Kin, a digital home insurance provider, has announced the launch of a new home insurance option in California, as part of its mission to provide necessary coverage in markets that are increasingly underserved due to catastrophic events.
California has faced a persistent shortage of insurance options, exacerbated by the rising threat of wildfires and other natural disasters. Even prior to the recent wildfires in the state, traditional insurers had been withdrawing from the area for years.
Senate reports indicate non-renewal rates more than tripled in the preceding year, leaving tens of thousands of residents without coverage. This forced many homeowners to either forgo insurance entirely or rely on the California FAIR Plan, the state’s insurer of last resort.
Notably, FAIR Plan coverage in areas like the Palisades quadrupled in the lead-up to recent disasters, highlighting the escalating need for alternative solutions.
Sean Harper, CEO and Founder of Kin, said: “Adapting to increased weather volatility is one of society’s greatest challenges at the moment, and insurance will play a key role. 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, centered on direct customer relationships and rapid issue resolution, enables it to operate effectively in high-risk areas.
Utilising advanced data analytics and technology, Kin accurately assesses a property’s resilience to extreme hazards, allowing it to provide coverage where others have withdrawn.
Kin’s California program is another example of this in action, Kin noted.
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