Kin Insurance is one of several new fintech companies aiming to take the pain points out of shopping for homeowners insurance.
A look at what Kin Insurance offers
Traditional homeowners insurance often relies on your zip code as one of the key metrics that can affect what you pay in your premium. But Kin promises to use the power of technology to give you a better and, hopefully, cheaper quote.
And with no physical offices, Kin also keeps its overhead low and passes the saving along to you.
Here’s what you need to know before getting a quote…
How do I get a quote?
Kin Insurance has simplified the process of getting a quote online. Just go to Kin.com, enter your address and their system will pull over 5,000 public record data points to generate a quote for you in minutes.
Included in the data deep dive are things like real estate listings, building records and even satellite and drone photography of your home. All of which means you don’t have to struggle to remember what kind of shingles or siding you have on your home!
Put simply, Kin eliminates the need to spend an hour filling out a form online or talking to an insurance agent over the phone.
If they can’t immediately develop a quote when you enter your street address, you’re just asked to enter a few additional fields to get the quote process going:
The company will even make recommendations for your coverage to get you into the Goldilocks zone — where you’re not buying too much or too little insurance.
Plus, they have partnerships in place with home-safety hardware providers like FLO (water leak detection system with automatic shutoff), Brinks Home Security (formerly LiveWatch) and MyStrongHome (roof financing) that can lead to potential additional savings.
(Editor’s note: The sales tactics of some in the home security industry can be problematic. Read up on money expert Clark Howard’s advice before signing a contract.)
Where is Kin Insurance available?
Kin Insurance initially launched in Florida and just recently expanded to Georgia. The company plans to make its offering available nationwide.
Texas may, in fact, be the next state to launch, judging by the presence of this page on the Kin website.
Who actually underwrites the policies?
Kin is mum on the question of who underwrites policies on its website, noting in the fine print that, “Kin Insurance Inc (Kin) is an independent insurance agency. Coverage varies by carrier.”
Of course, an insurance policy is only as good as the carrier that underwrites it! Velocity Risk Underwriters appears to be its main carrier, according to online reports, though Kin may also work with other unnamed carriers as well.
For the record, Velocity Risk has an A rating for financial strength from A.M. Best, which is a leading insurance rating agency. (Editor’s note: A.M. Best does assign two ratings higher than an A — an A+ and an A++.)
Can I bundle my home and auto policy with Kin?
Kin offers home, but not auto insurance, so that’s out of the question at this time.
Which is a shame because bundling your home and auto policies can often lead to big savings!
Anything else I should know?
Just know that if Kin can get you a lower quote, you will have to sacrifice having the human touch. You won’t be able to go to your insurance agent’s office if the need ever arises.
If the face-to-face interaction is important to you, it’s something to think about before signing up with Kin Insurance. Because the best you can do for customer service is over the phone or an online chat with a Kin agent.
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