KIN Insurance
 

Has anyone had experience with the KIN Insurance company? It is a Reciprocal insurance company. Owned by the customers? Enlighten me if you can.

Kin Insurance Review 2024 | Bankrate

Lots of complaints.

Much better choices out there for sure. My understanding is that they suck you in with a low honeymoon rate and then you'll want a divorce within a year or two.

Not defending KIN, but how would that be different from their competitors. I’m about to sign up with our fourth insurer in 9 years. The first two bait and switched us as you described, and the other one pulled out of Florida and dumped us. The homeowners insurance market in Florida is badly broken.

Where is one to go? Progressive is dumping us saying they are leaving Florida. The insurance companies don't want roofs over 10 years. Ours is about 12.5. AAA our car insurance company won't give us home owners insurance. Offered one of these Reciprocal companies called True. Their website tells you nothing. It seems there are many of these type of insurance companies. Besides Kinn, True, there is Tower Hill that is very, very expensive. So am I not being forced to put a new roof on??? We have paid for a roof inspection and wind mitigation inspection. Both good. But still our options only seem to be these "new kind " of insurance companies. Some of them only in business for less than 4 years. Feels like Florida homeowners are being ripped off.

Those of us living in the middle of the state are definitely subsidizing those who choose to live in the much higher risk costal regions. On top of that, we are suffering the consequences of several large and well known insurers leaving the state entirely because they are not allowed to cherry pick only the safest regions within the state to write policies.

I'm starting my 2nd year with them and so far so good. Of course, who knows if they'd ever pay off if I needed them, but what else can you do? All my neighbors who scammed their insurance companies out of a free roof before I got here did this to us. Nice, decent people who would give to the shirt off their back, forced an insurance company to buy them a roof, over a stupid "full replacement cost" policy and a few damaged shingles that you could find on any roof. Yes, I blame the companies for stupidly selling these policies, but it's shocking how easily otherwise decent human beings become thieves under the right circumstances.

Heck, I'm not sure I could turn down a free roof if some "expert" told me I could get a $15K roof because my insurance company was too dumb to fight it. I was at a dinner party a few years ago and the subject came up. One guy there had been an insurance agent his entire life, and he said he laughed at the door-to-door roof salesman who offered to "inspect" his roof to see if he qualified for a "free" roof. He said, "Sure, go ahead, knock yourself out". But when the guy came back a few days later and told him his own former employer had OK'd the deal, he took it. He said he would have felt like a fool not to.

It's plain and simple corruption, and it's infiltrated every part of our lives. All you have to do it look south of the border to see where it leads. This country is teetering on its last leg.

Yesterday I mailed my homeowner’s insurance company a check for $1681 for $324,000 in insurance on my courtyard villa (including hurricane insurance and sinkhole insurance if the house is condemned). This is pretty much the same as last year. But I was also required to accept that if my roof was damaged, I would accept a prorated amount for repairs (and the roof is 12 years old). Also I now have a $16,000 deductible for hurricane damage.

Would you rather accept those limitations, or would you rather have your insurance bill double or have your policy cancelled? My own feeling is that it’s sort of unethical to ask insurance companies to pay for new roofs because they have “hail damage,” even though they aren’t leaking and the roofs are close to being used up, so I don’t mind signing this. I don’t like a deductible that big, but I’d rather share the risk that way than have to change insurance companies or pay twice as much.

American Traditions Insurance Company. Policy chosen for my by Jessica Pendry at Sarasota Insurance Group, 6170 State Road 70 E, Bradenton, FL. I’ve used her four years and been very happy.

I used them when I bought my house because they were quick and efficient with pricing. State Farm never got back to me. I have no complaints thus far.

Look I still have Farmers Insurance, I know they are leaving the state, but due to when I purchased the initial policy I'm still covered. The reason I bring this up is that I just had my roof replaced and my out-of-pocket expense was $500. I have a neighbor who was not that lucky and is fighting with his company to get the same work done. Just make sure whatever company you choose to go with is reputable, what you save up front, you might have to pay double or more later.

We went with KIN after being canceled by two other companies while we were waiting for a new roof to be put on. Had KIN for a year because they had the best rate. Came time for policy renewal and they doubled! Needless to say no longer with KIN! You pretty much have to shop annually to find the best rate.

I worked in the insurance claims business for 36 years and the worse thing that insurance companies ever did with the HO policy is make roofs replacement cost. Roofs wear out over time and you really should be paid a “fair value” based on the age of your roof. This would eliminate all the problems with roofers going around and telling you that you need a new roof and trying to get insurance to pay 100%. In some States where they get a lot of big Hail it will destroy a roof and people are getting new roofs every couple of years in some cases. Costs are always passed on to the consumer just like any other business.

