Kin could be a good choice for homeowners in Florida or Louisiana who appreciate an inventive new take on home insurance rating. Although Kin is a newer home insurance company founded in 2016, the carrier’s groundbreaking approach to underwriting homeowners insurance may draw the attention of consumers and industry observers.
|Available in Florida and Louisiana, where coverage can be difficult to find||Only available in two states|
|Innovative rating method||No mobile app|
|Numerous discounts||No third-party scores|
Kin offers easy, affordable home insurance coverage to homeowners in the high-risk states of Florida and Louisiana, which many property insurers shy away from. Bankrate’s Kin Insurance review analyzes the company’s coverage options, discounts, customer satisfaction scores and financial strength ratings to help you decide if this innovative carrier is right for you.
Kin home insurance
Kin could be a good choice for Florida and Louisiana homeowners looking for an insurance company that does things differently. Homeowners in these states often pay high premiums due to the risk of widespread storm damage. Kin is challenging this rating structure by asserting that all homeowners deserve affordable coverage. Kin only scored a 2.0 out of a total 5.0 in our Bankrate Scoring model, largely due to the company’s relative newness to the insurance industry. Many third-party ranking companies like J.D. Power and AM Best have yet to assign a score to Kin, and because we use these ratings in our own scoring method, the lack of third-party scores brought our Bankrate Score down. If you value a more traditional approach to insurance, Kin may not be the best choice, but if you’re willing to try something a little different, you may find that Kin’s home insurance fits your needs.
One of the more unique aspects of Kin’s underwriting approach is that it pulls data that other insurance providers typically overlook. For example, when calculating quotes, Kin factors in property records, permit data and aerial imagery. Kin also considers the more standard data points that most other insurance companies do, such as roof characteristics, construction type and location, which, when combined, make its quoting algorithm unique. Kin’s approach to quoting helps it offer affordable coverage for homeowners in Florida and Louisiana. In fact, the company claims that customers save an average of $500 when switching their home policies to Kin from more traditional insurers. And what’s more, Kin only offers replacement cost policies (compared to actual cash value policies), so if your home or belongings are damaged, you’ll get the full replacement cost.
Kin home insurance discounts
Kin offers a variety of discounts that may help you save on your premium. While you may see discounts common within the industry — including a claims-free discount, a security alarm discount and a discount for paying electronically — Kin offers a few unique discounts as well:
- LEED-certified home discount: If your home meets the standards set by the Leadership in Energy and Environmental Design organization, you could save on your Kin home insurance.
- Mature homeowner discount: If you’re over 55, you might qualify for this discount, as older homeowners tend to be viewed as less risky.
- Water leak detection and mitigation device discount: If you have a device that can alert you to potential leaks, you might save money. Some devices can automatically shut off leaking water systems to prevent further damage.
- Wind mitigation credits: Wind damage is common in Florida and Louisiana, so homeowners who install certain wind mitigation features may qualify for savings/
As with any company, discount eligibility and qualifications vary. Getting a quote from Kin is the best way to know what discounts you’re eligible for.
Kin home services
One of Kin’s most unique features is its flood insurance program. Standard home insurance policies do not cover damage caused by flooding. Homeowners generally have to purchase a separate flood insurance policy. However, Kin offers flood insurance as an endorsement to its home insurance policies. Because flood damage can be common in the coastal states where Kin operates, this coverage add-on could be impactful for many homeowners.
Kin also has software that monitors weather systems and can help determine which homes are most likely to be damaged by a storm. If your home is flagged for potential damage, Kin may reach out to you directly. You can then inspect your home and file a claim if necessary.
Other Kin perks worth considering
In addition to home insurance, Kin also offers insurance coverage for:
- Mobile homes
- Rental homes
Kin social responsibility
Kin does not list information about giveback programs on its website. However, the fact that Kin operates solely in the high-risk states of Louisiana and Florida (where the home insurance market may be on the brink of collapse) is, in a way, a social responsibility. Especially in Florida, homeowners may struggle to find insurance coverage, and Kin provides a potential solution.
Not sure if Kin is right for you? Consider these alternatives
If you’re interested in Kin but not sure it’s the best home insurance company for you, you might want to also get quotes from these companies:
- ASI (Progressive Home): If you’re looking for a company familiar with selling insurance in high-risk areas, ASI may be an option worth considering. The company began in the Sunshine State and today sells insurance in 40 states, including Florida and Louisiana.
- Tower Hill: If you live in Florida, Tower Hill could be a good option. The company was founded in and is based in the Sunshine State, which means its agents may be more familiar with the unique needs of Florida homeowners.
- State Farm: If you’re in the market for a more traditional insurance company, State Farm could be a good choice. The carrier tied for the best overall home insurance company in our 2022 Bankrate Awards due to its local agent network and high customer satisfaction.