Kin, a direct-to-consumer home insurance firm has expanded its presence into Alabama.
The state of Alabama is ranked fourth in the United States for tornadoes, large hail, and damaging wind reports.
At the same time, the state’s position near the coast also leaves its residents susceptible to record-breaking natural disasters such as hurricanes.
These factors have heavily contributed to average home insurance rates in Alabama to be around 15% higher than the national average. As a result, this makes it challenging for many residents to find necessary coverage to protect themselves from the elements.
Expanding into Alabama builds upon Kin’s success in Florida as well as other coastal states, where the company insures nearly $45 billion in assets.
Alabama joins South Carolina and Mississippi as the first states where Kin is offering coverage through its new reciprocal exchange – the Kin Interinsurance Nexus Exchange. The exchange has a Financial Stability Rating of A, Exceptional, from Demotech.
“We’re re-engineering insurance so that it’s cost-effective and superior through every step of the customer journey, including purchasing, servicing, and claims,” said Sean Harper, CEO of Kin.
“Driving this effort is our proprietary technology which we use to accurately price and assess risk, and then combine with personalized, high-touch assistance to customize policies that suit customers’ needs.”
In their Q123 results, Kin reported a gross written premium of $83.2 million, up 54% from the previous year’s $54.1 million.
