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Kin insurance review 2024

Updated Jan 11, 2024

At a glance

3.2
Rating: 3.2 stars out of 5
Bankrate Score
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Home

Rating: 3.2 stars out of 5

3.2

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Cost & ratings

Rating: 3.5 stars out of 5

3.5

Coverage

Rating: 4.3 stars out of 5

4.3

Support

Rating: 0.5 stars out of 5

0.5

About Bankrate Score

BANKRATE'S TAKE

Kin home insurance offers homeowners insurance policies to residents of Alabama, Arizona, Florida, Louisiana, Mississippi, South Carolina and Virginia. With a tech-driven approach, Kin offers personalized coverage available to purchase entirely online. Kin gears its policies toward the specific coverage needs of residents in this region of the country, providing financial protection for homeowners who face the threat of catastrophic weather events.

With coverage specific to catastrophic weather events and options available for mobile homes and other types of property, Kin Insurance may be best suited for homeowners who live in high-risk areas. Kin offers flood insurance as an endorsement, rather than an additional standalone policy, a rare option in the home insurance industry.

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New

What’s new with Kin?
  • Kin's third-quarter earnings, released in November 2023, included an increase of 63 percent in gross written premiums over the prior year's comparative period.
  • In September 2023, Kin announced $33 million in funding as part of a Series D fundraising round. The company said the infusion of new money will allow the company to focus on growth.
  • In October 2022, Kin closed a deal for $145 million in debt financing to serve as additional capital. This will allow Kin to continue its growth and potentially become available in more states. The money will be given to Kin in installments as the company reaches certain milestones.
  • Kin was previously available in California, but the company is not currently active for new business in the state. 
  • However, in 2023, Kin began writing policies in five new states — Alabama, Arizona, Mississippi, South Carolina and Virginia
  • In the same five states, the company recently launched a new customizable type of insurance dubbed House & Property. This coverage may apply to homeowners who rent out some or all of their property on a short- or long-term basis and homeowners who own modular homes or certain unconventional homes.

Kin home insurance

Kin may appeal to homeowners in Florida and Louisiana looking for an insurance company that does things differently. Homeowners in these two states often pay high premiums due to the risk of widespread storm damage, and Kin offers an unusual solution to help find coverage. Kin’s underwriting approach includes data that other insurance providers typically overlook, including property records, permit data and aerial imagery.

Kin also considers the more standard data points, such as roof characteristics, construction type and location, which when combined, make its quoting algorithm unique. Kin’s approach to quoting is designed to help offer more affordable coverage for homeowners in the states it serves. What’s more, Kin offers replacement cost policies (compared to actual cash value policies), so if your home or belongings are damaged, you could be paid out the full replacement cost instead of the depreciated value.

Many third-party rating companies like J.D. Power and AM Best have yet to assign a rating to Kin. Because Bankrate uses these data points in our own scoring model, the lack of third-party information affects Kin’s Bankrate Score. However, Kin Interinsurance Network and the Kin Interinsurance Nexus Exchange — Kin's reciprocal exchanges — both received an A rating for financial stability from Demotech, an independent rating agency. 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.

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Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
Mortgage

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Pros and cons of Kin home insurance

When you’re shopping for the best home insurance company for your needs, it can be helpful to compare quotes and other features of each insurer. During our Kin insurance review, we identified these pros and cons that you might want to consider:

Pros
  • Unique rating structure

  • Available in high-risk states

  • Flood insurance can be added as an endorsement

Cons
  • Limited state availability

  • No mobile app

  • Limited third-party ratings and reviews

Kin home insurance cost

Nationally, home insurance costs an average of $1,428 per year for $250,000 in dwelling coverage. Average rates aren’t available for Kin, so homeowners will need to contact an agent to get a personalized quote.

As a point of reference, the average annual home insurance rates in Florida and Louisiana — a couple of the states Kin serves — are $1,981 and $1,992, respectively. Your rates will vary based on the features of your home, your coverage amount, your claims history and the company you choose.

Kin home insurance discounts

Kin offers a variety of discounts that may help you save on your premium and get cheaper home insurance. As with any company, discount eligibility and qualifications vary. Getting a quote from Kin is the best way to find out which discounts you’re eligible for.

Some discounts on offer from Kin are common within the industry — like opportunities to earn a discount for being claims-free, installing a security alarm or paying electronically — but the company offers a few more rare discounts as well:

  • Mature homeowner discount: If you’re over 55, you might qualify for this discount, as older homeowners tend to be viewed as less risky.
  • Responsible repair discount: Kin introduced this average five percent discount in response to the rise of fraudulent roofing claims in Florida, spurred by policyholders (often unknowingly) signing claims rights to a third party. If you agree to not sign an “assignment of benefits” form, you may qualify for this discount.
  • 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.

