Kin announced the introduction of auto insurance for policyholders in Florida, allowing bundling of home and auto coverage to reduce costs and streamline policy management.
According to Insurance Innovation Reporter, Kin, a Chicago-based direct-to-consumer insurer, has launched auto insurance for its homeowners in Florida. This initiative allows eligible customers to bundle policies, potentially saving up to 20 percent on auto premiums. The company cites survey data indicating that cost is a primary motivator for bundling. The product also addresses state-specific risks such as premium volatility in Florida, following Kin’s recent expansion into home financing services in the state.
Governor Ron DeSantis said that Floridians are seeing rate reductions in auto insurance across the state due to enacted reforms. Insurers such as USAA have filed for an average decrease of 7 percent, Florida Farm Bureau 8.7 percent, Progressive 8 percent, and State Farm 10.1 percent. These reductions provide cumulative relief to drivers and demonstrate market stability.
Forbes Advisor reported that the average discount for bundling auto and home insurance is 14 percent, leading to potential savings of $466 annually. State Farm offers the highest discount at 23 percent, saving up to $787 per year. Bundling provides convenience and cost efficiency for policyholders nationwide.
Kin was founded in 2016 and is headquartered in the United States. It specializes in home and auto insurance with over 750 employees nationwide. The company provides customizable policies through an online platform or agent support, offering average customer savings of $989. Kin has bound over 240,000 policies, maintains a Net Promoter Score of 80, and its carriers hold an A Exceptional rating from Demotech.
