Kin Insurance: Admitted In Florida?

Kin Insurance is a direct-to-consumer home insurance company that provides coverage in states prone to natural disasters, including Florida. It advertises itself as an affordable insurer with a unique underwriting method that includes data that other insurance providers typically overlook, such as property records, permit data, and aerial imagery.

Kin Insurance has a presence in Florida through its subsidiary, The Kin Interinsurance Network, which is based in St. Petersburg, Florida. This subsidiary allows Kin to underwrite its own policies in the state.

Kin Insurance offers a range of insurance products in Florida, including homeowners insurance, mobile home insurance, condo insurance, and landlord insurance. The company also provides private flood insurance in Florida, which is independent of the National Flood Insurance Program (NFIP).

Kin Insurance's financial stability rating

Kin Insurance is a relatively new company, founded in 2016, and as such, it hasn't been rated by A.M. Best. However, Demotech, another financial strength rating company, gives Kin Interinsurance Network and Kin Interinsurance Nexus Exchange an A (Exceptional) financial stability rating. This means Demotech has strong confidence in Kin's ability to pay claims, which is particularly important given that the company operates in high-risk states prone to natural disasters.

Demotech's website states that:

> "Regardless of the severity of a general economic downturn or deterioration in the insurance cycle, at least 97% of all the insurers countrywide receiving a Financial Stability Rating of A are expected to have positive surplus as regards policyholders as of eighteen months from the initial date of rating assignment."

In addition to this, Kin has experienced recent financial successes. In February 2024, the company gained an additional $15 million in funding, placing its value over the $1 billion mark and securing "unicorn" status. In the fourth quarter of 2023, Kin's written premium soared 54% compared to the previous year.

Pros and cons of Kin Insurance

Pros of Kin Insurance

Kin Insurance is a direct-to-consumer home insurance company that offers several benefits to its customers. Here are some pros of choosing Kin Insurance:

• Tech-forward approach: Kin takes a digital-first approach to home insurance, making it convenient and user-friendly. You can get a quote by simply entering your address on their website, and they use data like property records, permit data, and aerial imagery to generate a quote quickly.
• Available in high-risk states: Kin specializes in providing coverage in states prone to natural disasters, such as Florida, Louisiana, and Texas, which are often harder to insure.
• Affordable rates: Kin offers competitive rates that are often cheaper than larger companies. Their unique underwriting method considers various data points to provide affordable coverage.
• Customizable policies: Kin offers landlord, condo, high-value, and customizable policies to meet the diverse needs of their customers.
• Discount availability: Kin offers a variety of discounts, including mature homeowner discounts, responsible repair discounts, water leak detection device discounts, and wind mitigation credits.
• User-friendly website: The Kin website is easy to use and navigate, allowing customers to get quotes, file claims, and access policy information conveniently.
• Positive customer reviews: Many customers praise Kin's customer service, with positive reviews highlighting their excellent rates, personable agents, and easy signup system.

Cons of Kin Insurance

Now, let's look at some potential drawbacks of choosing Kin Insurance:

• Limited state availability: Kin is currently only available in eight states: Alabama, Arizona, Florida, Louisiana, Michigan, South Carolina, Texas, and Virginia. This limited availability can be a significant disadvantage for those living outside these states.
• No auto insurance: Kin does not offer auto insurance, which may deter customers looking to bundle their home and auto insurance policies to save money.
• Poor online reviews and complaints: Kin has received mixed reviews from customers, with some complaining about steep rate increases upon policy renewal and feeling duped by the initial affordable rates. The company has also received an above-average number of complaints, particularly regarding home insurance.
• Limited insurance products: Kin primarily offers homeowners insurance and does not provide a wide range of insurance products beyond that. For example, they do not offer auto, renters, boat, or pet insurance.
• No mobile app: While Kin has a user-friendly website, they do not currently have a mobile app, which may be a drawback for customers who prefer managing their insurance on their smartphones.

In conclusion, while Kin Insurance offers several benefits, including affordable rates, convenient digital services, and availability in high-risk states, it also has some drawbacks, such as limited state availability, a lack of auto insurance options, and mixed customer reviews. It is essential to weigh these pros and cons before making an informed decision about choosing Kin Insurance as your home insurance provider.

Customer satisfaction and reviews

Customer satisfaction with Kin Insurance is mixed. The company has an average rating of 3.2 out of 5 stars on Bankrate, 3.7 out of 5 stars on Trustpilot, and 3 out of 5 stars on NerdWallet. While some customers praise Kin's easy signup system, customer service, and competitive rates, others complain of steep rate increases upon policy renewal.

