Kin Insurance, a Chicago-based insurtech startup, announced Tuesday an expansion to the Peach State.
Using real estate listings, building records, and satellite and drone photography, Kin aggregates data from public and private sources to provide address-specific home insurance quotes for homeowners, according to a news release.
Homeowners plug in their address with Kin, which pulls more than 5,000 data points to provide a quote instantly, according to Kin CEO Sean Harper. Kin collects the data to make a profile of a home to avoid endless form-filling for the property, allows a customer to tailor their coverage and allows homeowners to pay with a credit card of through an escrow account.
“It’s irresponsible for insurance companies to price coverage without using every bit of available data, but most simply lump homeowners together by ZIP Code,” Harper said in a statement. “We can save people substantial time, money, and confusion while getting them accurately priced coverage that fits their specific needs.”
According to Kin, the average cost of home insurance in Georgia is $1,089 per year or $91 a month.
"As a coastal state, Georgia is vulnerable to dangerous weather (including flooding, thunderstorms and hurricanes) and our mission is to help homeowners in high-risk areas of the U.S." Lucas Ward, Kin's CTO, said. "Paired with Atlanta’s growing metropolitan area, expanding to help homeowners in this region aligns with our overall growth strategy.”
The startup is now operating in Georgia and Florida, with plans to make its coverage available nationally. The company recently closed a $13 million funding round led by August Capital.
"Kin has already been working with data in Georgia, so it was a natural progression for us to launch in the Peach State," Ward said.
Kin launched in Chicago in August 2017 after raising $4 million from investors such as Commerce Ventures, Omidyar Network, 500 Startups, Chicago Ventures and Portag3 Ventures, Sandalphon, M25, Nameless Ventures and other angel investors.
Ward said Kin will not be opening an office or hiring personnel in Georgia at this time, but "operating in a digital capacity allows [Kin] to be more efficient for the consumer."
