Kin, a direct-to-consumer home insurance firm has expanded its presence into Arizona, bringing home and property insurance to the state.
This marks Kin’s first move into the US Southwest – where the housing boom is contending with climate risk – and it builds upon the insurtech’s growth and success in coastal, catastrophe-prone states like Florida, Louisiana, South Carolina, Mississippi, and Alabama.
Arizona is experiencing rapid growth in population and surging property values, at the same time, extreme heat increasing the frequency and severity of natural hazards like wildfires.
Extreme temperatures are not the only factor putting homes at risk in the state, as Arizona’s nearly three-decade-long drought is also exacerbating the problem.
Sean Harper, CEO of Kin, commented: “Climate change is increasing the number of dry days we see in the desert, and it’s creating a pressing need for improved home insurance options for the state’s longer wildfire seasons.
“Every home is different and carries its own risk, so the cost of Arizona home insurance can vary greatly. That’s why we look at granular insurance data, like the home’s location, age, and construction type, to assess its actual risk, rather than the general risk for the area, and provide comprehensive coverage with accurate prices.”
Kin has also recently announced it has expanded its presence into Alabama, which like Arizona, is being affected by extreme weather events.
The state of Alabama is ranked fourth in the US for tornadoes, large hail, and damaging wind reports. Additionally, its position near the coast also leaves its residents susceptible to record-breaking natural disasters such as hurricanes.
