Kin Insurance is a newer company when compared to some of the major names you might already be conversant with. However, its review reveals that the company is unique when it comes to the kind of services they provide.
Kin insurance was founded in 2016 with its headquarters in Chicago and focuses on providing insurance coverage for people who own homes in areas prone to natural events like wildfire, hurricanes, and other extreme weather conditions.
While Kin insurance policies are only available in the states of Alabama, California, Georgia, Florida, Alabama, and Louisiana, the company prides itself on providing a cost-effective policy in areas where many insurance companies are not willing to write a policy.
According to Kin, homeowners can save as much as 500 dollars by switching from traditional insurances to Kin.
While many Kin insurance reviews are available, this review will help you decide if Kin insurance is what you need or not, especially if you live in high-risk areas.
Table of contents
- Kin Insurance—What is It?
- Kin Insurance Review—Coverage Options Available
- Homeowners Insurance (HO-3)
- Condominium Insurance (HO-6) – Kin Insurance Review
- Landlord Insurance (DP-3)
- Pros and Cons of Kin Home Insurance
- Kin’s Insurance Discounts
- Other Discounts Based On Your Insurance Policy
- Kin Insurance Review and Customer Satisfaction
- F.A.Q About Kin Insurance Review
- References
- Recommendation
Kin Insurance—What is It?
In a fast-paced society that is constantly changing, not many insurance companies are built to handle the change properly. Kin is the “perfect” insurance company for the future.
It distinguishes itself in many ways and seeks to provide a solution for all kinds of insurance challenges while helping its clients to also be prepared for the challenge.
In a nutshell, Kin focuses on providing insurance coverage in areas that are already seen as difficult or classified as high-risk by other insurance companies.
When it comes to accessing issuance coverage for high-risk locations, most insurance companies often shy away from the idea. The few companies that are willing to provide coverage for houses in such locations charge high premiums.
The emergence of Kin insurance companies is set to challenge these high premiums and provide a competitive rate for people living in high-risk areas.
According to Kin insurance, it is the right of all homeowners to be able to have access to affordable coverage, no matter the location.
To cut down on the cost of the premium for homeowners, Kin utilizes data that other insurance companies tend to overlook in most cases. Kin employs information like records of current and previous properties, estate listings, and satellite imagery when calculating quotes for clients.
Nonetheless, Kin also takes into account other standard information like personal rating points, the current value of the home in the market, and the crime rate within and around the vicinity.
All this information put together makes Kin’s pricing algorithm distinct from the rest. Kin’s quoting approach ensures that it provides competitive coverage pricing for homeowners in the areas they cover.
Kin Insurance Review—Coverage Options Available
Homeowners Insurance (HO-3)
Generally, the state and local government does not require you to have homeowner’s insurance. However, mortgage lenders insist that their clients provide evidence of homeowner’s insurance.
Even for those with no mortgage on their homes, having homeowner’s insurance is an essential part of planning for their finances. If you live in places like Florida, California, Louisiana, and Georgia, where natural disasters can lead to severe disasters and damage to properties, you need to take home insurance more seriously.
Kin offers a range of insurance coverages that you can fall back on in terms of claims, when a natural disaster occurs. They include:
Dwelling Insurance
When it comes to homeowner’s insurance, dwelling insurance is the most crucial. The insurance covers any damages that affect the structure of your home in times of disaster.
Additional Structural coverage
In addition to providing insurance coverage for your primary residence, Kin also provides additional insurance to cover any other structure on your property.
Structures like a shed, garage, greenhouse, or swimming pool in your property are all eligible for Kin additional coverage.
Personal Property Coverage
Kin extends its property coverage to your properties that are not located in or around your home. You can choose to insure your property for real cash value (less depreciation) or consider the insuring by the replacement cost.
Valuable items like gold and art pieces can be scheduled for enhanced safety via an endorsement. Kin does not charge deductibles for scheduled items.
Loss of Use Coverage
In cases where an insured home becomes uninhabitable after a disaster, Kin provides payment for any additional cost you may incur during the period (amount is subject to the policy limit).
