admitted insurers.

Historically, E&S was used to insure unique homes, high-risk properties, or special circumstances—like beachfront mansions, historic homes, or homes in wildfire zones. But now, many homeowners with relatively standard homes are turning to E&S coverage simply because fewer admitted carriers are writing policies in California.

Why Are So Many California Homeowners Being Moved to E&S Insurance?
Over the past few years, California’s home insurance market has been under stress. A combination of rising wildfire risks, climate-related disasters, and insurance regulation challenges has made it difficult for traditional insurance companies (admitted carriers) to offer new homeowners policies.

That’s left thousands of homeowners across the state—many of them with no unusual risks—with no choice but to secure a non-admitted E&S policy.

Common reasons include:

  • Limited availability from admitted insurers in certain ZIP codes
  • Insurance non-renewals due to wildfire exposure or rising reinsurance costs
  • Restricted new business in high-risk or even moderate-risk regions

So even if your home is “standard,” you may still need an E&S policy due to California’s current insurance market conditions.

What’s the Difference Between Admitted and Non-Admitted (E&S) Insurance?
Understanding the difference between admitted vs. non-admitted insurance is key when choosing a policy.

A common misconception is that E&S insurance is “unregulated.” While it’s true that E&S carriers are not subject to the same filing and pricing restrictions, they are still regulated through surplus lines laws and must meet strict financial solvency requirements.

Why Choose an E&S Policy in California?
Given the lack of admitted insurance options, E&S coverage may be your only path to insuring your home—and that’s okay. Today’s E&S policies are often comparable to admitted ones in terms of coverage, especially when arranged by a knowledgeable insurance broker.

Here are some key benefits of E&S homeowners insurance:

  • ✅ Access to insurance when admitted carriers are unavailable
  • ✅ Customizable coverage for properties with specific needs or higher value
  • ✅ Faster policy creation without the delays of state approval requirements

Common Concerns About E&S Home Insurance
If you’re new to the concept of E&S insurance, you might have concerns like:

  • “Is E&S insurance safe?”
    • Yes. While it’s not backed by a state guaranty fund, reputable E&S carriers must meet financial stability standards and are regulated under state surplus lines laws.
  • “What if the E&S insurer goes bankrupt?”
    • That’s why it’s important to work with brokers who only partner with financially secure carriers, typically those with strong AM Best ratings.
  • “Will my policy be different from a standard one?”
    • E&S policies can be very similar to admitted policies in coverage, but they also offer greater flexibility—which can be helpful for homes with unique features or values.

Is E&S Insurance Only for California?
While California is currently facing the most severe challenges in the homeowners insurance market, other states are also beginning to experience similar limitations. For example, Texas is seeing increased demand for E&S options, and future insurance offerings in that state may also be issued on an E&S basis.

That said, this blog is most relevant to California homeowners navigating the shift toward non-admitted coverage.

Need Help Navigating E&S Insurance in California?
Understanding your options can feel overwhelming—especially when you’re trying to protect your home and family. That’s why it’s important to stay informed and work with experts who know the ins and outs of California’s home insurance market. That’s where Bamboo comes in – we’re in California for good with both admitted and non-admitted capacity. Click here to start your California homeowners insurance quote now.

We all know the phrase, “there’s no use in crying over spilled milk”, but what happens when it’s your smartphone that takes a spill? Thanks to our partnership with bolt, you don’t have to worry in the first place. Whether it’s cracks, liquid damage, accidental damage, or mechanical failures, you’re covered.  Yep, even you who managed to shatter your screen AND drop your phone into the bottom of the pool… for the second time this year.

Why Purchase Smartphone Protection?
The short answer? The cost to replace a broken smartphone can range from $400 to well over $1,000. A simple cracked screen repair can cost as much as $350. It makes sense to protect them. bolt is an easy, budget-friendly way to protect all the smartphones in your household for just $99 per year. That’s right – every smartphone in your home, covered for cracked screens, accidental drops, liquid damage, and mechanical failures at just $99. Whether you’re juggling kids’ devices or trying to avoid an unexpected repair bill, bolt x Bamboo has you covered.

