# Homeowners of America Insurance Company

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/homeowners-of-america-insurance-company

- Industry: Insurance
- Headquarters: Irving, US
- Website: www.hoaic.com
- Total disclosed funding: $5M
- Latest round: Series A (Nov 1, 2005)
- Investors on record: 1

## About

Homeowners of America Insurance Company specializes in providing a diverse range of home insurance products designed to protect homeowners, renters, and landlords from various risks associated with property ownership.Homeowners of America Insurance Company, founded in 2006 in Irving, US, provides essential home insurance services. The firm underwent a strategic transition when Porch.com, Inc. acquired it from IA Capital Group for USD 100 mn in April 2021. Spencer Tucker, the founder and current CEO, has been integral in steering the company's vision and operational strategies. The firm has completed three deals, with the most recent deal occurring on June 21, 2013, raising funds through an ADD-ON, Trade Sale, totaling USD 5.00 mn, led by Porch.com, Inc.HOAIC offers a comprehensive suite of home insurance products tailored to protect customers' most important asset—their homes. Their offerings include standard homeowners insurance, condo insurance, landlord insurance, dwelling fire insurance, and flood insurance, designed to mitigate risks from natural and man-made disasters. The company collaborates with independent agents to provide personalized consultations, serving a diverse clientele across various geographic regions in the United States, particularly in areas vulnerable to environmental challenges.For the year 2015, HOAIC reported a revenue of USD 38.41 mn, with an EBITDA of USD 6.41 mn. The company's revenue model centers on policy sales and renewals, primarily through independent agents and direct sales to consumers, ensuring a steady income stream from its insurance products.HOAIC is focused on expanding its product offerings and geographic reach. Although specific upcoming products were not detailed, the company aims to enhance its portfolio by tapping into new market segments within the insurance industry. Recent funding from Porch.com, Inc. will be utilized to support these initiatives, as well as to improve operational capabilities. The recent acquisition positions HOAIC to leverage Porch.com’s resources and expand its services in targeted markets. Following the acquisition in April 2021, the company is expected to strategize on growth opportunities in regions experiencing high demand for home insurance.

## Funding rounds

- Series A, Nov 1, 2005, $5M — IA Capital Group

## Investors

- IA Capital Group (https://capitalatlas.ai/funds/ia-capital-group) — Series A