Kingstone Insurance Review: From an Industry Expert on Home Insurance - YA
Kingstone Insurance Review
Kingstone Insurance Company is a wholly-owned subsidiary of Kingstone Companies, Inc. (NASDAQ:KINS). After 133 years of doing business, Kingstone is ranked one of New York’s Top 20 largest homeowners insurance carriers.
Since 2017, the company has begun expanding its reach by actively writing policies beyond New York, in three new states: New Jersey, Rhode Island, and Massachusetts. Through a large network of independent insurance agents, Kingstone sells various individual property and business products, but focuses mostly on high value and seasonal homes in coastal markets.
Kingstone Insurance markets their extensive knowledge of coastal communities and their ability to understand the unique exposures of Kingstone’s East Coast neighbors.
The property insurer boasts customer discounts, including a new business discount, safety alarm credits, and multi-policy discounts if you buy multiple policies (eg insure both your primary and rental property).
In addition to residential coverages, Kingstone also sells a Personal Umbrella Policy ($1M to $5M) and a Canine Liability Policy ($100k or $250k)
You can purchase multi-family and single family property insurance for dwellings such as co-ops, condominiums, and single family homes.
The carrier offers flexible policies with a variety of enhancements and endorsements to select from like:
- Liability Coverage up to $1 Million
- Building Coverage up to $5 Million
- Identity Fraud Coverage
- Service Line Coverage
- Flood Coverage
- Water Back-Up from Sewer and Drains
- Canine Liability Coverage (even for bad dogs)
Condominium and Co-op Policy
The carrier’s co-op and condominium product is meant to close the gap between the unit owner’s personal liability and what is not already covered by the HOA/Condo Association’s master policy.
Available coverages and enhancements specific to unit owners:
- Loss Assessment
- Identity Fraud coverage
- Back-up to sewer and drains
- Canine Liability Coverage
Landlord Policy / Dwelling Fire Policy
Kingstone’s Dwelling Fire policy is intended for clients that wish to rent their residence, whether they have one rental property or four rental properties.
The property insurer recognizes the complexities of owning a rental property and provide many of the same optional coverages available under their standard Homeowners Policy.
Kingstone specializes in:
- Coastal Risks
- Family Trusts and LLC
- High-Value Dwellings
- Condos and Co-Op Rentals
In 1886, Kingstone Insurance Company was originally formed in Catskill, New York under the name, Co-Operative Fire Insurance Company. The long-standing property carrier went through various incarnations over the decades, ultimately being renamed Kingstone and being relocated to Kingston, New York.
Two years ago Kingstone finally broke through to earn A.M. Bests A- (Excellent) FSR. A.M. Best reported three specific factors contributed to Kingstone’s FSR upgrade. First, Kingstone’s parent company infused the property insurer with $23 Million, underwriting and operating improvements, and a significant increase in reinsurance coverage for potential catastrophes.
The carrier’s 2018 financial summary shows Kingstone wrote over $146M in Gross Premiums and admitted $219M in assets. Not only does Kingstone present well financially but their customer complaints are basically non-existent.
Kingstone is accredited by the Better Business Bureau (BBB) and maintains an A+ rating.
In addition, the insurance company regularly receives low NAIC complaint ratios versus the median for other property insurers. Kingstone’s total number of complaints is surprisingly low for any insurance company: 0 closed complaints in 2018, according to the NAIC.
Kingstone clients may file a claim in one of two ways:
- File a claim online
- Calling the direct claim report line for your state
State Claims Line NY 855-394-0704 NJ 866-287-1480 RI 866-922-3036 MA 866-204-3000
Insureds that file a new claim over-the-phone are expected to call the designated claims line assigned to their particular home state.
Where is Kingstone Insurance Available?
Kingstone Insurance Company has spent more than a century offering protection for New York State homeowners. In recent years, the property carrier widened its empire to include other coastal states while shoring up its financial resources. So far, their formula seems to be working. Throughout their recent growth Kingstone has remained a solid insurance company with high customer satisfaction.
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Disclosure: Kingstone is one of the many options Young Alfred offers for home insurance. Young Alfred did not receive any compensation or direction from Kingstone in writing this review.