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Someone once told me that in financial documents - all of the bodies are buried in the footnotes. And a press release from Kin Insurance is a great example of this...
CHICAGO, March 4, 2025 /PRNewswire/ -- Kin, the pioneering, direct-to-consumer, digital home insurance provider, today announced it has expanded into California and now offers a home insurance option for the entire state. Building upon a positive earnings announcement last week, this is the latest step in Kin's mission to provide necessary coverage in markets that are increasingly underserved due to catastrophic events....
As an area perennially affected by wildfires, Californians desperately need more insurance options. Even before the destruction from the January 2025 Los Angeles County wildfires, traditional insurers had been withdrawing from the state for years. The Senate reported nonrenewal rates had more than tripled the year prior with insurance giants dropping tens of thousands of residents, resulting in policyholders either forgoing insurance altogether or using California's insurer of last resort, the California Fair Access to Insurance Requirements (FAIR) Plan. The CA FAIR Plan's coverage of the Palisades area more than quadrupled during the period leading up to the recent catastrophic events...." And it goes on with more marketing fluff.
"About Kin
Kin is the only pure-play, direct-to-consumer digital insurance provider focused on the growing homeowners insurance market. Kin offers more convenient and affordable coverage by eliminating the need for external agents. Kin's technology platform delivers a seamless user experience, customized options for coverage, and fast, high-quality claims service."
Then in the footnotes you will see:
"Policies in California are marketed and distributed through Kin Insurance Services (CA License #0L32036), a California surplus lines broker. California policies are underwritten by a non-admitted carrier in partnership with Kin." Thats Odd because no where in the the body or headline did you seem to mention that.
Well its a good thing I saw the footnote - but Im sure that the general popluation won't - and that could be a problem because there is no "external agent" to inform them of this during their "seamless user experience".
Call me crazy - but I think its REALLY Odd for a press release to bury such an important coverage element in their footnotes. I welcome more Surplus Lines insurers - but also truly question the intelligence of the executives in cutting out Agents for what seems to be a Pure Play nonadmitted Home Offering. Direct to Consumer on admitted insurance is an entirely different matter.
Kin Press Release - Read the Footnotes for yourself.
Kin Launches New Home Insurance Option in California
CHICAGO, March 4, 2025 /PRNewswire/ -- Kin, the pioneering, direct-to-consumer, digital home insurance provider, today announced it has expanded into California and now offers a home insurance option for the entire state. Building upon a positive earnings announcement last week, this is the latest step in Kin's mission to provide necessary coverage in markets that are increasingly underserved due to catastrophic events....
As an area perennially affected by wildfires, Californians desperately need more insurance options. Even before the destruction from the January 2025 Los Angeles County wildfires, traditional insurers had been withdrawing from the state for years. The Senate reported nonrenewal rates had more than tripled the year prior with insurance giants dropping tens of thousands of residents, resulting in policyholders either forgoing insurance altogether or using California's insurer of last resort, the California Fair Access to Insurance Requirements (FAIR) Plan. The CA FAIR Plan's coverage of the Palisades area more than quadrupled during the period leading up to the recent catastrophic events...." And it goes on with more marketing fluff.
"About Kin
Kin is the only pure-play, direct-to-consumer digital insurance provider focused on the growing homeowners insurance market. Kin offers more convenient and affordable coverage by eliminating the need for external agents. Kin's technology platform delivers a seamless user experience, customized options for coverage, and fast, high-quality claims service."
Then in the footnotes you will see:
"Policies in California are marketed and distributed through Kin Insurance Services (CA License #0L32036), a California surplus lines broker. California policies are underwritten by a non-admitted carrier in partnership with Kin." Thats Odd because no where in the the body or headline did you seem to mention that.
Well its a good thing I saw the footnote - but Im sure that the general popluation won't - and that could be a problem because there is no "external agent" to inform them of this during their "seamless user experience".
Call me crazy - but I think its REALLY Odd for a press release to bury such an important coverage element in their footnotes. I welcome more Surplus Lines insurers - but also truly question the intelligence of the executives in cutting out Agents for what seems to be a Pure Play nonadmitted Home Offering. Direct to Consumer on admitted insurance is an entirely different matter.
Kin Press Release - Read the Footnotes for yourself.
