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Pekin Insurance

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Founded in 2016 by seasoned financial technology entrepreneurs, Kin is a fully-licensed home insurance technology company that provides affordable coverage to homeowners in catastrophe-prone regions like Florida and California.

The company's financial stability rating of "A – Exceptional" from Demotech, Inc. means it has the financial strength to help customers through everything from everyday claims to 
catastrophes.

Kin is headquartered in Chicago, Illinois, with offices located in Tampa Bay, Florida. Currently, Kin is available to residents of Florida, Texas, Georgia, and Alabama. The company has plans on expanding its service, but there is no definite timeline as to when that will happen.

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The Good

  • Get a Quote in Minutes
  • Affordable Home Insurance
  • Financial Strength
  • Transparency
  • Additional Resources

Get a Quote in Minutes

To get a quote, you will need to enter in your information to Kin's website. The first bit of information you'll provide is your address. After that, you input your name, phone number, birth date, and email address. You'll then choose your home type (single-family detached, condominium, townhouse, mobile home, etc.).

Then you'll answer questions such as: Is your home currently insured? When do you want your policy to begin? How many months per year do you live at the property? Would you like to add someone else to the policy?

Kin will pull property records, real estate listing, and satellite imagery when determining your rates. All this information is combined to provide you with a quote. 

The process could take as little as 10 minutes or as long as 30 minutes (depending on how well you know your property). If you have any questions or are unsure of some information, you can always speak with a representative at any time. 

One drawback to Kin is that you can't complete the process entirely online. You'll need to have a conversation with one of its agents to complete an application.

Affordable Home Insurance

According to a Kin Customer Savings Survey (conducted January 2020–September 2020), customers saved an average of $500 when switching to Kin. 

Financial Strength 

As stated on Kin's website, "A financial rating, also called a financial stability rating or financial strength rating is an independent, third-party assessment of an insurance company's ability to pay claims. Every assessment agency has its own rating system and criteria."

That being said, Kin Insurance earned a financial stability rating of" A – Exceptional" from Demotech, Inc. (an independent rating agency). 

However, Kin has not been rated on its financial strength by AM Best or J.D. Power (two of the most recognized and respected financial rating providers). But Kin is a newcomer into the industry, and as the company becomes more established, this may change. 

Additionally, Kin's Reinsurance Program is backed by a group of financially stronger reinsurers (insurance companies for insurance companies). All of the reinsurers have an A rating or higher from AM Best or fully collateralized.   

Transparency

Something unique about Kin is its dedication to being fully transparent with its customers. The company even includes its Quarterly Financial Summary on its website. Kin promises to update the summary every quarter, so you can follow along with how the company is doing. 

Additional Resources

Kin's company blog is impressive. There are various articles (ranging in topic) that are extremely helpful when understanding the ins and outs of home insurance. This is a great place to start for those unfamiliar with the industry's jargon or complicated processes.

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The Bad

  • Limited State Coverage
  • Unclickable Links

Limited State Coverage

Currently, Kin is available to residents of the following states:

  • Alabama
  • Florida
  • Georgia
  • Illinois
  • Texas

The company plans to expand its services, but there is no mention of when and how long that process will take. 

Unclickable Links

Kin's frequently asked questions page is an excellent resource for those who want to know more about home insurance. The company does a great job of explaining home insurance in an approachable and easy-to-understand way. However, when going through the questions, we noticed several places where Kin refers to an article or additional web page but does not include a link to that page. 

For example, under the section “Cost Questions,” Kin answers the question, "How much does homeowners insurance cost?"

The answer is simple but promises to continue expounding on this topic with the phrase, "Learn about the cost of home insurance here." 

However, there is no link and leaves consumers unsure of where to go next. 

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The Bottom Line

Kin may be a good option for you if you live in Alabama, Florida, Georgia, Illinois, or Texas. The company specializes in coverage for states that are considered high-risk. The company is young and working hard to create affordable coverage for everyone. Getting a quote is relatively simple but not entirely done online. You'll need to speak with a company representative at some point to discuss coverage and policies. We applaud Kin's goal to be completely transparent with customers, as that is something you don't see every day — especially with insurance companies.

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Randy Sieg Scottsdale, AZ

They are fair, the rates are grate and the service has been good.

3 years ago

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Jim Strinden Kingman, AZ

Their rates are better than any others and the coverage meets my criteria

3 years ago

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