The amount includes payment for a temporal apartment, cash to assist in the purchase of groceries and other essential items, payment for laundry, and cover for other essential expenses during the period.
Personal Liability Coverage
In case of domestic accidents, someone may sustain an injury on your property and decide to press charges, Kin liability coverage will carter from your legal fees and expenses (amount is subject to the policy limit).
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Medical Bills Insurance
When accidents occur in your home and someone is injured, Kin Medical Bills Insurance helps to take care of part of the expenses incurred in treating the injured person.
While the above constitutes the standard coverage provided under the homeowner’s insurance by Kin, there is also other additional coverage for damages incurred as a result of flood, earthquake, landslide, hurricane, etc. that clients can access when they sign up with Kin.
Kin also provides flood insurance as an endorsement. However, the offer is open to only citizens of Florida.
Unlike other private insurance policies, Kin’s Flood Insurance waives the 30-days waiting period to protect your property, which includes dwelling apartments and other personal properties and structures (Subject to coverage limit).
Condominium Insurance (HO-6) – Kin Insurance Review
Condo owners require a different kind of insurance because, condos do not typically belong entirely to their owners. Condominium owners are responsible for obtaining insurance cover for the internal structure of their homes.
The condo associate is the one responsible for purchasing the master policy that will cover the external structure of the apartment.
When you purchase Kin’s Condo Insurance, it protects both the external and the internal structure of the building. The coverage also includes your properties in the house.
When you apply for Kin’s Condo Insurance the following comes with the policy:
Dwelling Coverage
If a condo that is protected by Kin insurance cover gets damaged, Kin Dwelling Coverage takes care of the repair cost. Condo dwelling coverage is also subject to your policy limit.
Coverage for Personal Property
All your private belongings, starting with your electronics to furniture and other items are also covered under the Kin Condo Insurance.
In case a disaster damages any of these items, Kin’s Condo Insurance will assist its client with new items.
Loss of Use
In case of a natural disaster that affects your home and renders it unliveable, under the Kin Condo Insurance, clients will get some additional payment to carter for living expenses for the duration of time the building is not in use.
Coverage for Personal Liability
If someone’s property gets damaged or the person sustains an injury on your property and you are found at fault, Kin’s Condo Insurance covers your legal fees and expenses.
Insurance for Medical Payments
For injuries that occur in your condo, Kin insurance provides its clients with financial assistance to take care of the cost of treatment.
Condo Coverage may vary according to your location. Therefore, it is essential to talk to a Kin customer care agent for clarification about what is included in your policy and what is not.
Landlord Insurance (DP-3)
Landlords who rent out their property require a DP-3 or landlord insurance coverage. The DP-3 provides protection for the building as well as any other fixtures contained within the property that belongs to the landlord.
DP-3 or landlord insurance also provides liability coverage for the landlord.
When you sign up for landlord insurance through Kin, you will enjoy the following coverage:
Open Peril Coverage
Open peril coverage protects the home from most perils. However, there are few exceptions to the protection the coverage can offer. They include molds, government-instigated actions, power failures, and earth movements.
Personal Property Coverage
If any of the personal appliances owned by you in the house that you put up for rent is damaged as a result of a peril, Kin insurance provides payment for its
repair or replacement.
Below, we will discuss the in insurance review.
Coverage for Other Personal Structures
For every detached shed or standalone structure (which includes garage and fence) on the property, Kin’s Landlord coverage also protects these structures.
If you are a landlord and considering starting a rental business with your apartment, you may want to speak to Kin insurance for more information about the landlord insurance policy.
