Texas-sized peace of mind: Kin Insurance rides into the Lone Star State

Fast-growing insurtech company helps homeowners customize coverage while saving time and money

aerial view of a residential neighborhood

CHICAGO, IL – March 7, 2024 – Kin, the pioneering digital, direct-to-consumer home insurance company, has expanded into Texas and now offers House & Property insurance and mobile home insurance to residents of the Lone Star State. With the insurance crisis that’s been sweeping across the Gulf Coast spilling further into Texas, Kin is providing affordable, necessary coverage in markets that are increasingly underserved.

Texans need more property insurance options

Texas endured a record-setting 16 catastrophic events in 2023, with each costing at least $1 billion. This destruction has driven many insurers into insolvency, or they’ve stopped covering vulnerable properties along the Texas coastline. These moves have forced thousands of property owners to buy policies from a state-chartered insurance program – a situation that creates risk for Texas taxpayers should a major storm hit the state.

For the insurers that remain, they’re raising premiums at a fast clip. Texas residents saw an average premium increase of 27% from May 2022 to May 2023 and, altogether, property insurance is 46% more expensive on average compared to two years ago.

“People are understandably frustrated when it comes to property insurance. Texas’ allure is undeniable, but the increasing intensity of mother nature has residents feeling unprotected in their homes,” said Sean Harper, CEO of Kin. “Texans are struggling to find insurance companies willing to write their homes, and rates are going up too. Texans deserve better, and we think we’re a company that can bring them the insurance experience they’re entitled to.”

Kin leads with data and technology, offering customized coverages

Kin's advantages are most relevant in the 40% of the country that’s catastrophe exposed, including the most populous states like Texas.

With tools like forward-looking weather models and AI-powered analysis, Kin gets more accurate readings on how resilient individual properties will be to extreme weather. This approach ensures each policy is priced accurately for the individual property rather than based on broader averages. It also incentivizes residents to proactively adapt their properties, reducing the likelihood of damage and lowering the overall cost of insurance for everyone. This transformative approach sets Kin apart from traditional insurers.

“The property insurance industry needs to be able to quickly respond to changes in climate, technology, and consumer preferences. By offering cost-efficient insurance to residents in catastrophe-prone areas and relying on sophisticated underwriting and pricing models, we play a key part in creating climate resilience and helping people feel protected against the elements,” added Harper. 

Kin has earned Financial Stability Ratings® of A, Exceptional from Demotech, Inc. for its two reciprocal exchanges, indicating the company is prepared to meet future challenges head on while helping customers do the same. Customer reviews bear this out, as Kin has earned a 4.6 rating on Trustpilot and 4.5 rating on Google.

The most current Financial Stability Rating® must be verified by visiting www.demotech.com.

About Kin

Kin is the only pure-play, direct-to-consumer digital insurer focused on the growing homeowners insurance market. Kin makes homeowners insurance more convenient and affordable by eliminating the need for external agents. Kin’s technology platform delivers a seamless user experience, customized options for coverage, and fast, high-quality claims service. Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. Kin is a fully licensed carrier that offers coverage through its reciprocal exchanges which are owned by its customers. To learn more, visit www.kin.com.