The expansion comes as traditional insurance carriers are increasingly withdrawing from the California market.
The move is aimed at addressing the growing need for insurance options in California, a state frequently impacted by wildfires and other catastrophic events. The company’s announcement follows a positive earnings report last week.
California has seen a significant increase in non-renewal rates from traditional insurers, with reports indicating a tripling of rates in the previous year. This has led to many residents either going uninsured or relying on the California Fair Access to Insurance Requirements (FAIR) Plan, the state’s insurer of last resort. The FAIR Plan has seen a substantial increase in policyholders, particularly in high-risk areas like the Palisades. The recent wildfires in Los Angeles County have further exacerbated the need for alternative insurance options.
“Adapting to increased weather volatility is one of society’s greatest challenges at the moment, and insurance will play a key role,” said Sean Harper, CEO and Founder of Kin. “There is a growing narrative that places like California are uninsurable, which actually implies they are uninhabitable. We don’t think that’s true. California is insurable, and is an amazing place to live, but it will require new technology, new analytics and new business models, which is exactly why we created Kin.”
Kin’s business model allows it to fully own the consumer relationship, triaging issues immediately and partnering directly with customers. Its industry-leading data and technology provide accurate readings on how resilient individual properties will be to extreme hazards, enabling Kin to operate in the high-risk areas many other companies have vacated. Kin’s California program* is another example of this in action. Kin helps customers prepare for the worst and recover quickly when it happens.
“As California experiences hotter, drier, and longer fire seasons, wildfire risk has become one of the biggest challenges for its homeowners,” said Angel Conlin, Chief Insurance Officer of Kin. “Kin provides customized insurance solutions that address these specific challenges, striving to offer comprehensive protection where and when it’s needed most.”
