Insurance technology firm Bindable has announced a distribution partnership with Recoop Disaster Insurance to bring Recoop’s innovative disaster insurance product to Bindable’s extensive network of carriers, brokers, affinity groups, and insurance-adjacent businesses.

Recoop provides affordable policies with rapid cash benefits, bridging gaps in traditional homeowners and renters insurance that leave Americans financially vulnerable. It offers a simple, guaranteed-issue product with no deductibles, covering major natural disasters, including hurricanes (with storm surge), wildfires, tornadoes, earthquakes, gas explosions, winter storms, and dust storms.

Jean-Marie Lovett, president of Bindable, stated, “Natural disasters are occurring more frequently and causing Americans greater financial harm. Yet traditional home and renters insurance policies often exclude or have high deductibles for disaster-related risks, creating significant coverage gaps.”

Lovett continued, “Adding Recoop’s unique product to our digital marketplaces will help our partners go a step further in helping protect their customers’ key assets while also creating an additional source of competitive compensation for their businesses.”

To qualify for Recoop, insureds must hold an existing homeowners or renters insurance policy, which serves as proof of insurability and helps keep costs low. In the event of a state or federally declared disaster, Recoop provides policyholders with non-restrictive cash benefits of up to $25,000 for damages exceeding $1,000.

Unlike traditional homeowners or renters insurance, Recoop delivers recovery cash directly to the insured’s account within days, with no restrictions on its use.

Darren Wood, founder and chief product officer of Recoop Disaster Insurance, explained, “After seeing firsthand the devastation left in the path of Hurricane Sandy in 2012, we decided something needed to be done so that if and when future disasters hit, Americans had access to an economical risk-mitigation solution that could help protect them against financial ruin.”

He added, “Affordability is a key part of our mission, so we’re proud to partner with Bindable to help get our product in front of millions of more American households that can’t afford to go without the additional financial protection we provide.”

This announcement follows Recoop’s recent partnership with Insuritas to integrate its multi-peril disaster insurance product into Insuritas’ BUNDLE platform.