The insurtech now offers House & Property insurance as well as mobile home insurance to residents of the Lone Star State.
According to Kin, the insurance crisis that has plagued the Gulf Coast is extending further into Texas, leaving many areas underserved and in need of affordable coverage. The state faced a staggering 16 catastrophic events in 2023, each causing at least $1 billion in damages.
The widespread destruction has led to several insurers becoming insolvent or ceasing coverage for vulnerable properties along the Texas coastline. Consequently, thousands of property owners have been left with no choice but to obtain policies from a state-chartered insurance program, posing a significant risk to Texas taxpayers in the event of a major storm.
For the insurers still operating in the region, premiums have been increasing rapidly. Texas residents experienced an average premium hike of 27% from May 2022 to May 2023, with overall property insurance costs surging by 46% compared to two years prior.
Kin’s expansion into Texas aims to provide much-needed relief to residents grappling with the aftermath of natural disasters and escalating insurance costs. By offering comprehensive and accessible insurance solutions, Kin seeks to support homeowners in safeguarding their properties and mitigating financial risks associated with unforeseen events.
Sean Harper, CEO of Kin said: “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. 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’s strengths are particularly impactful in regions comprising 40% of the nation, which are susceptible to catastrophes, notably populous states such as Texas. By leveraging advanced technologies like forward-looking weather models and AI-driven analysis, Kin enhances its ability to assess the resilience of individual properties to severe weather conditions, thereby providing more precise insights.
Harper added: “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.”
