To help you better compare Florida home insurance companies, we've reviewed several insurers to see how they stack up to Kin. In this Cypress Insurance review, we'll look at what customers say about the company, its NAIC complaint trends, and average premiums.
Cypress Insurance is a property and casualty insurance carrier that offers homeowners, rental, condo, rental property, and commercial insurance to residents in Florida and Texas. It maintains 0.53 percent of the Florida home insurance market share and has received an A, Exceptional, rating from Demotech.
Cypress Insurance only has 14 reviews on Google and takes the time to respond to each. The company has an overall positive rating, with an average rating of 4.7 stars. The most recent reviews are all five-stars and note the company's great service. It seems they focus a good part of their business on commercial insurance since several reviews pertain to business insurance.
Like Cypress, Kin has an overwhelmingly positive customer reviews. Unlike Cypress, we have hundreds more. In fact, between Google and Trustpilot, we have more than 1,000 reviews with a 4.8-star rating on average. We invite all our customers to leave public feedback so future customers can learn from their experience (and we can, too!). Most reviewers cite our expertise, our ability to save them money on their insurance, our easy claims process.
Bottom line: Customers are happy to leave feedback when you treat them like family.
The National Association of Insurance Commissioners (NAIC) built the Complaint Index, a database for insurer complaint trends. It uses ratios to represent an insurance carriers’ complaints in relation to its market share. This ensures consumers can compare apples to apples regardless of an insurer's size.
The Complaint Index's median score is 1, which indicates a "normal" amount of complaints for a company's size. A score of 2 means the company has twice as many complaints as would be expected, and so on.
Cypress Insurance had a Complaint Index of 8.90 in 2019 – nearly nine times the expected number of complaints. This was based on 48 complaints on $56 million in premium. Kin, by contrast, has a score of 0, well below the median score or the average score of most Florida home insurers. See the table below to compare.
Because Florida is prone to catastrophic weather, its home insurance premiums are higher than most other states. Policies are priced to account for the expensive damage hurricanes, floods, and sinkholes can cause.
That said, some insurers are more expensive than others. For example, Cypress Insurance's average premium for a newly built $300,000 home is $2,759 a year. That's nearly 32 percent or $700 more than Kin's at $2,083.
While averages give you an overall impression of cost, they aren't exact. The best way to find out what you'll pay for insurance is to get a quote. Your costs depend on your location, your home's age, safety features, and more. You may qualify for more discounts, too.
Average Annual Premium Comparison
Value of Home
|$300k New Build||$2,083||$2,759|
We don't have much visibility into Cypress' claims process, but given that their NAIC complaints are trending upward, it does raise some questions. Claims may be at the heart of those complaints.
We can speak to our process, though. We've designed our claims experience to prize communication, transparency, and ease. We keep our policyholders in the loop throughout their claim and make sure the loss is assessed and settled fairly. Our executives have been known to check in on our customers after a loss, too. How's that for personal service?
We also understand a claim isn’t over until the damage is repaired. We designed our Managed Repair Network so our policyholders can choose a licensed, insured contractor they trust. They get the best of local talent and we know the work will be done professionally. Win-win.
Save money and get better insurance. Get a quote from Kin today.
Get a better look at how Kin compares to other Florida home insurance companies:
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