Kin Insurance, a direct-to-consumer home insurance company, has expanded its home and property insurance solutions to Mississippi.
The home insurance company strives to make home insurance more convenient and affordable by cutting out administrative and agent-related expenses.
Kin’s technology platform draws on thousands of data points to evaluate the risk profile of each home and price policies accurately. Kin said this is particularly important for homes that are hard to insure, including those that are impacted by severe weather events caused by climate change.
The home insurance company is now able to provide Magnolia State residents with an easy, affordable, and personalised insurance experience.
Kin highlighted that Mississippi is located in the heart of Dixie Alley, an area in the southeast that experiences its fair share of powerful tornadoes. In 2022, Mississippi was hit with 184 tornadoes and ranked third in the nation for tornado activity.
Additionally, Mississippi has endured several other natural disasters, including Hurricane Katrina and Hurricane Ida, which have contributed to $1bn in damages since 1980. The increasing frequency and severity of storm activity in Mississippi has led to most of the state’s population seeing higher-than-average home insurance rates.
Sean Harper, CEO of Kin Insurance, said, “We can operate in catastrophe-prone states like Mississippi because we use huge troves of data and weather simulations to assess and price risk appropriately to the benefit of homeowners – keeping them properly and fairly insured.”
Mississippi joins the growing number of states that Kin serves through its reciprocal exchanges. Kin expanded into South Carolina in January 2023, and several more states will be launched this year to provide affordable pricing and essential coverage to vastly more people.
Earlier this month, Kin closed a $100m private placement catastrophe bond transaction.
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