Hippo home insurance review

Hippo home insurance review - At a glance

Hippo home insurance is ideal for homeowners who like to save money by installing smart home monitoring kits that detect everything from break-ins to water leaks. Hippo homeowners insurance will also be a good choice if you want coverage for your appliances, computers, and home office without paying higher premiums. With a different approach to home insurance policies, Hippo offers many coverages and discounts.

Are you planning to buy a home insurance policy? Our Hippo home insurance review will help you decide whether it is the right insurer for you!

Hippo introduction and history

Hippo was founded in 2015 by Assaf Wand, a former Intel Capital investor and McKinsey consultant, and Eyal Navon, a businessperson with a background in software engineering and R&D. But the company began offering insurance policies only in 2017. The company, headquartered in Palo Alto, California, relies on data and artificial intelligence (A.I.) to provide comprehensive coverage.

Hippo, unlike other insurers, offers homeowners, condo, and landlord insurance. The company does not underwrite the insurance policies it sells. It instead sells policies via two partners: Spinnaker Insurance Company and Topa Insurance Company. Currently, the company provides insurance policies in 39 states.

Pros and cons

Are you in search of the best Hippo home insurance? Then you must first weigh its pros and cons!

Hippo home insurance review

Though Hippo home insurance tends to be affordable for customers, there are also other factors that they should consider. Here's the Hippo homeowners insurance review based on some scores.

• The Way.com Customer Satisfaction Survey - 3.8/5
• Claims satisfaction (J.D. Power) - No rating
• Customer satisfaction (J.D. Power) - No rating
• Financial strength - Excellent. Have an A- rating from AM Best.
• NAIC Rating - No rating

Where is Hippo home insurance available?

Hippo homeowners insurance is available in 39 states and Washington, DC. The following are the states where you can't get Hippo insurance.

• Alaska
• Florida
• Hawaii
• Idaho
• Iowa
• Louisiana
• Montana
• North Dakota
• Oklahoma
• South Dakota
• Wyoming

Hippo home insurance coverage options

A Hippo home insurance policy includes basic coverages to cover the home's structure, personal property, liability, and loss of use. A customer has the option to choose from three levels of coverage. The following are the three tiers of coverage that Hippo offers.

• The Essentials: The coverage doesn't protect the service line or equipment breakdown.
• Best Value: It includes personal property replacement costs, water backup coverage, and increased liability.
• Expanded Protection: It provides replacement costs for personal property, increased liability coverage, water backup, and home office coverage.

Be mindful that not all coverages may be available in your state. You can tailor the coverages based on your requirements. The following are the typical coverages that Hippo homeowners insurance offers.

Dwelling coverage: It covers the cost to repair or rebuild your home if it gets damaged by a covered risk like a fire or tornado.

Liability coverage: It reimburses you for any property damage or injuries you accidentally cause to others. If you get sued due to a covered peril, the coverage will also cover the cost of your legal defense.

Other structures coverage: If a structure not attached to your home gets damaged, like a fence or shed, this coverage pays to repair or replace it.

Personal property coverage: It covers the cost to replace or repair your items, like furniture and clothing, if they get damaged due to a peril specified in the policy.

Additional living expenses: It is also known as loss of use coverage. It covers the cost of accommodation, meals, and pet boarding if you can't live in your home after it gets damaged by a covered peril.

Hippo Smart Home: Hippo offers free home monitoring systems that detect water leaks, carbon monoxide, smoke, and motion to protect your home from potential loss. You will receive a smart home discount on your premium if you turn the devices on each year.

Hippo Home Care: The insurer offers customers to contact professionals who can answer their home maintenance queries. From simple plumbing repairs to outdoor maintenance, you can contact an expert via phone, email, or video to discuss your issue.

Additional coverage (add-ons)

So, now you know the typical coverages that Hippo home insurance offers. These are the additional coverages the insurer offers at an additional cost.

Home office: This policy offers up to $10,000 in replacement or repair costs for office equipment like computers, printers, and cell phones.

Jewelry and watches: Offers coverage for up to $5,000 for stolen jewelry, furs, watches, and precious and semi-precious stones.

Water backup: If your home or possessions gets damaged by water from overflowing drains or sewers after a backup, this can cover the cost of repairs and replacements. The coverage will be for up to $20,000.

Computers: It covers computers and related storage devices for up to $10,000.

Equipment breakdown: If your television, electrical equipment, heating or air conditioning system, or appliances gets damaged unexpectedly, this will cover the costs of repairing or replacing it. With a $500 deductible, you will get coverage up to $100,000 for home equipment up to 15 years old. Coverage for equipment older than 15 years is limited to $1,500.

