CoverTree builds digital distribution, automated underwriting, and data-driven pricing specifically for manufactured-home insurance. Its core product is a manufactured-home insurance offering available across multiple U.S. states, and the company emphasizes transparency, simplicity, and personalization. CoverTree is expanding beyond consumer policies into an enterprise suite that will include Maple (resident insurance management software for property managers), Bonsai (a binding and underwriting platform for independent agents and lenders), and Sequoia (an automated underwriting and quoting system for insurance book conversions). The company says its distribution technology can reach manufactured-home residents in relatively rural parts of the U.S. without running marketing ads. CoverTree highlights a large addressable market with over 22 million Americans living in manufactured homes and notes that 11% of new single-family homes in 2022 were manufactured homes. The company is headquartered in Detroit, Michigan, and its manufactured-home product is available in Arizona, Michigan, Indiana, New Mexico, Ohio, Illinois, Tennessee, Texas, Arkansas, South Carolina, Kansas, Oklahoma, Georgia, and Alabama. CoverTree is an insurtech MGA focused on bringing digital distribution, automated underwriting, and data-driven pricing to specialty personal lines with an initial focus on manufactured homes. The company has launched its manufactured home product in Arizona, Indiana, Michigan, New Mexico, Ohio, Illinois, and Tennessee. CoverTree built its program in close collaboration with Markel, with coverage provided by Markel Insurance Company, and emphasizes building proprietary data sets and automated underwriting to address sparse data in the segment. The company plans to use recent funding to grow the team, expand into additional states and product lines, invest in distribution portals, and further automate underwriting. CoverTree positions itself to modernize an underserved market and to support rural and outdoor lifestyles through a full digital insurance experience.

Total raised

$23M

Funding rounds

2

Latest round

Series A

Latest activity

May 2024