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Originally Posted by NorineBerlinski
I use Kin Insurance for my home. I paid $511 in 2021 and they want $1,819 in 2022. I called them and by adjusting some deductibles was able to lower it to $1,414. She said this was happening to everybody due to hurricanes, inflation, blah, blah, blah. Has anyone else experienced this and any recommendations on cheaper insurance.
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I have Kin Insurance on my primary and a rental, in which, both are up for renewal in August. My primary is $612 (high deductibles and minimal coverage) and the initial renewal was for $908. I calmly e-mailed back stating this is unacceptable and that I will be cancelling unless you call me with a lower premium. In a few days, they came back with $807 by covering Personal Property at Actual Cash Value instead of Replacement Cost, changing Water Damage from Full to Limited and loss of use from 20% to 10%. I said this was not enough, so they "sharpened their pencil" and came back with $678 if Hurricane Deductible was increased to 10%. Now, these are very risky deductibles and coverages but that is how I view insurance.
On the rental, the current premium is $443 with a renewal rate of $854. Once again, I e-mailed back, as I was not interested in playing their games. They said we could change All Other Peril Deductible from $2,500 to $5,000, Change Water Damage from Full to Limited and cover Personal Property at Actual Cash Value instead of Replacement Cost. This lowered the premium to $808. What I noticed on the renewal was a roof surfacing payment schedule with this language, "We are adding this endorsement to your policy because your roof has reached a certain age." THE ROOF IS TWO YEARS OLD. I'm waiting to hear back.
Kin is unfortunately playing games and you need to be aware of what coverages are costing what amounts and where you can scale back to align with your risk tolerances.