Direct-to-consumer home insurance company Kin has announced its expansion into Alabama.
Alabama joins Florida and other coastal states, where Kin insures nearly $45 billion in assets.
“We're re-engineering insurance so that it's cost-effective and superior through every step of the customer journey, including purchasing, servicing, and claims," said Sean Harper, CEO of Kin. “Driving this effort is our proprietary technology, which we use to accurately price and assess risk, and then combine with personalized, high-touch assistance to customize policies that suit customers’ needs.”
Alabama is ranked fourth in the US for tornadoes, large hail, and damaging wind reports. Furthermore, the state's position near the coast leaves residents susceptible to record-breaking natural disasters such as hurricanes. These factors have contributed to average home insurance rates in Alabama being around 15% higher than the national average, making it challenging for many residents to find adequate coverage, according to Kin.
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Alabama joins South Carolina and Mississippi as the first states where Kin is offering coverage through its new reciprocal exchange, the Kin Interinsurance Nexus Exchange.
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