Does that sound too good to be true? It’s not! The claims process is a breeze – they’re processed and approved by bolt’s state-of-the-art system in under one minute in most cases! Plus, the deductibles are affordable. With up to two claims allowed per year, a $1,000 limit per claim, 9,000+ repair centers, replacement for irreparable devices, and cash reimbursement when a device cannot be repaired or replaced, bolt is a great way to ensure your family’s devices stay in top shape without breaking the bank. No more worrying about costly repair bills or scrambling for money when accidents happen.

Lock In
Say goodbye to that pit in your stomach you feel every time you drop your phone. Ready to lock in and secure your devices with bolt? Enroll Now!

*Smartphone protection issued by bolt.

Accessing your insurance policy documents should be simple, fast, and secure. That’s why we’re excited to announce the launch of our brand-new Online Document Portal, designed to make accessing and managing your insurance policies easier than ever. If you’re tired of sifting through piles of paper or waiting for documents to arrive in the mail, our digital portal is here to streamline the process and give you more control.

If you are ready to sign up for the portal now, just click here to fill out the form or call us at (833) 922-6266

Want to understand why to use the portal? Keep reading and we’ll walk you through the top 6 benefits of signing up for our Online Document Portal.

1. Access Your Documents Anytime, Anywhere
With our new Online Document Portal, you can access digital copies of your insurance policies, billing information, and other essential documents whenever you need them. Whether you’re at home, at work, or on the go, all your important documents are just a click away. No more waiting for paper copies to arrive in the mail—everything is right at your fingertips.

2. Say Goodbye to Paperwork
Why deal with the hassle of paper documents when you can manage everything digitally? By signing up for our portal, you’ll no longer have to worry about losing or misplacing important paperwork. Everything you need will be stored securely ready for you to access or download at any time. It’s a paperless solution that helps reduce clutter and keeps your documents organized.

3. Instant Access in Emergencies
Emergencies don’t give you a heads-up, which is why having quick access to your insurance documents is crucial. Whether you need to provide documentation or need to file a claim, our Online Document Portal allows you to retrieve your policy details in real-time. You can quickly check your coverage, and get the help you need without any delays.

4. Environmental Benefits
By transitioning to an online document portal, you’re helping the environment too! Going paperless reduces waste and eliminates the need for printed materials. No more paper stacks piling up in your home, and no more waiting for documents to be mailed. You’re not only simplifying your life, but you’re also making a positive impact on the planet.

5. Enhanced Security and Privacy
When it comes to your personal information, security is paramount. Our Online Document Portal is equipped with the latest encryption technology to protect your sensitive data. You’ll have peace of mind knowing that your documents are stored safely.

6. Simple, User-Friendly Interface
We’ve designed our Online Document Portal with you in mind. It’s intuitive, easy to navigate, and accessible even if you’re not tech-savvy. Whether you’re accessing your documents on your desktop computer or mobile device, you’ll find it simple. No confusing menus, no unnecessary steps—just a straightforward experience that gets you what you need, fast.

Why Sign Up Today?
The launch of our new Online Document Portal is a game-changer in how you manage your insurance documents. By signing up, you’ll gain more control, enjoy greater convenience, and benefit from enhanced security and efficiency. Whether you’re looking to save time, reduce paperwork, or simply make your life easier, this digital solution has something for everyone.

Signing up is quick and easy—just click here or call us at (833) 922-6266 to start enjoying all the benefits of our Online Document Portal . Take the first step toward simplifying your insurance management and unlocking a more efficient, secure way to keep track of your policies.

Choosing the perfect gift can be challenging, but we’ve got you more than covered! Whether it’s for someone new to their property or a long-time resident, the right gift can make a lasting impact by combining thoughtfulness with practicality. This holiday season, let the spirit of “Peace on Earth” translate into peace of mind with gifts that enhance safety, convenience, and comfort at home.

