Annex Risk Insurance: Who It Is, What It Writes in California, and How to Get a Quote

Annex Risk is a San Francisco-based insurance intermediary that writes homeowners and residential flood insurance for homes in areas exposed to natural catastrophes, the wildfire, hurricane and coastal zones where standard carriers have pulled back. It is not itself an insurance company. Annex says it partners with leading insurance carriers rated "A" and "A-", underwrites with what it calls "sophisticated algorithmic underwriting and capacity", and distributes its policies "through a network of appointed licensed independent insurance brokers".^[1][2] Its homeowners program is live in California and, in Annex's own description, targets "well-maintained homes that struggle to obtain coverage due to their proximity to the wildland-urban interface".^[6]

For a California owner, that makes Annex one of a handful of specialty programs to check before settling for a FAIR Plan policy. Menlo Insurance Services can quote Annex Risk's homeowners program through its market access; to see whether your home fits, request a homeowners quote and tell us it is a wildfire-area home. The rest of this guide covers what Annex is, what it writes, and what to ask about the policy it produces.

Who is Annex Risk?

Annex describes itself as a company founded by "industry experts" with more than 50 years of combined experience, using algorithmic underwriting to price homes that the standard market treats as too risky.^[2] Its LinkedIn profile gives the founding year as 2019 and frames the mission as serving consumers in places exposed to natural disasters.^[6] The operating entity is Annex Risk & Insurance Solutions LLC, with a San Francisco mailing address and a payments lockbox in Dallas.^[5]

The commercial structure is the thing to understand. Annex does not carry the risk on its own balance sheet. It "partners with leading insurance carriers" and describes those partners as "A" and "A-" rated, without naming them on its public site.^[1] In insurance vocabulary this is the managing general agent or program administrator model, the same structure our Delos Insurance guide describes: the intermediary selects, prices and services the risk, and a licensed insurer issues the contract and pays the losses. The practical consequence for you is that the name that matters at claim time is the carrier's, not Annex's, so you need to know it.

Annex's stated footprint is Alabama, Arizona, California, Florida, Georgia, Maryland, Massachusetts, Mississippi, New Jersey, North Carolina, Pennsylvania, South Carolina, Texas and Virginia, and it reports roughly 15,000 agent partners.^[2][1] The pitch to those agents is speed: "quote and bind digitally in under 2 minutes".^[1]

What does Annex Risk insure?

Two products appear on the public site, and a third has been announced.

Homeowners. Annex writes what it calls "standard HO-3 insurance" for owners in high-risk zones, naming hurricanes, tornadoes and fires as the events that make those homes hard to place.^[3] The coverages it lists are the familiar HO-3 parts: dwelling, other structures, loss of use, personal liability and personal property, plus a "reconstruction" coverage described as additional protection when the decision is to rebuild rather than take the replacement cost value.^[3] The homepage advertises capacity up to "$2m of replacement cost" and says "Tier 1 & 2 risks accepted", a reference to catastrophe-exposed rating tiers.^[1] For what the HO-3 form itself covers, see our HO-3 vs HO-5 guide and the HO 00 03 form reference.

Flood. The residential flood product lists dwelling, personal property, loss of use and other structures.^[4] Annex's page does not describe how it relates to the federal program; ask whether a quote is private flood or NFIP-backed and how it treats waiting periods and elevation data. Our flood insurance overview covers the basics.

Condo. Annex announced on its company channel that it now offers HO-6 coverage "as part of the Annex homeowners program", aimed at units in catastrophe- and wind-exposed areas outside the admitted market.^[6] The product is not described on the public site, and availability varies by state and building. Menlo's quoting of Annex is focused on the homeowners program; ask a broker about condo availability rather than assuming it.

What does the California program look for?

Annex's own description of its California launch is the best public guide to eligibility: the program targets "well-maintained homes that struggle to obtain coverage due to their proximity to the wildland-urban interface".^[6] Read those two clauses together. The first is a condition standard: expect the underwriting to ask about the age and condition of the roof, electrical, plumbing and heating systems, about prior claims, and about the state of the property in general, because "well-maintained" is the entry ticket. The second is the market gap Annex is trying to fill: homes that a wildfire model has pushed out of the admitted market but that are not, on inspection, bad risks.

