What Honeycomb does

Honeycomb Insurance (legally Honeycomb Programs Inc.) is a US-incorporated managing general agent that underwrites and distributes digital property and casualty insurance exclusively for the habitational real estate market: landlords, apartment building owners, condominium owner associations (COA), and homeowner associations (HOA). Founded in 2019 in Israel by Itai Ben-Zaken (CEO) and Nimrod Sadot (CTO), the company launched in North America in June 2021 and now operates across 22+ US states, serving 30,000+ property owners with insured assets exceeding $100 billion. The product portfolio is anchored by four core lines (Landlord, Apartment Building, COA, and HOA Insurance) bundled into a Rental Property Package, plus the April 2026 Honeycomb Excess Liability specialty module and the AI-powered Honeycomb Inspector App, supported by both admitted (AM Best A- Size 9 "Excellent") and non-admitted E&S capacity.

The company's underlying technology is a proprietary AI underwriting platform that prices each property individually using hundreds of structured and unstructured data points, including geospatial information, environmental data, high-resolution imagery, and building history, eliminating the need for physical inspections. Modalities span computer vision (aerial/Inspector App imagery), predictive analytics, knowledge retrieval, and emerging generative AI applications, with in-house Senior AI Engineers, Data Scientists, and AI Underwriters in Tel Aviv and Chicago. The result is a quote-to-bind flow measured in minutes rather than days, with claimed pricing up to 40% below traditional ZIP-code-based carriers.

Honeycomb makes money primarily through MGA commissions on gross written premium ($275M exited 2025), supplemented by layered excess liability premiums, E&S non-admitted placements (Hannover Re panel, $25M property limits), and a Neptune Flood partnership extending flood coverage onto the same platform. Distribution runs through three interlocking channels: appointed independent insurance agents (the primary motion via the Queenbee agent portal), a self-serve digital quote-and-bind platform for SMB landlords and unit owners, and an inside/regional sales team across Chicago, Austin, Denver, and New York. The company reported cash flow positive exiting 2025 and closed a $40M Series C in June 2026 at a higher valuation than the 2024 Series B ($140M post-money).

Name

Honeycomb

Legal name

Honeycomb Programs Inc.

Website

https://honeycombinsurance.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Honeycomb Insurance is an AI-driven US managing general agent that underwrites and distributes digital habitational property insurance (landlord, apartment, COA, HOA) across 22+ states, serving 30,000+ property owners through appointed agents and its own quote-to-bind platform.

Ownership category

akta.pro rank

Product category

Commercial Property Insurance

NAICS

Insurance Agencies and Brokerages (52421), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Other Insurance Related Activities (52429)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

akta.pro secondary industries

Wholesale Insurance Brokerage (Excess & Surplus Lines) (FSAEADAD), Commercial Umbrella Insurance (FSAJANAB)

Keywords

• Habitational property insurance
• Landlord insurance
• Condo association insurance
• AI underwriting platform
• Managing general agent

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Insurance premium commissions as Managing General Agent (MGA): Honeycomb operates as a managing general agent/general agent for affiliated insurance carriers, earning commission on insurance premiums placed across landlord, apartment, HOA/COA, and excess liability lines. Generated $275M in gross written premium exiting 2025.
2. Excess liability product premiums: New Honeycomb Excess Liability product offering higher liability limits up to $5M in $1M layers, sold through agents on the same digital platform as the primary policy.
3. E&S (Excess & Surplus) non-admitted program premiums: E&S program launched with Builders/Hannover Re panel in late 2024 and expanded to 18 states by July 2025; non-admitted capacity now used to support higher-risk properties.
4. Flood coverage via Neptune Flood partnership: Extension of coverage portfolio through partnership with Neptune Flood, allowing agents to place flood policies on the same Honeycomb platform.
5. Carrier/admitted premium with flexible direct-bill payments: Admitted carrier offering (AM Best A- Size 9, "Excellent") with direct-bill payment plans, generating recurring premium revenue through agent placements.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Honeycomb Insurance is a managing general agent and admitted carrier that underwrites and sells commercial habitational real-estate insurance—landlord, apartment building, COA and HOA policies—using a proprietary AI underwriting platform that prices each building individually without physical inspections. Distribution runs through appointed independent agents/brokers and a self-serve digital portal, with an Excess Liability specialty module and a Neptune Flood partnership extending the coverage portfolio.

Product overview

Honeycomb Insurance operates a single unified digital insurance platform purpose-built for the habitational real estate market — landlords, apartment buildings, condominium associations (COA), and homeowner associations (HOA). The portfolio is anchored by four core insurance products — Landlord Insurance, Apartment Building Insurance, COA Insurance, and HOA Insurance — that share a common Rental Property Package Coverage bundle (property plus general liability) backed by Honeycomb's proprietary AI underwriting platform. Layered on top are the Honeycomb Excess Liability specialty module (launched April 2026) and the AI-powered Honeycomb Inspector App, which together enable instant, no-inspection quoting and binding. Distribution runs through Honeycomb's agent-facing platform (the Queen Bee agent portal) in over 22 U.S. states, with both admitted and non-admitted (E&S) capacity, plus a Neptune Flood partnership extending flood coverage through the same digital flow.