Here are 9 must-have gifts for homeowners that blend function with flair, ensuring a stress-free and secure living environment:

  1. Smart/Connected Smoke and Carbon Monoxide Detectors ($$)Why we suggest it:
    • Instant Notifications: Receive alerts directly to your phone if smoke or carbon monoxide is detected.
    • Smart Home Integration: Seamlessly connects with other smart devices.
    • Dual Detection: Monitors both smoke and CO2, offering added safety.
    • Insurance Benefits: Potential discounts on homeowners insurance.
  2. Connected Home Security System ($-$$$$)
    Why we suggest it:

    • Crime Deterrence: A visible security system can prevent break-ins.
    • Remote Monitoring: Monitor your home from anywhere via your phone or tablet.
    • Emergency Assistance: Automatic notifications to medical or police services in case of an emergency.
    • Smart Alerts: Receive instant updates on unusual activity.
    • Risk Reduction: Early detection of potential threats like fire, break-ins, or even plumbing issues.
    • Insurance Benefits: Potential discounts on homeowners insurance.
  3. Connected Water Sensor with Automatic Water Shut-Off ($$$)
    Why we suggest it:

    • Prevent Property Damage: Detect water leaks early to avoid costly damage.
    • Potential Savings: Help reduce water bills by detecting leaks quickly.
    • Health Benefits: Prevent mold or mildew growth by stopping leaks at the source.
    • Increase Property Value: Smart home features are attractive to potential buyers.
    • Insurance Perks: Potential discounts on homeowners insurance.
  4. Smart/Connected Gas Leak Detector ($-$$)
    Why we suggest it:

    • Instant Notifications: Alerts you to gas leaks, preventing potential danger.
    • Precise Leak Location: Identifies the exact spot of the leak.
    • Automated Safety: Some models can automatically shut off gas supply in case of a detected leak.
    • Smart Home Integration: Works with other devices in your home for comprehensive safety.
    • Insurance Perks: Potential discounts on homeowners insurance.
  5. Smart/Connected Thermostat ($-$$)
    Why we suggest it:

    • Energy Efficiency: Adjusts temperature settings based on occupancy and time of day, helping save on energy costs.
    • Remote Control: Manage your home’s temperature from anywhere via your smartphone.
    • Risk Reduction: Helps prevent frozen pipes and other temperature-related issues.
    • Insurance Perks: Potential discounts on homeowners insurance.
  6. Surge Protector ($)
    Why we suggest it:

    • Risk Reduction: Protects electronics and appliances from power surges caused by storms or electrical issues.
    • Affordable and Effective: A budget-friendly gift with long-term benefits.
    • Prevents Damage: Safeguards valuable gadgets and home systems.
  7. Fireproof Safe ($-$$$$)
    Why we suggest it:

    • Protect Valuables: Keep important documents, jewelry, and other valuable items safe from theft or fire.
    • Peace of Mind: Secure storage for everything that matters most, especially in the event of a disaster.
    • Variety of Sizes: Choose from small, personal safes or larger options for family heirlooms.
  8. Connected Video Doorbell ($-$$)
    Why we suggest it:

    • Enhanced Security: View and interact with visitors from anywhere via your smartphone.
    • Smart Integration: Pairs with your home security system and other smart devices.
    • Remote Monitoring: Receive alerts when someone is at your door, even if you’re not home.
    • Insurance Benefits: Potential for discounts on homeowner’s insurance with added security features.
  9. Smart Door Locks ($-$$)
    Why we suggest it:

    • Increased Security: Keyless entry ensures no one can “pick” your lock.
    • Remote Access: Lock or unlock doors from anywhere—great for managing access for guests or service personnel.
    • Convenience: Eliminate the need for physical keys, reducing the risk of losing them.

These thoughtful and practical gifts go beyond just making life easier—they enhance the safety and security of a home, reduce risk, and may even lower insurance premiums. Whether you’re gifting to a first-time homeowner or someone who’s been in their home for years, these items are sure to make a lasting impact.

Give the gift of peace of mind this holiday season, and help your loved ones safeguard their homes and everything inside.

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.

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. 

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.

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