KI

Kin Insurance

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Company Market Research Report: Kin Insurance



Company Overview


Name


Kin Insurance

Mission of the Company


Kin's mission is to reimagine home insurance for every new normal. They aim to provide affordable pricing, superior coverage, and exceptional service, even in areas impacted by climate change.

Founding


  • Founded: 2016

  • Founders: No information is available


Key People


  • Sean Harper: Co-Founder and Chief Executive Officer

  • Jerry Fadden: Chief Finance Officer

  • Angel Conlin: Chief Insurance & Compliance Officer

  • Vivek Vaid: Chief Technology Officer


Headquarters


  • Primary Location: 222 W Merchandise Mart Plaza, Suite 228, Chicago, Illinois, US

  • Additional Office: 415 1st Avenue North, St. Petersburg, FL 33701


Number of Employees


  • 575+ employees nationwide


Revenue


No information is available

Company Specialty


Kin Insurance is known for providing customizable and affordable homeowners, condo, flood, and landlord insurance through efficient technology and a direct-to-consumer model, making the process easy and straightforward, even for properties in disaster-prone regions.

Products


Main Products


1. Homeowners Insurance
  • Description: Covers the dwelling, additional structures, personal property, liability, additional living expenses, and various endorsements.

  • Key Features: Basic dwelling protection, liability coverage, medical payments, coverage for personal property, flexibility to add endorsements for additional protection.


2. Condo Insurance
  • Description: Covers interior units, personal property, loss of use, personal liability, and medical payments specifically for condo owners.

  • Key Features: Protection for the dwelling interior, personal property, liability, loss of use expenses, and additional endorsements like animal liability insurance.


3. Mobile Home Insurance
  • Description: Covers the structure, belongings, other structures, additional living expenses, personal liability, damage from specific events.

  • Key Features: Protection against fire, lightning, theft, vandalism, wind, and hail.


4. Flood Insurance
  • Description: Adds coverage for flood damage to home insurance policies.

  • Key Features: Single premium for both home and flood insurance, immediate effect in Florida, broader protection than NFIP policies.


5. Second Home Insurance
  • Description: Covers secondary and seasonal homes, typically occupied for less than six months a year.

  • Key Features: Same coverage elements as primary home insurance including dwelling, other structures, personal property, and additional living expenses.


6. Landlord Insurance
  • Description: For rental properties, covering the dwelling, other structures, fair rental value, personal property used for service, and liability.

  • Key Features: Coverage for property management, rental income protection, liability for tenant-related incidents.


7. Hurricane Insurance
  • Description: Coverage for wind damage caused by hurricanes with a specific hurricane deductible.

  • Key Features: Includes wind damage protection, separate deductible for hurricane events, additional endorsements for screen enclosures.


Recent Developments


New Innovations and Products


1. House & Property Insurance Policy:
  • Description: An innovative policy catering to different occupancy needs including primary residence, secondary home, and rental property as a single adaptable policy.

  • Introduction: Targeted at simplifying policy changes due to occupancy changes.


2. Flood Insurance Endorsement:
  • Description: Integrates flood damage coverage into homeowners insurance without needing separate policies.

  • Introduction: Simplifies flood coverage and premium management.


Financial and Growth Highlights


1. Q2 2024 Financial Performance:
  • Gross Written Premium: $150M+, representing a 38% growth year-over-year.

  • Key Achievement: Reaching $264.8 million in gross written premium year-to-date.


2. Growth in New Markets:
  • Texas & Tennessee: Launched affordable and customizable home insurance policies.

  • Other States: Introduced coverage in Alabama, Mississippi, South Carolina, and Virginia, bringing modern coverage options to more states.


3. Reinsurance and Financial Stability:
  • Reinsurance Program: Successful completion of reinsurance program to expand market footprint, securing financial stability and additional capital backing.

  • Financial Rating: Financial Stability Rating® of A, Exceptional from Demotech.


Partnerships and Investments


1. Partnerships:
  • Cinch Home Services: Partnered to enhance the range of home insurance products.


2. Investments and Funding:
  • Series D Funding: Raised $15M in fresh financing from Activate Capital.

  • Total Capital Raised: Successfully secured new financing rounds including $33M in 2023 and $100M multi-year catastrophe bond.


3. Accolades:
  • Inc. 5000 List 2023: Ranked #109 fastest-growing private companies.

  • Forbes' Best Startup Employers: Recognized multiple times for exceptional workplace and innovation.


Conclusion


Kin Insurance stands out as a leader in home and property insurance, particularly for its tech-driven approach and focus on customizable, affordable insurance solutions for disaster-prone regions. The company's recent growth, new market entries, product innovations, and strong financial backing underscore its commitment to customer-centric service and reliability. No additional commentary is provided per the instructions.