Kin Insurance now sells condo insurance designed specifically for Florida condo owners, giving homeowners access to the product through a simple online signup process and digital policy management.
Condo insurance is a different type of risk, Sean Harper, CEO of Kin, told Insurance Rate Reporter. He said it’s tougher to get property information about condos.
“Our goal is always to create a product that reflects the needs of real homeowners. What’s exciting about our condo product is how customer-centric it is,” Harper told PRWeb.
Kin offers quotes for townhouses, rowhouses or high-rise units. Policies are available no matter how the unit is used, whether that is as a primary residence, seasonal or home-share. Unlike most condo products, Kin can insure condos owned by trusts or LLCs. The coverage encompasses seasonal use and short-term rental risks, PRWeb reported.
A condo owner doesn’t have to struggle with figuring out their home’s value for insurance purposes.
“Sophisticated insurance companies will be able to calculate that value for the homeowner automatically,” Harper told Insurance Rate Reporter.
Coverages across carriers match in what are standardized policies, he said, with much of what’s in the policy regulated by the state.
“Kin’s insurance is better because you can buy it entirely online in minutes,” Harper told Insurance Rate Reporter. “Our customer satisfaction is much higher than the industry – and our cost structure is low because we don’t pay an outside agent and are high tech so we are cheaper on average.
The company’s condo insurance policies include protecting units for fire, hurricane wind damage, theft, vandalism open-perils coverage for the dwelling and more. The policies also serve to safeguard the condo owner from unexpected expenses levied by homeowners associations, PRWeb reported. They cover loss assessments, loss of use, medical payments, personal property and personal liability.
The parts of the condo structure covered by the homeowners association’s insurance versus the homeowner’s policy can vary by building.
“Typically, a condo owner is responsible for insuring his ‘walls in,’ which includes the drywall, cabinets, flooring, etc, everything inside the unit,” Harper told Insurance Rate Reporter.
To learn more about Kin’s condo insurance or to get a quote, visit kin.com/condo-insurance.
