All solicitations to apply for insurance and applications for insurance are made through Goodcover Insurance Solutions, LLC via Christopher Lotz, its Designated Responsible Licensed Producer, whose licensure status is also summarized below.
This website is not a solicitation to sell insurance in any jurisdiction in which we are not licensed.
Your Renters Insurance is underwritten by KnightBrook Insurance Company, AM Best Rating B++, FSC VII, admitted in California (NAIC No. 13722).
Earthquake Insurance is underwritten by Palomar Insurance Company, AM Best Rating A-, admitted in California (NAIC No. 20338).
Goodcover Insurance Solutions, LLC receives compensation from insurance carriers based on the type and amount of insurance coverage sold and the amount of premium dollars paid.
At your request, we will provide further information about the compensation we expect to receive for your purchase of a specific insurance policy from us.
Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information or conceals for the purpose of misleading, information concerning any material fact thereto, commits a fraudulent insurance act, and may be subject to fines, restitution, or confinement in prison, or any combination thereof.
For your protection, California law requires the following statement: Any person who knowingly presents a false or fraudulent claim for the payment of a loss is guilty of a crime and may be subject to fines and confinement in state prison.
The Member Dividend is at the core of how Goodcover believes insurance should be - fair, transparent, and prudent with Member’s money. Goodcover takes a fixed fee - currently 20% of premiums - for each Goodcover Policy, using the remaining 80% to meet claims obligations. Every calendar year on [Date TBD], Goodcover will return to each Member, through the Member Dividend, the earned premiums paid by each Member that are not needed to meet claims obligations.
Ideally, if we are doing our job well, the amount we’ve collected in premiums should roughly equal claims obligations for the year - with a little left over, built in for safety. While we would love the Member Dividend to be paid every year, it is entirely possible that past, present and future obligations exceed the earned premiums we collected in the year. Whether a Dividend can be paid is up to the discretion of Goodcover’s board. That said, Goodcover’s policies are “non-assessable”, meaning you will not be asked for more money if claims obligations exceed premiums from the year and no Dividend is payable. For the sake of clarity, we do not expect the Dividend to ever exceed more than 10% of your premiums.
We will keep Members up to date throughout the year how the Dividend is faring and what factors are impacting it.
To say Thank You to Members who invite others to become new Members, Goodcover will pay one month of the annual insurance premium that the Inviting Member owes on their Goodcover Renters Policy in California for each invited potential new Member that receives a bindable quotation from Goodcover’s website. If that new Invited Member purchases a policy from that quotation, Goodcover will also pay one month of their annual insurance premium for the Invited Member.
The maximum number of free months of insurance that an Inviting Member can earn is 24. The maximum amount Goodcover will pay towards an Inviting Member’s monthly premium or an Invited Member’s monthly premium is $20.00 each month, for each Member. Credits are not refundable, transferrable, or redeemable for cash. An Inviting Member can only earn one month of free insurance per Invitee that receives their quote. If Goodcover suspects that Inviting Members are inviting themselves or the same person more than once, or if the same person has received and accepted invitations from more than one Inviting Member, we have the right to rescind this offer to both the Inviting and Invited Members. Fake emails, fake names, fake personas etc, are not allowed as per our Fraud Warning above. Good faith or accidental double-invitations can be reported to Goodcover without further penalty, but Goodcover will charge to recoup any months of free insurance given in error.