It is never a good idea to keep changing insurance companies every few years. They do look to see how long you have been a customer. Some people will change to save a few hundred dollars. Dumb. When you go to a new company they look to see how long you have been with the prior company! We are in the age of computers and they know everything about you.

Up north I believe it would be referred to as a mutual insurance company. What was sold here by Farmers Insurance, which I had for several years was the same thing, as the policy was underwritten on the California Truck Insurance Exchange. KIN’s bid was higher than what I eventually got from Tower Hill Insurance Exchange, a Gainesville company. Hopefully we will not have to make claims and find out the gory details beneath the surface.

I have Kin on a rental courtyard villa with sink hole coverage, and my premium went down $75 for the renewal. No complaints!

So why wouldn't The Villages create a homeowners insurance company for only Village homeowners?? Given the few homes damaged or destroyed annually it would certainly be profitable to develop an insurance company like all the banks they own. Why won't they? Win/win$$

I got a quote from these guys. Less coverage and it was $1000 more than what I currently have. I kept what I had

There are not nearly enough homes in TV for a dedicated insurance company. Also, a dedicated TV insurance company would need to complete with everyone else, so they would not get all the business -- likely only a fraction.

Regarding claims, just because a major storm hasn't hit TV, doesn't mean that it won't.

In reference to the original posters question, I've been with Kin since 2022. They were by far the least expensive when I signed up. My rates have gone up at both renewals, but the higher amounts were still less than the competitive quotes.

Ohiobuckeye
 

Redchariot, I never heard of KIN.

Kin is an ins co based out of the merchandise mart in Chicago. They insure Fl and LA and may have added another state. I have had them for 2 They did raise my rate and I raised deductibles to get it down.

Insurance Companies very carefully manage the diversification of risk within their portfolio of business. Their business model would never work with their entire book of business being in one relatively small geographic region. One catastrophic event in such a small geographic region could easily wipe out their surplus. Insurance companies now look at the amount of policies they have in force within three blocks of each other, and refuse to write another policy once a predetermined level of exposure has been reached. That’s because a single quick hitting tornado could wipe out that tiny area. Once your neighbor signs up for a policy with company XYZ, that could be the last policy that company will write on your street until someone else cancels their policy with that company.

I'm paying more with USAA but they are dependable and (so far) not pulling out of Florida. No questions asked when I got a new roof.

We have KIN insurance and have had to file a claim. I discovered a leak under my shower pan. My shower had been updated several years ago from the fiberglass tub to a ceramic tile shower. The floor had to be ripped up as did the wall. Our wall tile was no longer made. We had to replace the entire shower. KIN only paid for the demo of the shower floor and 24” up the wall and the replacement same area; the rest of the demo/replacement came out of out pocket, along with our deductible, which is $1000. They were easy to work with and I submitted many pictures of the damage and the water that was discovered under the floor when the floor was removed. Everything was done electronically. Is this common for all insurance companies? I don’t know. My husband and I have never had a homeowners claim before, so we just went with the flow. We’re just waiting to see what the rate goes up to when renewal comes along in December. If it escalates, I’ll shop, but when you have a claim it shows up in the database that all insurance companies use. Time will tell. :sigh: :pray:

I etraswitch from a company provided by The Villages when they raised may to a ridiculous number. Found KIN for $2,000.00 less. So far so good. Ask again in another year.

We went with another Ins. Co. too, it was cheaper then the 2’d yr. It went up drastically, we have car & house Ins. With them, we checked with 7 others & they were all more, 3 to $500. more each. Are In’s. Co. going broke!

Ohiobuckeye
 

Thanks I don’t need my rates to go up now. LOL, that’s OK we live in Texas & Ins. Premium’s are terrible here too!

We have Tower Hill and our premium was $1800 for a 300K home. In Florida that is reasonable.

Was in the biz a little longer than you. Replacement cost coverage was around before I started in 1979 and has always been for all items including the roof. Roofs are easily damaged and the unscrupulous roofers and public adjusters caused most of the problems in Florida with their AOB(assignemnt of benefits) contracts Bet the insurance companies paid at least 25% more on these claims. Hopefully the new laws wil cut down on these cases

People in TV and other areas in Central Florida have contributed towards higher premiums. How many in TV got a "free roof? If possible would be lower but probably not allowed due to insurance regulations