Kin Insurance expert explains finer points of property coverage

By Carol Ostrow | | Jul 2, 2018


Property insurers like Kin can offer incentives to extend coverage in advance — diminishing the risk of net loss and ultimately resulting in happier homeowners.   Contributed image

First-time homeowners encounter many learning curves as they acquaint themselves with the finer points of home maintenance and protection — including making informed choices when selecting the property insurance coverage that’s right for their home.

As well as keeping an inventory of belongings for replacement value in case of theft, fire or flood, it’s equally important to understand and assess any specific risks associated with your geographic area that could impact your property — particularly in states prone to severe storms, according to Chicago-based Kin Insurance.

“Kin recommends all homeowners insure their homes responsibly, which includes hurricane coverage in coastal areas,” Kevin Turner, Kin’s director of insurance product management, said. “A homeowner’s risk is largely dependent on where their home is located and the cost to replace it. That’s why all the policies we sell in Florida and Texas offer hurricane coverage.”

Some newcomers to Florida may be less familiar with the concept of hurricane deductibles, which he noted are standard in coastal regions. “Hurricane insurance isn’t a separate policy,” Turner said. “It’s just a separate deductible on the homeowner’s policy.”

Property insurers like Kin can offer incentives to extend coverage in advance — diminishing the risk of net loss and ultimately resulting in happier homeowners. Examples include wind mitigation and other structural reinforcements.

“[Homeowners] might not be aware of how much money they can save on their home insurance if they are eligible for wind mitigation loss discounts,” Turner said. “If a homeowner in a hurricane-prone area like Florida gets a new roof that is more resilient to wind damage, they could qualify for big discounts on their homeowners insurance.”

Not only does Florida law require insurers to offer affordable hurricane deductibles, but Florida insurance providers are required to offer home insurance discounts for wind mitigation measures the homeowner takes to fortify their home, he concluded. Florida homeowners who take advantage of that regulation stand to save a considerable amount of money on their premium.

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