As the home insurance market grapples with rising premiums and widespread coverage denials, Sola is positioning itself as a vital lifeline for property owners in high-risk areas.

“At Sola, we are building a lifeline for homeowners who face incredibly high premiums and deductibles,” said Wesley Pergament, Co-Founder and CEO of Sola. “With our new wind and hail product, we’re tackling these challenges head-on and delivering much-needed relief to more homeowners.”

The funds will bolster Sola’s expansion of its newly launched wind and hail parametric insurance product. This solution aims to minimise high deductibles and out-of-pocket costs for damage caused by wind, hail, and tornadoes. Backed by partnerships with leading industry players such as Tokio Marine Kiln, Canopy Weather, Crawford & Company, Spinnaker Insurance Company, and Costero Brokers, Sola’s coverage offers stable and affordable premiums.

In addition to enhancing its flagship product, the funding will support improvements to Sola’s agent platform, enabling faster policy quoting and binding. The company also plans to expand its services to more high-risk states, with the long-term goal of offering comprehensive coverage for all types of natural disasters.

Leveraging advanced weather data and automated claims processing, Sola ensures fast payouts, often within days, providing critical support during times of crisis. The company has also forged partnerships with mortgage companies and independent agencies, broadening access to its affordable insurance solutions.

Sola’s innovative approach aims to address a growing need in the insurance market, ensuring homeowners nationwide can safeguard their properties against the increasing risks of natural disasters.