Pros and Cons of Kin Home Insurance
Pros
- Comes with extra protection for areas where traditional insurance coverage charge extra premium
- Easy to apply online and receive quoting directly without the intervention of a broker
- Customers are eligible for deductible discounts when they use any of Kin’s recommended contractors after a claim
- Provides coverage for homeowners in high-risk locations that are prone to natural disasters
Cons
- Available in only a few states
- Discount bundling is not available
- Pet liability coverage comes at an extra cost
- Not suitable for homeowners outside the insurance coverage areas
Kin’s Insurance Discounts
It is not uncommon to find insurance companies offering discount prices to policyholders. In line with staying competitive, there are several unique discounts that you can enjoy when you sign up with Kin insurance.
While the discount is available for all customers, the discount amount may vary from one state to another.
Kin Insurance Home-Based Discounts
Home security discount: to be eligible for this discount, you need to install home security or fire alarm system.
Wind mitigation discount: under the wind mitigation inspects and evaluates, the company evaluates how resistant your home is to windstorm. Depending on your score, you might be eligible for a discount from Kin.
Fire mitigation discount: Kin offers a fire mitigation discount to California homeowners
that take extra measures to ensure that their home is secure from fire damage.
Water detection discount: when you install a water leak detector in your home, you qualify for a discount from Kin insurance.
Accredited builder discount: new home constructions that are backed by a builder’s warranty are eligible to access lower premiums from Kin insurance.
Responsible repair discount: in response to Florida legislation to make it more difficult for contractors to take advantage of homeowners making claims, Kin offers a discount to homeowners who are willing to sign over their benefits to contractors when the
need for repair arises.
LEED-certified home discount: if you live in California and your home meets LEED environmental standards, you are eligible for this discount from Kin.
Below, we will discuss the Kin insurance review.
Other Discounts Based On Your Insurance Policy
Electronic policy: when you enroll in a paperless policy, you stand the opportunity to save up to $10 from Kin.
Claims-free: for homeowners who haven’t filed for a claim in seven years, it is common for insurance companies to offer them cheaper premiums.
Home community: people living in secured/ HOA-managed communities are more likely to access some discount from Kin insurance.
Mature homeowner: homeowners that are over the age of 50 are eligible for a mature homeowner’s discount.
New homeowner discount: if you just purchased your home, you may be eligible for this discount. Talk to a Kin customer representative to see if you can access this discount.
Pay in full: pay your premium in full to save you the cost of paying monthly processing fees that is common with many insurance providers.
Kin Insurance Review and Customer Satisfaction
When it comes to Insurance, Kin is still new and as such, it will take some time to get a rating from J.D. Powers or A.M Best rating. However, you can find feedbacks about the financial strength and customer service from other Kin Insurance reviews from Trustpilot and Demotech.
Kin received a rating of 4.8 out of 5 stars in over 1,500 reviews considered by Trustpilot. It received a 5/5-star rating from almost 90 percent of the companies.
Also, Demotech in its recent release reaffirms the financial strength of Kin Insurance as exceptional (A rating). Because of the high risk of the areas that Kin operates, strong financial strength is crucial.
In 2020, the NAIC states that they did not get any complaints concerning Kin. The few complaints from Kin insurance reviews you can find online are mainly concerning roofing. Nonetheless, this kind of poor review is normal among homeowners, whenever they fail to access certain offers from an insurance company.
Many insurance companies often shy away or are very careful when it comes to insuring roofs since they are the most prone to damage in times of severe weather conditions, especially in states with higher susceptibility to hurricanes and Tornadoes.
Some insurance companies will request a homeowner to replace a poor roof or carry out major repairs to be eligible for a policy.
Based on 200 reviews from Google, kin has a 4.6/5-star rating, while Trustpilot gives it a 4.8/5-star rating according to information gathered from 561 reviews.
F.A.Q About Kin Insurance Review
You can report a loss via [email protected] or call 866-204-2219
If you live in high-risk areas where Kin insurance operates, then you should consider Kin insurance policy.
Kin is a tech-savvy industry that makes everything from quotes to claim very easy to access.
No. Kin Services is currently available in only five states, Chicago, Texas, Alabama, California, and Florida. Other states may follow in the future.
Yes. Customers can save as much as $500 when they switch from traditional coverage to Kin insurance.
References
Recommendation