Differentiator

Problem solved

Functional benefit

Brands

• Honeycomb Excess Liability: Excess liability coverage product that increases liability limits up to $5M in $1M layers on top of Honeycomb's primary landlord policies; part of the Specialty product suite.
• Honeycomb Inspector App

Products and services

• Landlord Insurance Insurance product purpose-built for rental property owners, covering single-family rentals through multi-family buildings. Includes property, liability, business income and certified terrorism coverage, with custom add-ons for excess liability, ordinance/law, D&O, employee benefits liability and equipment breakdown.
• Apartment Building Insurance Commercial landlord insurance for multi-family apartment buildings of three to hundreds of units. Covers physical damage from covered perils, general liability, business income/interruption, and add-ons such as enhanced ordinance or law, water backup, employee dishonesty, forgery or alteration, computer fraud and electronic data coverage.
• COA (Condo Association) Insurance Insurance for condominium owner associations covering shared structures (pools, playgrounds, clubhouses) and association liability. Distinct from individual condo owner insurance. Includes property, liability, dwelling, business income and certified terrorism coverage.
• HOA (Homeowner Association) Insurance Master insurance policy for homeowner associations covering shared structures, common areas and HOA third-party general liability. Available in bare walls-in, single-entity and all-in master policy formats, with optional ABC ordinance/law, D&O, EPLI and equipment breakdown coverages.
• Honeycomb Excess Liability Specialty suite excess liability product allowing agents to quote and bind higher liability limits up to $5M in flexible $1M layers through a single integrated digital flow. Sits on top of Honeycomb's primary landlord policy, follows form and is fully integrated into Honeycomb's tech-driven underwriting platform. Eligible accounts may also receive $1M in D&O and hired/non-owned auto coverage.

Quantifiable outcome

• Up to 40% savings vs traditional carriers
• +6 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability10 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Neptune FloodcoreTechnology or Integration · 1 October 2025Honeycomb partnered with Neptune Flood to extend its coverage portfolio on one platform, allowing agents to quote and bind flood insurance through the same Honeycomb interface (October 2025).
• TrisuracoreStrategic or Co-development Partner · 1 August 2025Trisura partnership provided Honeycomb with additional habitational capacity reported in August 2025, supporting expansion into new states and increased property limits.
• BuilderscoreStrategic or Co-development Partner · 1 September 2024Builders partnered with Honeycomb to launch an E&S habitational program with a Hannover Re-led reinsurance panel in September 2024, enabling coverage up to $25M per location across 18 states by July 2025.
• Hannover RecoreStrategic or Co-development Partner · 1 September 2024Hannover Re leads the reinsurance panel backing Builders and Honeycomb's E&S habitational program launched in September 2024.
• Ramey King InsuranceminorChannel Partner/ Reseller/ Distributor · 1 January 2024Appointed Honeycomb agent; featured publicly as testimonial case study highlighting the value of Honeycomb's user-friendly rating platform, broad coverages, easy inspection process and competitive pricing.
• Accredited Insurance / Accredited SuretyminorStrategic or Co-development Partner · 1 June 2021Accredited-backed capacity supporting Honeycomb's launch in multi-family property insurance in June 2021.

Scale indicators11 records

Recent moves13 records

Expansion highlights6 records

Direct peers

• Kin Insurance: Insurtech MGA focused on homeowners and related habitational lines, using data-driven underwriting and a direct/agent distribution model. Closely comparable to Honeycomb in product mix, technology-led underwriting and target customer (property owners).
• Obie Insurance: Digital insurance platform purpose-built for real estate investors and landlords, with instant online quoting for rental properties. Directly comparable to Honeycomb's landlord insurance product and self-serve digital funnel strategy.
• Slide Insurance: Insurer focused on habitational property (homeowners and condo) particularly in catastrophe-exposed states. Comparable to Honeycomb in product line and target of pulling market share from carriers that have exited constrained markets.

Broad incumbents

• Hippo Insurance: Public insurtech offering homeowners insurance with a modern digital experience and embedded smart-home technology. Broader scale and balance sheet than Honeycomb, but a comparable tech-led underwriting and direct/agent distribution play in residential property.
• Lemonade: Public, scaled AI-native P&C insurer covering renters, homeowners, pet, auto and life. Operates a much broader product portfolio than Honeycomb but shares an AI-driven underwriting and digital-first distribution philosophy.
• Next Insurance: Digital SMB-focused commercial insurance carrier offering a broad product line (GL, workers' comp, commercial auto, etc.) through agent and direct channels. Comparable to Honeycomb as a technology-led, digitally distributed insurance business, but with diversified SMB exposure.
• Clearcover: Digital-first auto insurance carrier using proprietary telematics and data models. Not a direct competitor in product, but comparable as a tech-led, capital-efficient insurtech pursuing direct distribution and AI-based underwriting.

Emerging players

• Belong: Residential real estate and insurance platform offering homeowners coverage tied to the home purchase journey. Comparable in habitational focus and digital-first insurance distribution, though oriented to owner-occupied rather than rental property.
• Matic Insurance: Embedded home and auto insurance technology provider distributed through mortgage and real-estate partners. Comparable in technology-led homeowners insurance and digital distribution, but focused on embedded channel rather than direct/agent.

Others

• Roofstock: Online marketplace for single-family rental investment and adjacent services, including an insurance offering for rental property owners. Adjacent rather than direct: shared landlord customer base, but Roofstock's core business is investment marketplace rather than insurance underwriting.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=dSJ33TufmE4
• Facebookfacebook.com/honeycombins
• LinkedInlinkedin.com/company/honeycombinsurance
• Xx.com/honeycombins

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds4 records

Investors14 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Honeycomb