For homeowners, Hippo insurance is a fantastic choice. It provides great coverage at a reasonable cost and has a large number of potential discounts to reduce your payments. I’ll walk you through Hippo’s process in this review and explain why utilizing them is the most efficient and quick way to purchase homeowners insurance online.
Hippo Home Insurance Reviews
Hippo was established in 2015 as a part of the surge of insurance technology-focused businesses known as “insurtech.” By managing numerous operations virtually entirely online, these organizations aim to increase both the profitability of insurers and the affordability of insurance for consumers.
In light of this, obtaining a quote from Hippo can take as little as sixty seconds, and in many states, it offers high-tech benefits like a smart-home monitoring system. If you have any inquiries concerning house repairs, the organization also offers assistance.
In addition to other partners, Hippo provides insurance through Spinnaker Insurance, a company it purchased in 2020.
Furthermore, Hippo provides a wide range of coverage options and discounts for homeowners insurance. In many places, Hippo offers free smart-home technology along with new regulations. If you’re looking for additional coverage for your home office and electronic equipment and are interested in smart home technologies, Hippo home insurance is something to think about.
Pros
- They give clients remote access to experts who can solve problems with house upkeep.
- Gives new clients a free smart home monitoring kit to help with theft, fire, and water detection; this can lead to savings.
- Provides a range of add-on benefits, including coverage for home office equipment and service lines, as well as workers’ compensation insurance for babysitters and housekeepers.
- They provide enhanced coverage for your home’s replacement costs.
- They offer a respectable selection of home insurance discounts.
Cons:
- It’s challenging to locate coverage and discount information on the website.
- Not available in all states, and even in those where Hippo sells insurance, not available to all homeowners.
Hippo Home Insurance Coverage
What to anticipate from typical Hippo house insurance coverage is as follows:
#1. Dwelling:
Your dwelling coverage begins to pay after you pay your deductible in the event that a covered risk damages the primary building on your property. The amount needed to completely rebuild or replace your home to the identical specifications at today’s building cost is how Hippo determines this coverage. Extended replacement cost coverage is another feature of Hippo’s plans that gives you more money to fix your house if the repairs turn out to be more expensive than you anticipated. Depending on its age and condition, your roof will be automatically covered for replacement costs or real cash value.
#2. Other structures:
If your property includes structures that are separate from your home, they are covered as other structures. These may include a detached garage, shed, or fence.
#3. Personal property:
Your home’s contents are also covered by home insurance, in addition to the building you call home. Except for its lowest coverage tier, Hippo offers replacement cost coverage—a service that several rivals either don’t offer at all or only offer as optional coverage.
#4. Extra living expenses:
Also referred to as loss of use, this coverage covers additional costs the policyholder incurs when living away from home. Charges for lodging, meals, and storage of personal belongings are a few examples.
#5. Liability:
Hippocamp’s liability coverage pays for expenses related to property damage, personal harm, and bodily injury suffered by third parties for whom you or your family members bear responsibility.
#6. Medical costs:
Regardless of blame or liability, Hippo’s liability protection also covers some medical costs that arise when you, your family, or your pets hurt a guest.
Hippo Home Insurance Additional Coverage
Although Hippo’s basic coverage is extensive, each person’s demands are unique, so you might want to consider adding more insurance. You can choose to add the following optional endorsements to your Hippo home insurance policy:
#1. Equipment breakdown:
Hippo offers coverage of up to $100,000 for appliances and residential equipment that need to be replaced or repaired. For appliances under 15 years old, the coverage has a $500 deductible; for older appliances, the deductible is $1,500.
#2. Water backup:
The supplier will double your included coverage, up to $20,000, with this rider, even if water backup coverage is already covered by a normal Hippo policy.
#3. Service line:
You are liable for the costs of excavation, repair, and other related costs when maintenance is performed on service lines that pass through your property. For service lines that extend from your house to the street, service line coverage offers up to $10,000 to cover these expenses.
#4. Valuables:
If you own a collection of valuables, you might require extra coverage. Jewelry and watches are protected against the same threats as your other personal belongings up to a $2,000 value by Hippo.
#5. Extra watches and jewelry:
This adds $5,000 to the protection of your already-included watches and jewelry.
#6. Scheduled personal property:
Hippo lets you schedule particular goods when you buy insurance. This pertains to a certain named object with an estimated value.
#7. Mortgage payment protection:
This is another benefit offered by some Hippo plans. It allows you to pay your mortgage with up to $1,500 a month while your house is uninhabitable.
Hippo Home Insurance Discounts
#1. Affinity discount
Customers who buy a Hippo home insurance policy through an organization, like your old college or a membership club, are covered by this.
#2. Bundle with Metromile car insurance
A bundling discount is available if you get both Hippo homeowners insurance and pay-per-mile auto insurance from Metromile.
#3. Hail-resistant roof discount
Installing compatible impact-resistant roofing materials is eligible for this rebate.
#4. HOA discount
Should your homeowners association (HOA) meet the requirements, you might be ineligible for discounts.
#5. Loss-free discount
You may qualify for a discount from your homeowners insurance provider if you go three to five years without making a claim.
#6. New buyer discount
You may save money if you purchase a house within the year before purchasing a Hippo home insurance policy.
#7. Smart home discount
Installing smart home technology, such as smart monitoring systems, may result in a reduction in the cost of your house insurance. Hippo offers assistance by providing a simple home monitoring kit to new clients.
#8. Theft protection and safety device discounts
If you install a theft prevention device, reside in an area where there is a security presence or staff, or have a theft alarm that is continuously monitored, you may be eligible for a discount. If you own a sprinkler system lock, smoke alarm, burglar alarm, fire alarm, fire extinguisher, or water leak detection equipment, you also receive a price reduction.
Hippo Home Insurance Rates
The Insurance Information Institute (III) recently released research stating that the average cost of house insurance in 2019 was $1,272. The cost of each policy varies since the coverage provided by home insurance differs greatly depending on the demands of the individual homeowner. The following elements are likely to affect your Hippo premium:
#1. Location:
Your location, which might include your ZIP code or even the neighborhood you live in, can have a big influence on your premium. Your geographical risk is influenced by variables like the likelihood of a natural disaster, the cost of building supplies, and the local crime rate.
#2. Size and kind of home:
Larger homes usually require more money to restore or rebuild; therefore, in order to meet your reconstruction value, you’ll need greater coverage limits. The materials that go into building your house, including the kind of flooring or siding, can affect how much it will cost to fix it following a covered loss.
#3. Age of the house:
An older home has more wear and tear, which increases the likelihood of losses. Furthermore, it is more likely to have antiquated systems or building methods that are more costly to replace if a loss happens. Newer homes typically have lower costs for homeowner insurance. The materials and age of your roof have an effect on coverage costs.
#4. Personal information:
Hippo takes into account any dangers you may present as a homeowner in addition to your residence and area. Your coverage may cost more than what you were first quoted if you have bad credit or have made a claim on your homeowners insurance during the last five years.
#5. Customized policies:
Hippo bases other coverage on the home coverage it recommends based on the basic information you supply. After receiving your initial quote, you can, however, modify the coverage limitations and provide more information. Additionally, you have the ability to increase or decrease your price by adding or removing certain optional coverages.
Hippo home insurance costs
The 2023 research on quoted yearly premiums from Quadrant Information Services shows that the average cost of home insurance in the United States is $1,428 per year for $250,000 in dwelling coverage. While it is not possible to obtain Hippo’s typical house insurance rates, one might compare national average rates as a starting point for comparing home insurance quotations.
Hippo Home Insurance Customer Service
#1. Website: You may get quotes for house insurance on the Hippo website. It also includes articles explaining the fundamentals and operation of home insurance.
#2. App: The Hippo app allows you to manage your policy, examine coverage, and get in touch with customer support. It also provides checklists and guidance to assist you with housekeeping. A video call with a Hippo Home Care specialist is also an option.
#3. Claims: You can get in touch with Hippo via phone or email to submit a claim. You will be guided through the claims procedure by a representative, who will also provide temporary housing if necessary.
#4. Customer service: Customer help is available from Hippo via phone, email, and live chat.
Compare Hippo to other insurers.
Comparing and evaluating house insurance providers might assist you in locating the finest or most affordable option for your needs. Consider these carriers if Hippo piques your curiosity but you’re not sure if it’s the right fit for your requirements:
#1. Hippo vs. Kin
As Kin is available in many states where Hippo does not currently provide coverage, homeowners in such states may find it attractive. Alabama, Arizona, Florida, Louisiana, Mississippi, South Carolina, and Virginia are all included in its coverage region.Â
Furthermore, Kin is also upending the conventional insurance paradigm by utilizing technology to improve its system of quotation. In addition to the more conventional house insurance rating parameters, Kin also makes use of aerial images, property records, and permit data to help provide more accurate rates.
#2. Hippo vs. State Farm
State Farm can be a nice option if you prefer to deal with local agents. A well-known provider with strong digital tools and local agents, State Farm is the largest property and casualty insurance company in the country by market share. In addition to other goods, State Farm offers auto insurance, which could be desirable if you’d like to combine your plans with one provider.
#3. Hippo vs. Lemonade
Homeowners who want to manage their policies digitally may find Lemonade appealing. The majority of policy modifications, claims, and other administration duties can be handled using the Lemonade app, while phone support is offered if necessary. In addition, Lemonade is a Certified B Corporation. Its working framework incorporates corporate sustainability, which can be appealing to you if you respect environmental and social responsibility.
Is Hippo a good insurance company?
If you’re looking for an insurance company that focuses on loss prevention and house upkeep, Hippo might be a suitable choice. Hippo stands out in particular for providing clients with a smart home kit; while many businesses give discounts on smart home appliances, very few actually sell the gadgets.
Is Hippo a real insurance company?
American property insurance provider Hippo has its headquarters in Palo Alto, California. Hippo provides homeowner’s insurance that protects the policyholder’s residences and belongings in addition to their liability in the event that an accident occurs on the insured property.
Who is Hippo Insurance underwritten by?
Spinnaker Insurance Company
Hippo house insurance coverage is underwritten by Spinnaker Insurance Company.
How much is Hippo home insurance?
With Hippo, the average annual cost of home insurance for a policy with $300,000 in dwelling coverage is $1,138 nationwide. Hippo is therefore almost 40% less expensive than the national average.
What is different about Hippo insurance?
It provides more coverage for electronics than most competitors, gives new policyholders a free self-monitoring alarm system, and offers savings for well-equipped smart homes. Getting a quote from Hippo takes about 60 seconds if these characteristics are relevant to you.
Does Hippo pay claims?
Hippo will pay you as soon as possible if the claim is accepted, assisting you in getting your life back to normal. Their goal is to ensure a seamless claims process for you.
How do I file a claim with Hippo?
You can register an online claim or give Hippo a call at 1-855-999-9746 if you need to file a claim for your home insurance. If you choose to file over the phone, one of Hippo’s committed claims concierges will assist you every step of the way. Your policy number, the date of the loss, and some information about what transpired will probably be necessary. In addition to reviewing the specifics of your claim and your coverage, your Hippo claims agent will walk you through the steps involved in resolving your loss.
How long does it take for Hippo to pay a claim?
Hippo asserts that, on average, it responds to claims in five to seven days, which is 30 to 50% quicker than that of its rivals. Your experience with claims may differ; get in touch with the business to find out more about their procedures.
Does Hippo offer coverage for things like earthquakes or floods?
Many times, regular home insurance does not cover earthquakes, floods, or other natural calamities. In order to assist its clients in obtaining supplementary coverage for these occurrences, Hippo has partnered with other insurers. Perhaps you should get in touch with Hippo to find out more.
What are the benefits of Hippo insurance?
The ideal homeowners are those who will utilize Hippo insurance’s special benefits, such as activating and setting up the free smart home appliances the firm supplies or using the Hippo app to acquire maintenance tips for their homes.
How long has Hippo Insurance been around?
Hippo was founded in 2015 as a member of a new wave of firms that specialize in insurance technology, or “insurtech.” These businesses handle numerous operations nearly entirely online in an effort to lower the cost of insurance for consumers and increase insurer profits.
What kind of insurance does Hippo offer?
Hippo provides a number of services, such as underwriting, marketing, and customer assistance, in addition to homeowners insurance and condo insurance. With 300 years of combined experience, Hippo Insurance has an A- Excellent AM Best Rating today.
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