September 28, 2017 08:06 ET
CLEARWATER, FL--(Marketwired - Sep 28, 2017) - Hurricane Irma made one thing clear: the first few days after a storm can be paralyzing. Homeowners insurance won't pay for things like tree and debris removal, replacing spoiled food, power restoration or temporary living expenses.
However, Floridians who purchased StormPeace supplemental insurance have an opportunity to get back on their feet faster. Assured Risk Cover paid 98% of eligible claims within three business days, most within one business day.
"This was the first storm we've responded to and everything went pretty smoothly," says Alok Jha, CEO and founder of Assured Risk Cover. "We emailed notifications to all eligible policyholders and all they had to do is reply in order to receive their funds."
Jha continues: "As forecasters expect an active hurricane season we anticipate a strong uptick in policy sales."
StormPeace is parametric insurance, which means there's an easy claims process. Policyholders receive payment based on the strength of the hurricane and distance of the hurricane track at its closest point from their property.
For just a few dollars a day, homeowners can have the peace of mind that when the next hurricane strikes they'll have cash in their pockets to handle expenses associated with the first hours of recovery. They can also use the money to meet their hurricane deductible.
Assured Risk Cover (ARC) is a venture-backed Silicon Valley corporation based in Pleasanton, California. ARC is founded by an experienced team of catastrophe risk professionals whose singular vision is to bring immediate financial relief to people globally following catastrophes. Alok Jha (CEO), Kanwal Rekhi (lead investor from Inventus Capital Partners) and Kevin Schrage (former President of Aon Small Commercial Lines) form the Board of Directors of ARC. StormPeace is backed by highly rated insurance and reinsurance companies -- ranked A- and A+ by A.M. Best, respectively. For more information, visit www.stormpeace.com and www.assuredriskcover.com.