That is a different question from the one the FAIR Plan asks. The FAIR Plan is the insurer of last resort and asks only whether any traditional insurer will take you; Annex asks whether your specific house, on its specific parcel, prices within its models. The two answers can differ, and a home that was quoted only the FAIR Plan a year ago may fit a specialty program now. A broker who has access to both markets can find out in one submission.

How do you get an Annex Risk quote?

Through a broker. Annex states that it offers policies "through a network of appointed licensed independent insurance brokers", and that a licensed property and casualty broker in its states "does not need to hold an E&S license to produce/refer submissions".^[2] There is no consumer quote tool on the public site; the only portal is an agent login.^[5] Menlo has market access to Annex's homeowners program and can submit your home to it alongside the other wildfire-area markets we work with.

What the submission will need is the same set of facts every specialty homeowners carrier asks for:

1. Property facts

   Year built, square footage, construction type, roof material and age, foundation, and the year of any wiring, plumbing and heating updates. Photos help. "Well-maintained" has to be shown, not asserted.^[6]

2. Location and mitigation

   The address decides the wildfire exposure; defensible space, ember-resistant vents and other hardening are the parts of that exposure you control. Have a current photo set of the perimeter ready.

3. Coverage targets

   The dwelling limit you need to rebuild, contents and liability limits, and the deductible you can carry. Annex's homeowners program advertises capacity up to $2 million of replacement cost.^[1]

4. History

   Prior claims, prior carriers, and any nonrenewal notices. A nonrenewal from an admitted carrier is not a disqualifier for a specialty program; it is the reason those programs exist.

Then start a homeowners quote. If Annex is a fit, the quote will show the issuing carrier, the form, the limits and the deductibles, and you can weigh it against the alternatives, including a FAIR Plan policy paired with a difference in conditions policy.

What should you ask before you bind?

A specialty homeowners policy is worth exactly what its paper and its terms are worth. Five questions:

1. Which insurer issues the policy, and is it admitted in California or surplus lines? Annex has described its homeowners product as excess and surplus lines coverage in Florida, New Jersey and Georgia.^[6] Whatever the answer is in California, the difference matters for rate regulation, guarantee-fund protection and taxes. Read admitted vs non-admitted carriers and surplus lines insurance before you decide that the difference is academic.
2. What is the issuing carrier's financial strength rating? Annex says its partners are "A" and "A-" rated.^[1] Ask for the carrier name and the rating agency, and read the rating yourself; our AM Best ratings guide explains the scale.
3. Is the form a true HO-3, and are contents at replacement cost? Annex describes the product as standard HO-3.^[3] Confirm the form number and whether personal property is settled at actual cash value or replacement cost.
4. What are the deductibles, including any separate wildfire deductible? Some specialty wildfire programs use a percentage deductible for wildfire alongside a flat all-other-perils deductible. Convert any percentage to dollars.
5. Who handles claims and how? With an intermediary in the chain, you want the claims phone number and the name of the adjusting company in writing before a loss, not after.

None of these are reasons to avoid a specialty program. They are the difference between buying a policy and buying a name.

This guide is for educational purposes and summarizes Annex Risk's public statements and general California market practice. Your policy's specific terms, conditions, and endorsements control. Menlo Insurance Services (CA license 6020106) does not guarantee that any coverage or price will be available; talk to a licensed broker about your actual exposures.

The Bottom Line

Annex Risk is a broker-distributed program for homes the admitted market has left behind: HO-3 homeowners and residential flood, priced by algorithm, issued by partner carriers, and live in California for well-maintained homes near the wildland-urban interface. It is worth a submission before you accept the FAIR Plan. Before you bind, learn the carrier's name, whether the paper is admitted or surplus lines, its rating, and the deductibles, because those, not the program's brand, are what you are buying.