Compare Kin with other insurers

If you’re interested in Kin but not sure it’s quite right for you, you might want to also get quotes from these companies:

Badge 1 Featured

Kin

Item
Rating: 3.2 stars out of 5
3.2
Info
Read review Read Bankrate's full Kin Insurance review
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State Farm

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Rating: 4.2 stars out of 5
4.2
Info
Read review Read Bankrate's full State Farm Insurance review
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Progressive

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Rating: 4.4 stars out of 5
4.4
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Read review Read Bankrate's full Progressive Insurance review
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Tower Hill

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Rating: 0 stars out of 5
0
Info
Read review Read Bankrate's full Tower Hill Insurance review
Overview
Overview
Overview
Overview
Kin could be a good choice for homeowners in Alabama, Arizona, Florida, Louisiana, Mississippi, South Carolina or Virginia who appreciate a tech-driven approach to personalized insurance coverage. Kin may be particularly appealing to homeowners in areas where insurance is difficult to secure due to the threat of catastrophic weather.
If you’re in the market for a more traditional insurance company, State Farm could be a good choice. Coverage is sold through a network of local agents, so it could also be a good choice if you prefer to handle your insurance needs face to face. However, State Farm — like many property insurance companies — may fall short when it comes to insuring riskier areas in Florida and Louisiana. If you live in a coastal region and are struggling to find coverage, companies like Kin that specialize in higher-risk areas may be worth considering instead.
If you’re looking for a company familiar with selling insurance in high-risk areas, Progressive — which sells home insurance through American Strategic Insurance (ASI) — may be an option worth considering. The company sells insurance in 40 states, including Florida and Louisiana. ASI’s rating model is more standard than Kin’s, though, so if you are looking for a company that is shaking up the industry, Kin may be the better choice.
If you live in the Sunshine State, Tower Hill could be a good option. The company was founded (and is based) in Florida, which means its agents may be more familiar with the unique needs of homeowners there. Tower Hill offers robust coverage options and policies tailored to high-value homes, and the company also offers flood insurance as a home endorsement, a separate policy or through the National Flood Insurance Program (NFIP). However, Tower Hill is a more traditional carrier and doesn’t have a website quite as robust and functional as Kin’s.
Avg. full coverage auto rate
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$1,480
$1,642
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Avg. home rate for $250k dwelling coverage
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$1,462
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$1,457
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
Not rated
714/1,000
722/1,000
Not rated
J.D. Power Digital Experience Study - Shopping
J.D. Power Digital Experience Study - Shopping
J.D. Power Digital Experience Study - Shopping
J.D. Power Digital Experience Study - Shopping
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532/1,000
533/1,000
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AM Best rating
AM Best rating
AM Best rating
AM Best rating
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A+ (Superior)
A+ (Superior)
Not rated

Is Kin a good insurance company?

Kin may be a good insurance company for homeowners in the states it serves, particularly Florida and Louisiana. Many insurance companies view these areas as risky, which can make home coverage difficult to find. Kin offers not only a solution to help homeowners in challenging areas get coverage but also a unique and innovative way of rating policies. And it has plans to expand coverage to more states in the coming years. However, Kin still has somewhat limited availability and only a few third-party reviews, so you may want to talk to current policyholders about their experience before committing.

Kin customer satisfaction

Understanding a company’s level of service is important in determining if a carrier will meet your needs. Third-party rating agencies offer an impartial view of the level of satisfaction with a company. J.D. Power conducts annual studies reviewing service and claims satisfaction in the insurance industry, for example, and the National Association of Insurance Commissioners (NAIC) tracks complaints and assigns companies a complaint index. Financial strength is an important consideration, as well. Companies like AM Best and Demotech analyze the finances of various companies and assign a financial strength rating. This rating reflects an insurance company’s historical ability to pay claims, which might give you peace of mind.

Study or Rating Agency Kin Industry average
2023 J.D. Power Digital Experience Study - Service Not scored 702/1,000
2023 J.D. Power Digital Experience Study - Shopping Not scored 521/1,000
AM Best rating Not rated N/A

Kin homeowners claims satisfaction

Kin is a smaller insurance company, which means that many third-party rating companies haven’t ranked it. J.D. Power didn’t include Kin in either its Home Insurance Study or its Property Insurance Claims Satisfaction Study, which ranks companies on their level of service in a number of areas. AM Best similarly doesn’t rate Kin Interinsurance Network or Kin Interinsurance Nexus Exchange for financial strength. 

Demotech — another financial strength rating company — gives Kin Interinsurance Network and Kin Interinsurance Nexus Exchange an A (Exceptional) financial stability rating. This means Demotech has historically had fairly strong confidence in Kin’s ability to pay claims, which is important in states like Florida and Louisiana, where hurricanes and other strong storms can cause widespread damage and a large influx of claims at once.

Kin customer complaints

Kin's complaint index indicates that the NAIC received over three times more complaints than expected about the carrier's home insurance product in 2022. Although its 2021 and 2020 indexes were slightly better, these figures suggest that prospective customers may want to speak with existing policyholders about their customer experience before purchasing a policy.

Kin homeowners complaints 

Kin's complaint index indicates that the NAIC received over three times more complaints than expected about the carrier's home insurance product than expected in 2022. Although its 2021 and 2020 indexes were slightly better, these figures suggest that prospective customers may want to speak with existing policyholders about their customer experience before purchasing a policy.  

Other Kin tools and benefits

In addition to home insurance, Kin also offers insurance coverage for:

  • Mobile homes: Mobile homes can be riskier to insure due to the increased likelihood of wind damage. Finding coverage for mobile homes in wind-prone states can be tough, but Kin offers a solution.
  • Condos: If you own a condo, you’ll need an HO-6 policy, which is a special type of home insurance geared specifically toward condo owners.
  • Rental homes: Landlords who own and rent homes might be interested in Kin’s landlord policies. These provide coverage for the structure of the home, as well as liability coverage for injuries for which the landlord is liable.
  • Flood insurance: Kin offers flood insurance with higher limits and no waiting period as an optional endorsement to home insurance.

Frequently asked questions about Kin

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Written by
Shannon Martin
Writer, Insurance

Shannon Martin is a licensed insurance agent and Bankrate analyst with over 15 years of experience in the industry. She enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.

Edited by Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute