In enterprise since 2017, Hippo Insurance coverage provides solely owners and rental merchandise. It has gained a repute for glorious on-line service and distinctive claims choices. Nonetheless, Hippo doesn’t supply in-person service and it isn’t provided in all 50 states.
Right here, we have a look at the professionals and cons of Hippo, how we arrived at our evaluation, and we examine Hippo with different insurance coverage carriers.
Our methodology
To evaluate Hippo residence insurance coverage, we used the SimpleScore technique, which appears to be like at protection choices, reductions, buyer satisfaction, assist and web site accessibility for each main supplier. We go into extra element about our SimpleScore findings with Hippo later.
We analyzed Hippo residence insurance coverage opinions, in addition to these of its opponents by their SimpleScores, in addition to third-party reviewers similar to J.D. Energy and Client Experiences.
Nice Digital Expertise – Hippo
Hippo Insurance coverage strives to supply a powerful on-line expertise, though in-person service shouldn’t be an possibility.
- Nice on-line expertise
- Free sensible residence gadgets
- Distinctive protection choices
In The Information
- When Hippo began promoting residence insurance coverage in 2017, it earned a rave evaluate in Forbes The creator famous that the corporate was poised for achievement because of its monetary backing “by high tier VCs, similar to Horizons Ventures and GGV Capital, in addition to quite a few excessive profile FinTech buyers, like Pete Flint, co-founder and CEO of Trulia, and Matt Humphrey, co-founder and CEO of LendingHome.”
- In June 2020, Hippo introduced that it was buying Spinnaker Insurance coverage Firm, which might “increase Hippo’s sensible residence insurance coverage insurance policies’ geographical attain to all 47 US states the place Spinnaker is licensed.”
- In July 2020, Hippo introduced that it could be submitting an IPO, and lately closed a $150 million financing spherical. The Insurance coverage Journal famous that “Hippo is on observe for greater than $100 million of income within the subsequent yr.”
Hippo’s residence insurance coverage at a look
| SimpleScore | 3.5/5 |
| In enterprise | 2015 |
| States served | 34 |
| Greatest for | Individuals who need inexpensive protection |
| Not for | Individuals who desire a respected supplier |
| Standout options |
|
| Obtainable bundles | None |
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What we like about Hippo insurance coverage
Distinctive protection choices
Hippo claims to supply trendy residence insurance coverage protection that owners want as we speak. The corporate sells all kinds of add-on coverages that the majority insurance coverage firms don’t have, like sensible residence tools protection, home cleansing/sitters protection and authorized ordinance protection. Prospects may even get digital residence upkeep companies to stop small points from changing into giant claims.
Free sensible residence gadgets
Each new residence insurance coverage coverage from Hippo comes with a free sensible residence monitoring system. The tools is embedded with sensors that may shield your house towards frequent perils, similar to fires, theft and even water harm. After putting in the sensible residence system, Hippo will routinely give owners a reduction on their insurance coverage premiums. Whereas another insurance coverage firms supply anti-theft reductions, most don’t present the precise tools.
Who ought to get this coverage
Hippo is a superb residence insurance coverage firm for the fashionable home-owner who desires complete protection and cares about defending their residence from any threat. It’s additionally ultimate for owners preferring to handle their insurance coverage insurance policies on-line, with out having to work with a reside agent or go to an agent in-person.
[Read: How to Find Cheap Homeowners Insurance in 2020]
Issues to think about
No on-line claims
Although Hippo has an excellent on-line expertise, one factor it’s surprisingly missing is on-line claims. In an effort to file a declare, prospects must contact a Hippo consultant by way of cellphone or electronic mail. As soon as the declare is filed, nevertheless, prospects can observe the standing on-line and get help from a devoted declare concierge.
[ Read: How to File a Home Insurance Claim ]
No reside brokers
Some individuals favor to handle their insurance coverage the old school manner — face-to-face with a reside agent. Sadly, Hippo doesn’t work with reside brokers in bodily places. In case you benefit from the personalised expertise of assembly with an insurance coverage agent in-person, Hippo might be not the best insurance coverage firm for you.
Who shouldn’t get this coverage
Hippo shouldn’t be the best match for owners who don’t take pleasure in know-how. One of many distinctive features of Hippo is its give attention to know-how and innovation, particularly with its free sensible residence system and on-line interface. Individuals who desire a fundamental and conventional residence insurance coverage coverage with the power to fulfill with an in-person agent ought to search for residence insurance coverage elsewhere.
What we analyzed
Reductions
Hippo provides a wide range of reductions to assist owners lower your expenses on their residence insurance coverage. Prospects can get a reduction for:
- Signing a coverage early
- Buying a brand new residence
- Putting in the free sensible residence machine
- Having fireplace extinguishers within the residence
- Being claims-free for a number of years
- Not having a mortgage
- Being a part of an affinity group
- Being a part of a owners affiliation
- Dwelling in a gated group
Protection
Hippo is thought for its sturdy protection choices. Each coverage comes with customary protection for his or her dwelling, private property, legal responsibility, medical funds and lack of use. As well as, prospects can buy the next endorsements:
- Enhanced protection for home equipment and electronics
- Enhanced pc and residential workplace protection
- Home cleaners and sitters protection
- Water backup protection
- Service line protection
- Enhanced rebuilding protection
- Full substitute price protection
- Authorized ordinance modifications protection
Hippo additionally provides flood insurance coverage via its associate, Neptune Flood, or via the Nationwide Flood Insurance coverage Program (NFIP). Hippo additionally companions with firms to offer earthquake and windstorm insurance coverage in sure states.
[ Read: What Is Loss of Use in Home Insurance? ]
Buyer Satisfaction
Hippo shouldn’t be rated by J.D. Energy or the Nationwide Affiliation of Insurance coverage Commissioners (NAIC), two of the main business score organizations. Nonetheless, the corporate has an ‘A’ score from the Higher Enterprise Bureau (BBB) and a mean score of three.81 out of 5 stars.
Assist
By way of buyer assist, Hippo provides 24/7 cellphone assist for normal coverage questions and claims. Prospects may also electronic mail Hippo’s customer support staff or login to their on-line account to make fundamental modifications to their coverage, or pay their invoice.
Accessibility
Total, Hippo’s web site is simple to make use of. Potential prospects can apply for a quote on-line in lower than one minute utilizing Hippo’s on-line quote instrument. At the moment, Hippo doesn’t supply on-line claims, however prospects can observe an current declare via the web buyer portal. The corporate maintains a weblog and has a complete Studying Heart devoted to instructional sources about residence insurance coverage.
Hippo residence insurance coverage vs. the competitors
Nice for quick claims processing – Lemonade
Lemonade can be a relative newcomer to the house insurance coverage business, providing AI-driven coverage choices and claims processing, generally in as little as three seconds, it says.
Lemonade is much like Hippo in that it operates solely on-line and solely sells property insurance coverage. Their web sites actually have a comparable feel and look. Nonetheless, Lemonade doesn’t supply the identical complete protection choices or reductions that Hippo does. In truth, Lemonade provides fundamental protection with the promise of inexpensive premiums. Hippo, then again, doesn’t promote low-cost protection. That is the place the 2 firms differ.
Learn our full Lemonade evaluate.
Nice for accessibility – Progressive
Progressive fares higher than Hippo in each accessibility and assist, with a 5 out of 5 on their SimpleScore for each.
Progressive has glorious monetary energy, however its residence insurance coverage providing solely will get respectable rankings. Like Hippo, Progressive has on-line expertise, useful sources and a wide range of reductions. However Progressive falls brief when it comes to its protection choices. The corporate solely provides two extra coverage choices, whereas Hippo provides eight endorsements. For owners who need to customise their coverage, Hippo will likely be a greater possibility.
Learn our full Progressive evaluate.
Nice for low cost choices – Chubb
Whereas Chubb solely scores a 3 out of 5 in buyer satisfaction with our SimpleScore, it provides a crazy-high variety of low cost choices, at 26.
Chubb and Hippo are geared in direction of completely different audiences. Whereas Hippo is right for technology-loving owners, Chubb is best for high-income owners who want to guard an costly property. Chubb is exclusive in that it contains prolonged substitute price protection in its customary owners insurance policies, which most firms don’t supply. It additionally has a wide range of protection choices and reductions.
Learn our full Chubb evaluate.
[Read: The Best Homeowners Insurance Companies ]
Hippo’s residence insurance coverage charges
Hippo doesn’t disclose its residence insurance coverage costs on-line. Nonetheless, potential prospects can apply for a free price quote on-line in lower than one minute. Remember that each home-owner pays a barely completely different price primarily based on their age, state, claims-history, credit score rating, the scale of their residence, the situation of their residence and extra.
[ Read: The Average Cost of Home Insurance ]
Moreover, including endorsements to your coverage will improve your premium. The identical goes for reductions. If you’ll be able to reap the benefits of a number of reductions from Hippo, you’ll decrease your annual premium.
Hippo on-line and cellular app
Hippo doesn’t have a cellular app, however it does supply a number of on-line instruments. Prospects can get a quote on-line or take a look at the web Studying Heart for fundamental insurance coverage training and questions. It additionally has an internet portal the place prospects can log in to their account and make updates or modifications to their coverage. At the moment, Hippo doesn’t supply an possibility for on-line buyer assist or reside chat.
Hippo residence and rental insurance coverage
Hippo doesn’t supply renters insurance coverage, auto insurance coverage or life insurance coverage, however it does supply rental insurance coverage. Consequently, owners don’t have the choice to bundle their insurance policies.
Hippo within the information
- In December 2020, it was reported that Hippo had raised $350 million to allow the corporate to achieve extra states. In accordance with Pulse 2.0, Hippo’s objective is to achieve 95% of the USA owners inhabitants inside the subsequent yr.
- In November 2020, Hippo introduced that it had partnered with Kangaroo to offer prospects with extra sensible residence know-how. The brand new tools, which is supplied free of charge with each Hippo residence insurance coverage coverage, will embody a siren and keypad, water and local weather sensor, movement and entry sensor and a Kangaroo safety yard signal.
Too lengthy, didn’t learn?
Regardless of the dearth of rankings, Hippo is a superb alternative for owners insurance coverage. The corporate focuses on on-line expertise, complete protection and sensible residence know-how. A few of the downsides of Hippo are that it doesn’t supply on-line claims, a cellular app or in-person brokers. However for the fashionable home-owner, Hippo provides the best coverages to guard your house towards virtually any peril.
We welcome your suggestions on this text and would love to listen to about your expertise with the house insurance coverage suppliers we suggest. Contact us at [email protected] with feedback or questions.
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