Benzinga rates Kin as overall best for cheap flood insurance

Previously, homeowners could only have one flood insurance to cover their property, but private carriers have returned to the market with the benefit of improved risk prediction through the use of artificial intelligence.

The National Flood Insurance Program (NFIP) can provide the coverage Florida homeowners need, but the private market can now supply a better overall policy, which can also be cheaper, according to Benzinga. 

One company in the private market, Kin Insurance, earned the Benzinga rating by providing the best overall cheap flood insurance.

The flood and home insurance provider caters to water-prone markets like Florida. Homeowners can choose to add an endorsement to their home insurance policy for flood insurance coverage with Kin. A single payment protects the home and homeowners may save money for some claims by sharing a deductible with a single premium for “all other perils," according to Benzinga.

Homeowners with insurance by another carrier can also buy Kin’s flood insurance as a standalone policy.

There is no waiting period for Kin as well. Kin's policy takes effect immediately, while NFIP coverage includes a 30-day waiting period.

Another insurance company, Neptune, was rated by Benzinga as the best for coverage options, with choices such as items stored in the basement and temporary living expenses.

But if you need your flood insurance coverage fast, then TypTap might be your choice. Benzinga rated it for its quotes, which can be given within minutes. 

Homeowners with more expensive homes will want higher coverage limits and Tower Hill’s flood coverage has a $5 million limit and $3.5 million for coverage of the home’s contents, Benzinga reported.

If you prefer a large choice of local agents, Allstate may be your pick. Benzinga said this large insurer uses NFIP’s Write Your Own program to help you get your property covered.