CoverTree

CoverTree is a US insurtech that specializes exclusively in insurance for manufactured and factory-built homes. It operates as a managing general agent (MGA), handling underwriting, pricing, sales, service and distribution, while policies under CoverTree's Manufactured Home Program are underwritten by Markel American Insurance Company; in North Carolina certain policies may be issued by Markel Evanston Insurance Company and placed through CoverTree as a licensed surplus lines broker. In California the company operates as MHTree Insurance Services.

The product line covers homeowner, renter and landlord policies, with homeowner coverage of up to $500,000 in home value, personal property and other structures, plus personal liability, loss of use, other structures and medical payments to others. Eligible property types include single, double and triple wide manufactured homes, modular homes, accessory dwelling units, stationary travel trailers, park models and tiny homes. Quotes and purchases can be completed online, and the company states customers can move from quote to purchase in under four minutes.

Beyond direct-to-consumer sales, CoverTree offers services for manufactured-home community operators, independent agents, lenders and book conversions, and exposes an API. In 2024 it announced an enterprise suite comprising Maple (a resident insurance management tool for property managers), Bonsai (a binding and underwriting platform for independent agents and lenders) and Sequoia (automated quoting and underwriting for insurance books).

Founding story

CoverTree was co-founded by Michigan natives Adarsh Rachmale (CEO), Divyansh Sharma (CTO) and Rishie Modi (COO). Rachmale and Sharma were roommates at the University of Michigan, where Rachmale completed a dual degree in electrical engineering and finance; Modi was a family friend from Rachmale's childhood. Rachmale spent two years in Silicon Valley as a product manager at LinkedIn, working on its Premium and InMail features, before returning to Detroit after the COVID-19 pandemic. He and Sharma left tech jobs in San Francisco to apply insurtech approaches to traditional industries, learning the sector by working at an insurance brokerage, and Rachmale took a road trip staying in manufactured homes across four states before the company was created. Rachmale grew up in Detroit with parents who immigrated to the US and became entrepreneurs in the construction industry.

Business model

CoverTree acts as a program administrator and managing general agent, selling insurance policies as the agent of the underwriting carrier (Markel American Insurance Company) rather than bearing the risk itself. It manages underwriting, pricing, sales, service and distribution, and also licenses enterprise tooling to property managers, independent agents and lenders.

CoverTree receives compensation based on the premiums for the insurance policies it sells as agent of the underwriting carrier; policy obligations remain the responsibility of the issuing insurance carrier.

Traction

Reported total venture funding of $23 million and roughly 50 employees as of October 2025. The insurance product was available in 14 US states as of May 2024, including Arizona and Texas, and the company stated 15 states as of August 2024. The company said it insures approximately 3-4% of all manufactured homes in Arizona. Customer reviews on the company site are predominantly five-star and reference Arizona, Michigan and Ohio policyholders.

Latest developments

Following the May 2024 Series A, proceeds were earmarked for the Maple, Bonsai and Sequoia enterprise products, further product development, scaling operations and hiring. In fall 2025 co-founder and CEO Adarsh Rachmale appeared on a founder and investor panel at Detroit Homecoming XII, citing 50 employees and $23 million raised.