Service line: It pays for repairs to lines like sewer or electrical that enter your home from the street. It offers coverage for up to $10,000 for homes under 50 years old. Coverage gets limited to $2,500 for homes older than that.

Extended replacement cost for dwelling coverage: Based on your chosen amount, it increases your dwelling coverage limit by 25%-50%.

Workers compensation: It covers the medical expenses if someone you hire to work at your home, such as a gardener or babysitter, gets injured on your property.

Mortgage payment protection: It will cover your mortgage payments for up to $1,500 per month for up to 12 months if your home becomes uninhabitable.

Ordinance or law: It covers the additional costs incurred when upgrading or repairing your home to meet new building codes.

Hippo home insurance coverage limits

The insurers calculate your coverage limits based on the info you provide about your home. These are some of the coverage limits that Hippo homeowners insurance offers.

Hippo homeowners insurance discounts

Using the discounts provided by your insurer can lower your home insurance premiums. These are the typical discounts that Hippo offers.

Affinity discount: This is useful for customers who buy a Hippo home insurance policy through a group, like your former college or a membership club.

HOA discount: You will get a discount if your homeowners association (HOA) qualifies.

New buyer discount: You could save money if you purchased a home within the previous 12 months of purchasing a Hippo home insurance policy.

Smart home discount: You could save money on your Hippo home insurance policy by installing smart home devices such as smart monitoring systems. Hippo helps new customers by sending them a basic home monitoring kit.

Loss-free discount: A homeowner may be eligible for a discount if they don't file a claim for 3-5 years.

Bundle with Metromile car insurance: A bundling discount is available if you buy Metromile pay-per-mile auto insurance and a Hippo homeowners insurance policy.

Hail-resistant roof discount: You will get a discount for installing qualified impact-resistant roofing materials.

Theft protection and safety device discounts: You may be eligible for a discount if you install a theft prevention device. You will also get a discount if you have fire extinguishers, a burglar alarm, a water-leak detection device, a fire alarm, a sprinkler system deadbolt, or a smoke alarm.

Gated community: Insurers consider gated communities to be less risky. You will get this discount if you live in a gated community.

Early bird: If you begin your Hippo policy within the next eight days or more, you may be eligible for an early bird discount.

No mortgage: Whether you pay off your mortgage or inherit it from the family, Hippo offers a discount if the insured property has no mortgage.

Storm shutters: Mount storm shutters on your windows to protect your home from hurricanes and other weather hazards.

How much does Hippo home insurance cost?

On average, Hippo home insurance costs $1,462 yearly. It is lower than the national average rate.

How do I buy Hippo homeowners insurance?

When buying Hippo home insurance, you can select any combination of coverage types. Still, Hippo also divides its coverages into three tiers to make it easier to find a suitable combination.

Hippo Essentials

• Up to a 25% increase in replacement cost coverage
• $5,000 in water backup coverage
• Up to $8,000 in coverage for computers and home offices
• Jewelry and watches get coverage up to $2,000 in value
• Liability insurance worth $200,000

Hippo Best Value

It includes everything covered in Essentials plus these.

• Personal property replacement cost coverage
• Up to $10,000 in service line coverage
• Water backup coverage for up to $10,000
• Liability insurance worth $300,000

Hippo Extended Protection

• It includes everything covered in Essentials plus these.
• 50% extended replacement cost coverage
• $10,000 in home office expenses
• Water backup coverage worth $20,000
• Liability insurance worth $500,000

So, are you looking for Hippo homeowners insurance coverage? Then you can get a quote in one of three ways:

• Via Hippo's website.
• Through a Hippo insurance agent.
• During the home-closing process, via Hippo's network of home builders, like Lennar, and mortgage partners like PennyMac.

Filing a claim with Hippo

If you want to file a claim, contact Hippo at 855-999-9746 24/7 or email claims@hippo.com. You will also be assigned a claims concierge who will take you through the process, answer any questions, and help you coordinate with inspectors and those involved in the repairs. The procedure for filing a claim is simple. Contact Hippo immediately and provide full details about the damages, incident, or peril. They will assist you in minimizing further property damage.

Hippo then assigns an adjuster and schedules an inspection. They will then review the data and notify you whether your claim got approved or denied. According to its website, Hippo assures you to pay your claim within five days.

• Claims number: 855-999-9746
• Email: claims@hippo.com

Hippo vs. the competitors

So you will be looking to find the most affordable home insurance policy. It is always best to compare the insurers and shop around for that. So here are some notable differences between Hippo and some of its main competitors.

Hippo vs. Lemonade

Lemonade may attract homeowners who want to manage their insurance policies digitally. A homeowner can handle policy changes, claims, and other management tasks; phone service is available if necessary.

