Kin Insurance, a Chicago-based company founded in 2016 by three fintech entrepreneurs, is making waves in the home insurance market, especially in states prone to natural disasters. The company uses technology and a direct-to-consumer model to offer home, condo, landlord, mobile home, and private flood insurance in 11 states, including Florida, California, Texas, and Louisiana.
While Kin Insurance is relatively new and does not yet have ratings from major agencies like A.M. Best, Fitch, Moody’s, or S&P Global, it has earned an “A” financial strength rating from Demotech. This agency focuses on regional and specialty insurers, especially those operating in high-risk areas. Demotech’s rating reflects the company’s ability to pay claims even under difficult economic conditions. This rating is accepted by mortgage lenders and regulators in the states where Kin operates.
Kin also holds an A+ rating from the Better Business Bureau, indicating strong customer service and transparency. Customers praise the company for its quick response to concerns and a low number of unresolved complaints.
One of Kin’s standout features is its private flood insurance. Unlike many insurers that rely on the National Flood Insurance Program, Kin offers private flood policies with higher limits and more flexible coverage. This is especially important for homeowners in disaster-prone areas where flood risk is high.
Kin’s products are available in states that often face challenges finding affordable insurance due to hurricanes, wildfires, and floods. The company’s use of data and analytics allows it to price risk more accurately and offer competitive rates where other insurers might not.
Despite these strengths, Kin has some drawbacks. It lacks financial strength ratings from the four major agencies, which might concern some brokers and customers. The company also does not offer other insurance types like auto or renters’ insurance, so there are no multi-policy discounts available. Being newer and smaller, it may not have the same brand recognition or claims support as more established insurers.
By early 2025, Kin had more than 160,000 policyholders and nearly $500 million in premiums written. It reinsures about half of its risk and saw its total insured property value exceed $100 billion. The company hit its first full profitable year for its managed reciprocal exchanges in 2024 and maintains a high gross profit margin.
For homeowners in high-risk states who struggle to find affordable and comprehensive coverage, Kin Insurance might be a good option to consider. Brokers should weigh the company’s technology-driven approach and market focus against its smaller size and limited product range. Homeowners are advised to compare Kin’s offerings with other insurers before making a decision.