Eventual, a company focused on improving financial stability for real estate owners, has announced that it has raised $7.5 million in funding and introduced Premium Lock, a product designed to provide long-term predictability for property insurance premiums.
This development addresses ongoing issues in the American property insurance market, which has become increasingly volatile due to inflation and climate-related risks.
Eventual explains that, historically, property insurance was stable and affordable, with premiums often remaining flat for years. However, recent years have seen sharp increases, causing difficulties for homeowners and real estate investors.
Many have reported significant premium hikes, forcing property owners to either reduce coverage or continually search for new insurance options at renewal, often with limited success.
Eventual points out that the challenge arises because property owners typically commit to their investments for years or decades, while insurance premiums are reassessed annually.
Eventual’s solution, Premium Lock, is not an insurance policy itself but rather a service that attaches to existing homeowners or commercial property insurance policies, guaranteeing fixed premiums for a three-year period.
The company has built an extensive database covering millions of properties and uses this data to predict premium changes over the next five years with a high degree of accuracy. If the actual premiums surpass Eventual’s predicted amount, Premium Lock covers the difference, allowing property owners to avoid unexpected cost increases without switching insurance providers.
The $7.5 million raised by Eventual came from two funding rounds led by AlleyCorp and Upfront, with participation from other venture firms and angel investors. The company plans to use this capital to further develop its product and expand its team, which includes experts from fields such as software engineering, finance, and real estate.
Eventual emphasises that Premium Lock aims to bring a level of cost control to property insurance that has not existed before. Property owners interested in learning more can request a quote or schedule a demonstration to see how the product works.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.