How does Kin Insurance work?
The world of real estate ownership is vast, complicated, and expensive. But getting the right insurance for your property can be a different experience…with the right company on your side.
According to Zillow, the typical homeowners insurance annual premium costs $420 per $100,000 of home value. But, if you live in areas with prone to natural disasters or property crime, you’ll likely be paying more. A lot more.
That’s why dozens of game-changing companies in the financial services and insurance industry have been cropping up over the last decade. Kin Insurance is relatively new to the game of homeowner’s insurance. Founded in 2016, its motto is “homeowners deserve better.” And the plan for delivering on this promise includes:
- An informative blog
- Friendly insurance agents
Though new, Kin Insurance has some of the lowest rates in the business due to minimal carrying costs . However, there are two significant drawbacks: it is only available in a few states, and agents are not available in person. Customers can contact agents over the phone, email, or through a chat service on the site.
How does Kin Insurance work?
Kin Insurance operates as an insurance agency. It currently offers coverage options in florida states, with plans to expand.
Though the location may be limited, the home insurance coverage options by structure type are not. Customers can insure:
- Traditional homes
- Property inside the house they rent
Home insurance coverage options are broken into six categories. Most policies will cover most, if not all, of these categories. These include:
- Dwelling coverage for your home’s physical structure
- Other structures for your fence, shed, or detached garage
- Personal property for the valuables inside your home
- Loss of use for living expenses if a covered claim makes your home inhabitable
- Personal liability if you’re held responsible for injuries of another person
- Medial payments to pay for immediate medical expenses of anyone injured at your home
The process of getting a home insurance quote is mostly hassle-free, If you’re a homeowner , you can fill out their straightforward form with your name, date of birth, contact information, and address. Once you send it in, you’ll receive an email within a few minutes.
The email will thank you for your time, suggest a money-saving service like an alarm system (from one of their partners), and offer a phone number to speak with an agent. The (very nice) agents will walk you through policy options and help you make a decision. They generally break down your options into two categories:
- Lowest cost
- Most responsible coverage
On a final note, Kin Insurance has made some great partnerships with companies that monitor and protect your property. This includes water detection and home security. Additionally, if you are a Florida resident, you’ll be offered information about wind mitigation credits to lower your premium even more.
Pro: Responsive customer service
Kin Insurance Reviews: Here’s what customers are saying…
As a newer company, reviews are also limited. Currently, the Better Business Bureau has no reviews on file, though Kin is given an A+ rating. TrustPilot offers 838 reviews as of this writing. 727 percent of reviewers give the company an “Excellent” rating, and 30 percent give a “Bad” rating.
Let’s start with the bad news first. The biggest complaint stems from homeowners learning that their homes are not coverable by Kin Insurance. Others claim that poor communication let them down. At its worst, Kin Insurance seems to be unreliable in its quoting data.