Trov’s first port of call in the U.S. will be Arizona. The service is already available to customers in the UK and Australia who have signed up to insure items 1 million times since the company first launched its business.
A spokesperson for the company declined to comment on how many individuals have signed up for the service or how much they’ve spent on the policies.
Munich Re is serving as Trov’s underwriting partner in the U.S. (and the rest of the world), and the company said it would look to roll out across the rest of the country over the course of the year.
As part of the rollout, Trov is introducing a new service that will cut a customer’s premium payment, as the object they’re insuring depreciates in value. The insurer makes these adjustments by comparing the item insured with the retail replacement value of a similar, newer item.
In addition to its geographic expansion, the company is also expanding the types of items it’ll insure, from consumer electronics and photography gear to sports and musical equipment.
Trov’s insurance policy is already approved in 44 states, and the personal property product is actually the company’s second service for the U.S. market.
Earlier this year the company launched Trov Mobility in partnership with Waymo, the autonomous vehicle subsidiary of Alphabet (which owns Google). That product protects passengers in Waymo’s self-driving car service — which is preparing for launch later this year.
Insurance has been a hot business for startup investors with companies like Cover launching with a similar, on-demand offering already operating in the U.S. Other competitors include companies like Lemonade and Hippo, which both offer homeowners or renters insurance for a modern home — including insurance for electronics, photography equipment and other possessions.