Kin Insurance is a regional home insurer that services eight high-risk states: Alabama, Arizona, Florida, Louisiana, Michigan, South Carolina, Texas, and Virginia. The company takes a tech-forward approach to home insurance and offers a user-friendly website. However, its poor online reviews and above-average number of complaints may deter some shoppers.

Kin Insurance offers various types of coverage, including homeowners insurance, mobile home insurance, condo insurance, and landlord insurance. The company also provides private flood insurance, which is rare among insurance companies. In addition, Kin offers a range of discounts that may help lower premiums. These include discounts for having a security or fire alarm, taking wind mitigation measures, having a new or hip-shaped roof, and being claims-free for a set period.

Overall, customer reviews of Kin Insurance are mixed. Some customers appreciate the company's easy online quoting process, responsive customer service, and competitive rates. However, others have complained about steep rate increases upon policy renewal, with some feeling that they were lured in with low initial rates only to be hit with much higher premiums later.

"I returned to Kin insurance while shopping for a better deal on home insurance. I remembered from my previous policy that their application process was simple, easy to navigate, and could be completed entirely online. Any questions I did have were answered quickly and thoroughly by their customer service through email or chat window. Avoiding long calls and wait times is a big advantage for me."

"Amanda Jewell is my salesperson at Kin. Very helpful, answered all my questions very quickly. You never know if you have enough insurance until something happens. I hope I never need to use my policy, but if I do, I believe my policy provides me with good coverage. Highly recommend Amanda."

"Don't get insurance from Kin! They take your premiums and don't cover you when you have a legitimate claim!! [...] In the meantime, while we sued Kin to get the coverage we were rightfully due, we couldn't get another insurance company to insure the house because of the damaged roof - so what did Kin do? You guessed it - they jacked our rates to near double from $2,400 to $4,400 per year."

In summary, customer satisfaction with Kin Insurance is mixed, with some praising the company's easy online processes, responsive customer service, and competitive rates, while others complain of steep rate increases upon policy renewal.

Kin Insurance's coverage options

Kin Insurance is a direct-to-consumer home insurance company that offers coverage in states prone to natural disasters. It was established in 2016 and is currently available in Alabama, Arizona, Florida, Louisiana, Mississippi, South Carolina, Texas, and Virginia. The company specializes in providing insurance in high-risk states, particularly those on or near the Gulf Coast, that are susceptible to hurricanes, flooding, and other catastrophic weather events.

Kin offers six types of insurance coverage:

• Vacation home insurance: This covers homes that are used seasonally or as a rental property.
• Home insurance: This is Kin's main business, providing coverage for homes in disaster-prone areas.
• Condo insurance: This is a specialized type of home insurance for condo owners.
• Mobile home insurance: Mobile homes are at higher risk of wind damage, and Kin provides coverage for this.
• Flood insurance: Kin offers private flood insurance with higher limits than a standard NFIP policy and no waiting period.
• Landlord insurance: This covers rental properties, including long-term and short-term rentals.

In addition to these standard coverage options, Kin also offers some optional endorsements and add-ons for specific situations. These include identity fraud expense coverage, special personal property coverage, personal injury coverage, animal liability coverage, screened enclosure coverage from hurricane damage, and non-catastrophic limited sinkhole coverage.

Kin takes a tech-forward approach to insurance, using data points like property records, permit data, and aerial imagery to generate quotes. This allows for a quick and convenient quote process, as customers only need to provide their physical address, some minimal personal information, and answers to a few questions.

Kin has received positive reviews for its affordable rates and personable agents. However, it has also faced criticism for significant rate increases upon policy renewal, and its customer service hours are more restricted compared to some other companies. Overall, Kin provides a unique offering in the market by serving high-risk areas with a focus on utilizing technology to streamline the insurance process.

Discounts offered by Kin Insurance

Kin Insurance offers a variety of discounts to its customers. While the specific availability of these discounts depends on location and type of home, here is a list of some of the discounts that Kin Insurance offers:

• Fire and security alarm discount: Applied when a home has a monitored fire or burglar alarm.
• Community-based discount: Applied if your home is in a gated community.
• Electronic policy discount: Applied when a customer uses paperless billing.
• Mature homeowner discount: Applied when the applicant is 55 or older.
• Water leak detection and mitigation device discount: Applied if the home has a remote water detection device installed.
• Responsible repair discount: Customers can get a discount if they agree not to sign over claims benefits to a contractor.
• Wind mitigation credits: For homeowners who install certain wind mitigation features.
• Claims-free discount: For customers who haven't filed a claim in a certain number of years.
• Accredited builder discount: For homes built within the last six years with a warranty protecting them from certain defects.
• New homeowner discount: For customers purchasing their first home.
• Pay-in-full discount: For customers who pay their policy in full each year.

Frequently asked questions