Kin Insurance recently announced on X, formerly known as Twitter, that survey data indicates 21% of American homeowners have submitted a major insurance claim since purchasing their homes.
According to Kin's post, the company's survey revealed that one in five American homeowners—quantified as 21%—have already filed a major insurance claim since buying their home. The post attributes these incidents to "unexpected repairs, damage, or loss," suggesting that severe events are not rare occurrences. This data point aims to underscore the frequency and impact of significant property claims on U.S. households.
The Insurance Information Institute (III) provides additional context, stating that about 5.3% of insured homes file a homeowners claim annually, with property damage accounting for approximately 97.3% of those claims. This information supports the notion that while annual claim frequency is modest, cumulative exposure over multiple years can increase lifetime incidence significantly—aligning with Kin's 21% figure. The institute also highlights rising premiums, citing National Association of Insurance Commissioners (NAIC) data showing an 11.2% average premium increase in 2022 compared to 2021, reflecting growing risk and cost pressures.
Axios reports that based on U.S. Census Bureau American Community Survey data, about 13% of U.S. homeowners with a mortgage were paying at least $3,000 annually for homeowners insurance as of 2023. While around 58% paid under $1,500, the presence of a sizable high-premium group illustrates the affordability challenges linked to catastrophe and weather exposures. This cost environment heightens the stakes when "major" claims occur, aligning with Kin's finding that many homeowners eventually experience a significant loss event.
According to Kin’s official website, the company is a direct-to-consumer home insurer providing coverage through the Kin Interinsurance Network and the Kin Interinsurance Nexus Exchange. It emphasizes a technology- and data-driven approach to pricing and underwriting for catastrophe-exposed markets. Kin also notes its carriers hold a Financial Stability Rating of A (Exceptional) from Demotech, indicating strong capacity to meet policyholder obligations.
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