Orchard, which operates a home buying and selling marketplace, has branched out into the insurance and warranty business.
The New York-based startup announced Thursday the launch of Orchard Insurance and Orchard Warranty.
With Orchard Insurance, customers can “quickly and easily compare quotes from dozens of carriers to find the best coverage option that meets their specific needs,” according to the company.
Formerly called Perch, Orchard closed on a $69 million Series C round led by Revolution Growth in September.
The three-year-old company started out with the mission of helping people buy homes before they’ve sold the ones they currently own by providing them with the needed cash.
It has since expanded its offerings, broadening into the fintech space and launching a Home Loans unit in July.
CEO and co-founder Court Cunningham told FinLedger via email that the company launched the new business lines after getting feedback from customers that they wished “that even more parts of the home buying process were integrated into the Orchard platform.”
“Our home buying customers told us that because they need insurance to complete their home purchase, they wished we could offer them a solution,” he added. “We’re thrilled to add insurance and warranty so that customers have the option to get everything they need to buy a home with Orchard.”
To be clear, Orchard will not be offering the insurance or warranty directly. It will send applicants an email with customized insurace coverage options “within minutes of filling out the online application,” in partnership with insurance agency Young Alfred, according to Cunningham. The agency shops over 40 carriers during the process, he said.
Once the customer decides on which policy to purchase, they can then provide the proof of insurance to Orchard Home Loans and “seamlessly close on their home loan,” according to Cunningham.
With Orchard Warranty, the company has partnered with Cinch to create a customized offering for our customers.