The Zebra gave Kin a four-star rating for its insurance coverage in high-risk states. | Stock Photo
Kin received a four-star rating from The Zebra for its homeowners insurance offerings
Kin, founded in 2016 and based in Chicago, is a tech-savvy new home insurance provider, The Zebra said in its online review. The reviewers called the company somewhat unique because it sells policies in states consider risky, whether prone to hurricanes, fires or other server weather events. Policies are available in Florida, Georgia, Texas, Illinois and California.
“Kin prides itself on offering affordable home insurance coverage in these high-risk states. The company claims the average homeowner can save $500 by switching to Kin,” the reviewers said.
The insurer has an above-average rating from the National Association of Insurance Commissioners as it received fewer complaints than the national median, which is one of The Zebra’s ratings criteria.
The review company said Kin’s quoting tool can’t yet give applicants instant home insurance quotes. An insurance agent follows up with options after the potential policyholder fills out a form.
Kin offers dwelling coverage, coverage for personal property, personal liability, medical payments, loss of use and other structures.
Kin offers insurance based on replacement costs and not actual cash value. The latter deducts from your claim any depreciation to the home.
“This is beneficial in the event you suffer covered property damage, as it will ensure you get the full amount required to replace what you lost,” The Zebra reviewer said. “If you don’t need more than the standard amount of homeowners insurance and live in a state where Kin offers coverage, Kin could be a great option with affordable insurance rates."
Kin’s specialization in higher-risk states that have more expensive insurance premiums may be wise to pick a company like Kin that’s familiar with the risks, the reviewer said. And flood insurance can be added without the annoyance of a second insurance bill.
In addition to the most common home insurance policy, Kin has basic, broad and comprehensive coverage, condo insurance, coverage for older buildings and a landlord policy.
With only a few optional coverages – scheduled property and identity fraud protection – homeowners can find other endorsements or riders for supplemental coverage elsewhere.
Florida residents can also purchase flood insurance from Kin.
Kin’s flood insurance policies waive the 30-day waiting period with coverage up to your specific limits. The Zebra said if your home and property value is higher than the National Flood Insurance Protection limits, a private policy would best protect your home. A standard part of homeowners’ policies is wind and hail coverage, with Kin offering choices to policyholders on coverage amounts based on state regulations.
Kin offers discounts to stay competitive with other providers, which include home security installations, wind mitigation, fire mitigation in California, water detection, an accredited builder’s warranty in new home construction and LEED-certified home in California.
Florida homeowners who agree not to assign over benefits – signing claims benefits to a contractor in case repairs are needed – can take advantage of this discount.
Other discounts include claims free, mature policyholders and paying premiums in full.
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