Insurtech Startup Jumpstart Launches: Now offering Natural Disaster Insurance in California

Insurtech startup Jumpstart announces the official launch of an innovative type of natural disaster insurance in California, initially for earthquakes. Founded in 2015, Jumpstart stated its technology-driven, index-based approach delivers instant signup, affordable coverage, and automatic payout.

“Starting with the earthquake risk in California, our first-of-its-kind policy builds financial resilience for our communities by closing a huge protection gap.”

Here’s how Jumpstart works:

  • Earthquake Insurance: Customers can sign-up online through Jumpstart’s website.
  • Fast, Simple Payments: Once a customer responds to confirm some loss or damage, the pre-defined payment amount will be automatically authorized for direct deposit into the customer’s bank account, eliminating a complicated claims process.
  • No Hassle: The insurance payments can be used for anything that will help customers bounce back quickly.
  • Financial Inclusion: Considering that 62% of Americans have less than $1,000 of savings, millions of Californians may not have the means to begin rebuilding their lives after a disruptive earthquake. At a price of approximately one-tenth that of conventional earthquake insurance, but for a very different product, Jumpstart dramatically increases access to a financial cushion.

Kate Stillwell, founder and CEO of Jumpstart, stated:

“When a big quake strikes my hometown of Oakland, millions of families will be devastated financially – even more so than physically. Our immediate needs might be things we can’t anticipate – childcare expenses, or a place to stay for a month. Surprise costs can throw a wrench in not only your daily routine, but also your long-term financial sustainability. Just-enough money, at just the right time, allows each of us to stay in our communities and be part of the solution.”

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