Homeowners of America (Porch) homeowners insurance

Overview

Homeowners of America Insurance Company (HOA, or HOAIC on its own site) is an Irving, Texas property insurer that writes homeowners, condo and landlord policies through independent agents. Since 2021 it has been part of the Porch Group orbit: Porch, a Seattle home-services software company, bought the carrier and then, effective January 1, 2025, sold it to a newly formed reciprocal exchange, Porch Insurance Reciprocal Exchange, which Porch manages for a fee. Porch Group ranked #61 among U.S. homeowners insurance groups by 2025 direct premiums written, with $353.0 million (0.19% of the national market), according to NAIC market share data.

Texas is the center of gravity. Porch's 2025 annual report says the reciprocal sells property insurance in 20 states, but about 56% of Porch's consolidated 2025 revenue came from Texas customers. In January 2026 the reciprocal added a second product, sold under the Porch Insurance name, in Texas only.

What makes the company unusual is its data pitch. Porch sells software to home inspectors, title agents, mortgage lenders and roofers, and says its "Home Factors" data covers about 90% of U.S. homes. The reciprocal uses that data to price well-maintained homes more cheaply and surcharge riskier ones, which is why it sits among the insurtechs even though it still sells the traditional way, through agents.

History

Homeowners of America was founded in Texas in 2006, according to Porch's April 2021 announcement, and began with homeowners and dwelling fire policies in Texas. Under president and CEO Spencer Tucker it spread slowly: by November 2020, when it entered Illinois, it was writing in seven states (Texas, Arizona, Virginia, North Carolina, South Carolina, Georgia and Illinois) and said it insured more than 200,000 homes.

Porch completed the purchase on April 5, 2021. Its 2021 annual report puts total consideration at $114.8 million, including $84.1 million in cash and $22.8 million in Porch stock; it was the largest acquisition in Porch's history.

The next two years were rough. Large Texas weather losses drove spikes in the loss ratio in the second quarters of 2023 and 2024. In 2023 HOA also learned that collateral behind one of its reinsurance contracts, arranged through Vesttoo Ltd., was fraudulent. That contract provided part of HOA's quota share and up to about $175 million of catastrophe protection. HOA terminated it on August 4, 2023 (effective July 1), seized about $47.6 million of collateral, and Porch took a $36.0 million charge.

The restructuring followed. The Texas Department of Insurance approved formation of the reciprocal in October 2024, and HOA became its wholly owned subsidiary on January 1, 2025. Porch funded the deal with $47 million of surplus notes on top of a $49 million note HOA already owed it; a Porch subsidiary, Porch Risk Management Services, LLC, now runs underwriting, renewals and finances as attorney-in-fact. Porch keeps fees and note interest but has no claim on the reciprocal's surplus, which belongs to its policyholder-members.

Homeowners coverage

HOA sells three lines through agents: homeowners, condo and landlord (dwelling fire) coverage. The homeowners policy carries the usual six coverages, from the dwelling through medical payments to others, and flood is excluded; HOA places separate National Flood Insurance Program policies through Wright Flood.

Its optional endorsements, which vary by state, include equipment breakdown coverage coverage up to $100,000 (offered with Travelers BoilerRe), an inland flood endorsement for low-to-moderate-risk areas with up to $50,000 of coverage and a $500 deductible (with Munich Re), replacement cost on personal property, a higher jewelry and watch theft limit (to $5,000), $500 of refrigerated property coverage, $500 of pet coverage when a covered loss displaces the household, service line coverage with a $10,000 limit and a $500 deductible, and mortgage extra expense coverage that reimburses up to $250 a month (up to $10,000) if a total loss forces a higher mortgage rate.

Porch Insurance, launched in Texas in January 2026, is a broader policy sold as a membership. Porch's page lists service line coverage up to $10,000, residential glass coverage and refrigerated product coverage, and bundles a Porch Home Warranty (with a $200 service call fee), a home maintenance app and moving help on new policies. Porch's 2025 10-K warns that some customers' prices may rise and others fall as policies convert to the new product, so compare the renewal offer line by line.

Discounts and savings

HOA's site says discounts vary by state and does not name them; its agent page mentions companion product discounts. Porch Insurance lists two specific credits: a discount of up to 20% for a newly purchased home, which shrinks in years two and three and ends in year four, and a discount on the fire portion of the premium if you provide a licensed home inspection report from within the past three years. Members also get four $25 handyman coupons in the first year.

Where it sells and recent market moves

HOA is licensed far more widely than it writes: Demotech lists 36 jurisdictions, while Porch says the reciprocal sells in 20 states. Its earliest markets after Texas were Arizona, Georgia, the Carolinas, Virginia and Illinois; Porch does not publish a current state list, so ask an agent whether HOA writes your ZIP code.

The business is growing again. In the second quarter of 2026 the reciprocal wrote $139.8 million of premium and 58,700 policies, up 38% from a year earlier, and its statutory surplus reached $169.9 million on June 30, 2026. Reinsurance has grown with it: from April 1, 2026 its catastrophe program covers losses from $35.0 million to $365.0 million per occurrence, and in July 2026 a $100 million catastrophe bond (Harbor Crest Re) added roughly four years of protection above that tower for named storms, winter storms, severe weather, wildfire and fire following earthquake (see catastrophe bonds and home insurance). As a Texas property insurer it is also a member of the Texas Windstorm Insurance Association and can be assessed for its losses.

Claims

HOA takes claims 24/7 at 866-407-9896, by email at [email protected] or through an online form, and assigns a claims professional to contact you. Porch Insurance members report claims at 888-927-4530 or [email protected]; Porch says it calls back within 24 to 48 hours. In Texas, where hail is the main risk, photograph roof and window damage before a contractor touches it (see hail damage claims: roofs, siding and windows).

Ratings and reputation

Demotech affirmed Homeowners of America's Financial Stability Rating of A (Exceptional) on September 14, 2026. HOA is not rated by AM Best, S&P or Moody's, which is typical of carriers that rely on a Demotech rating. The company was not named in J.D. Power's 2025 or 2026 home insurance or property claims studies.

Porch's results show a sharp improvement: the reciprocal's gross loss ratio fell from 65% in 2024 to 27% in 2025. In May 2025 Porch said AM Best market share data ranked HOA first among Texas homeowners peers for direct combined ratio in 2024, a company characterization of a peer comparison. Porch still pursues recovery of losses from the Vesttoo fraud.

Who it suits

HOA suits Texas homeowners and those in its other states who buy through an independent agent and want a carrier that prices on the condition of the individual home. Porch Insurance can make sense for a recent buyer who will use the new-home discount and the warranty. It suits less well anyone who wants an AM Best rating, a direct online purchase, or a mutual with a long record.

• Strengths: Demotech A (Exceptional), affirmed September 2026; a broad menu of endorsements including inland flood and mortgage extra expense; surplus up 33% year over year and a new catastrophe bond in 2026; 24/7 claims reporting with Spanish-language service.
• Weaknesses: no AM Best rating or J.D. Power ranking; heavily concentrated in Texas hail country; a manager-plus-reciprocal structure that is newer and harder to follow than a stock or mutual insurer; the Porch Insurance product is Texas-only so far.

How to contact Homeowners of America (Porch)