Catastrophe-focused insurance technology firm, Kin Insurance, now offers flood coverage for Florida homeowners through its Florida home insurance carrier, the Kin Interinsurance Network.
In an announcement, Kin Insurance states that the flood protection is an insurance endorsement and can be tailor made to Florida homeowners in areas deemed low-risk, moderate-risk, or high-risk for floods.
“Flood coverage provides critical protection, and every Florida homeowner should consider purchasing it, especially since the majority of Florida’s homeowners do not currently have flood coverage.
“In general, many U.S. homeowners mistakenly assume that flood coverage is provided in standard homeowners policies when it is not,” commented Angel Conlin, Kin’s St. Petersburg-based Chief Legal Officer.
Kin’s Chief Executive Officer (CEO) and co-founder, Sean Harper, added: “Because Kin’s flood coverage can be added to the homeowners insurance policy, Kin’s Florida customers only need to pay one premium for both home and flood coverage. This eliminates the extra time and cost of having separate policies and working with separate insurance companies.
“We understand these challenges and want to make getting flood coverage as easy as possible for homeowners.”
Despite high vulnerability to flooding events, efforts by the NFIP and increasing private market participation, flood insurance penetration rates remain low across much of the U.S., including Florida.
“Kin remains committed to building better home insurance that fits Florida homeowners’ budgets. Coastal homeowners, including those living in flood zones, deserve affordable and reliable coverage that doesn’t compromise protection,” said Harper.