Hippo vs. State Farm

State Farm may be a good option if you want to work with local agents. State Farm also sells auto insurance and other products, which may attract homeowners if they want to combine your policies with the same carrier.

Hippo vs. Kin

Kin's availability is limited to Louisiana and Florida, where Hippo does not provide coverage. So it may be a good option for homeowners in those states. Kin also challenges the traditional insurance model by integrating technology into its quoting system. Kin complements traditional home insurance rating metrics with property records, permit data, and aerial imagery to provide more accurate rates.

How to cancel a Hippo policy

Usually, you can cancel your policy at any time, and you will get the refund amount you paid in advance. Unlike some insurers, Hippo does not charge a refund fee that gets deducted from your prepayment. The cancellation process is fairly simple. A customer can cancel their policy at any time during the policy period by giving Hippo a written notice. The notice should contain the following details.

• Your name and home insurance policy number
• The address of the house that the policy cover
• Your contact number
• The date you want your insurance policy cancellation to take effect, as well as a statement that you want to cancel the policy
• An address to which they should send any unearned premium returns

Hippo online features and app

The Hippo app lets you contact customer service, review coverage, and manage your policy. It also provides tips and checklists to assist you with home maintenance. You can even connect with a Hippo Home Care expert via video call.

Key customer satisfaction survey findings - Hippo

Hippo has a mix of positive and negative customer feedback on the Better Business Bureau (BBB). It allows us to have a better understanding of the overall customer experience. Many customers are happy about the streamlined digital sign-up process and responsive customer service representatives. But as mentioned earlier, many customers are disappointed about the complexity of the claims processes. There are also unfavorable reviews about increasing the premiums and denying claim payouts. Some reviews also mentioned that the customer service representatives took too long to respond to customer queries.

Consumer complaints

Spinnaker, one of Hippo's main underwriters, has an average number of customer complaints for an insurer of its size, according to the National Association of Insurance Commissioners (NAIC). In contrast, Topa receives 40 times the number of complaints due to its size. Most Topa complaints are due to delays in claims processing and unsatisfactory settlement offers.

Consumer experience

Website: You can get home insurance quotes from Hippo's website. It also includes articles explaining home insurance fundamentals and how it works.

Claims: You can file a claim via email or phone. A representative will guide you through the claims process, including reserving temporary accommodation if necessary.

How good is Hippo home insurance, according to reviews and ratings?

A Hippo home insurance policy can be great if you use smart-home devices or have many electronics to protect. It can also be a good choice if you love to have a digital experience and a fast online quoting process. It provides discounts for smart homes, provides more coverage for electronics than most competitors, and provides new policyholders with a free self-monitoring alarm system. Also, Spinnaker and Topa have an 'A-' (Excellent) financial stability rating from AM Best, indicating they can pay out claims even during a financial crunch.

But there are complaints about the insurer for delaying claim payouts and mediocre customer service at times. So, always try to get quotes from 3-5 insurers before buying a home insurance policy.

Homeowners insurance buying guide

Determine how much coverage you need: The basic thing is to decide how much coverage you need to protect your home and possessions.

Take inventory: Keeping an inventory of your personal belongings is one of the best ways to get the best out of your home insurance. It also makes filing a claim easier and more effective. A home inventory is simply a list of your belongings and their estimated monetary value.

Make a fair comparison: Always compare the rates from as many insurers as possible to get the cheapest and best rate in your area. Also, try comparing the coverages and discounts that each insurer offers.

Check consumer complaints: Always check each insurer's customer complaints before buying a home insurance policy. Always go for an insurer with fewer complaints and excellent financial strength.

How to file a homeowners insurance claim

File as soon as it's safe: If someone broke into your home and stole your belonging, causing damage to your property, you need to call the police and file a report. Keep a copy of the information to give to your insurer, as they will require an official document that details the damage and any other relevant details. Suppose the damage is not the result of criminal activity. In that case, you won't need to obtain a police report before contacting your provider and filing a claim.

Document the damage: Then you must document all the damage to provide proof to your insurer. Take many photos and videos of the damage from various angles, use other items to provide scale, and record the approximate date and time of the damage. If you made an when you first moved in, you could use that document to estimate the cost of each damaged item.

Prevent further damage: After documenting the damage, you must prevent it from spreading. It could include mopping up standing water to prevent mold from forming or covering up wall damage to keep rain and critters out. Stopping the damage from spreading is critical because your insurer may refuse to cover additional damage you could've avoided.

Other home insurance companies to consider

Are you unable to decide on a home insurance policy? Then check out these insurers too.

• Travelers: Insurer with extensive coverage and reasonable discounts.
• Safeco: An insurer with a presence in the majority of states.
• Liberty Mutual: A big national brand with many discounts.