Hippo Homeowners Insurance Review
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A new home is the most significant investment for many individuals. Not only do homes offer the benefit of homeownership and housing stability, but they also offer value when it’s time to sell. Homes tend to appreciate over time and serve as useful hedges against inflation, but property damages can wipe away some of the gains.
Any fire, flood, vandalism, or similar event can damage your personal property and result in expensive repairs and replacement costs. Not everyone can afford home repairs that catch them by surprise. That’s where Hippo Homeowners Insurance can help. The company’s insurance policies can alleviate the costs and make it financially feasible to repair your home.
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What is Hippo Homeowners Insurance?
Hippo Homeowners Insurance is an insurance technology company founded in 2015 in Palo Alto, California. It is backed by major insurance partners with an A- financial rating from AM Best. The insurer offers enhanced coverage for appliances, electronics, and the people who help run your home. The coverage limit for computers and home office equipment is four times higher than traditional coverage limits.
Hippo has an AM Best rating of A- for financial strength. Hippo has helped insure over 200,000 homes in the United States. The company is licensed and sells insurance products in most of the United States. Hippo is working hard to get licensed in the remaining states and offer additional coverage.
Use Home Insure to Find Affordable Home Insurance
- Get Home (or Rental) Insurance as Low as $19/Month
- Compare rates in minutes
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- Rates subject to qualification and approval
How does Hippo Homeowners Insurance work?
Hippo Homeowners Insurance gives you coverage for property damage related to your home. Policyholders pay premiums to keep the policy active and can then file a claim if their property gets damaged. Consumers should review the fine print of any policy before paying premiums.
Hippo has a streamlined quoting process that takes less than a minute. You will then have to indicate the type of coverage you want (basic, somewhere in between, or enhanced). You will have to answer a few additional questions about the property and provide your information to get a quote.
Hippo can also assist with Smart Home Technology. This technology can reduce the need for claims and help homeowners protect their properties. Smart Home Technology includes cameras to deter vandalism, leak sensors, and smart smoke alarms.
How much does Hippo Homeowners Insurance cost?
Hippo Homeowners Insurance rates vary based on your property’s size, location, the amount of coverage you want, and other factors. The average cost of homeowners insurance in the United States comes to $1,200 per year.
Getting $100,000-$125,000 in coverage can result in an annual premium of $814. That annual premium typically reaches $2,149 when a homeowner requests $500,000 in coverage. Determine how much coverage you want and assess the premiums before committing to a Hippo home insurance policy.
Hippo Homeowners Insurance features
Quick quotes
You can receive an insurance quote in as little as one minute. Hippo has a quick form that streamlines the process.
Smart home tech
Hippo helps homeowners who want to incorporate smart home tech. This technology can keep your home safe and alert you of small issues before they become major. Smart home tech can keep your property safe and help you save up to 25% on your Hippo homeowners insurance policy.
Hippo Home app
The Hippo Home app makes it easy to stay on top of your policy and access educational resources. The app includes DIY guides, personalized maintenance plans, and other perks.
Enhanced coverage
Hippo offers better coverage than many insurance companies for consumers who want to protect their appliances and electronics. Policyholders also enjoy higher coverage limits for computers and home offers. You can also get service line coverage for financial protection from any issues with gas, electric, and sewer connections between your house and the street.
Who is Hippo Homeowners insurance best for?
Homeowners with home offices
Hippo’s coverage shines for home offices and computers. If you have a property with an extensive home office, a Hippo homeowners insurance policy may be one of the best choices.
Smart home tech advocates
You can save up to 25% on your Hippo homeowners insurance premiums if you have a smart home. Hippo can help you get set up if you do not have smart home tech built into your property.
DIYers
Hippo has many resources that can help you make your own repairs and fix things on your own if you want to go that route. The company also recommends smart home tech to alert you of leaks and other issues before they significantly deteriorate your home.
Use Home Insure to Find Affordable Home Insurance
- Get Home (or Rental) Insurance as Low as $19/Month
- Compare rates in minutes
- No cost or obligation to check
- Rates subject to qualification and approval
Who shouldn’t use Hippo Homeowners Insurance?
Renters
You do not need a homeowners insurance policy if you rent a property. Homeowners should consider whether they plan to stay in their homes for many years or want to move out and rent soon.
People who cannot afford the premiums
Most homeowners insurance policies cost roughly $100 per month. However, this policy only works if you continue to pay the premiums. If you feel stressed about affording $100 per month and have already paid off your property, a homeowners insurance policy may not be the best choice. However, not having a homeowners insurance policy can be much riskier, especially if property damage occurs.
Homeowners seeking an all-in-one insurer
Hippo focuses on homeowners insurance policies but doesn’t have much versatility beyond that policy. If you want an auto or life insurance policy, you must work with another insurer.
Pros and cons
Pros
- Discounts are available. Hippo gives homeowners several opportunities to get discounts, such as by incorporating smart home tech. This technology also leads to fewer claims since it helps homeowners detect problems before they grow.
- 24/7 claims reporting. You can file a claim online or speak with a representative. Hippo’s team is available 24/7.
- Quick quoting process. Receive an insurance quote in as little as 60 seconds.
- Better coverage for home offices and computers. You can get extra coverage for a home office with Hippo.
Cons
- Not many policies beyond homeowners insurance. Hippo is great for homeowners insurance, but other insurers have more options if you want a wide range of policies beyond protecting your home.
- No BBB rating. The Better Business Bureau has not rated Hippo and has a few bad reviews on the site. Bad reviews are common in the insurance industry.
Hippo Homeowners Insurance vs. competitors
Hippo isn’t the only homeowners insurance provider in the market. Here’s how Hippo compares with other home insurance companies.
Insurance Company | Coverage | Customer Support | Quote Application Process |
Hippo | 39 states in the continental U.S. | 24/7 | Within 60 seconds |
Acrisure | All 50 U.S. states | Weekdays from 9 a.m. to 5 p.m. ET | A few minutes |
Amica | Every U.S. state except Hawaii | Weekdays from 6 a.m. to midnight ET and weekends from 7 a.m. to midnight ET | A few minutes |
State Farm | All 50 U.S. states | 24/7 | A few minutes |
Acrisure
Acrisure is a modern homeowners insurance company that uses technology to make buying insurance simple and convenient. They don't just offer homeowners insurance; they've got you covered with personal insurance for your car, life, health, and even flood protection. Whether you're a homeowner or renter, they have a range of options to keep you protected. Plus, they offer extra services like cybersecurity help.
Amica
Amica, your trusted companion for homeowners insurance, has a legacy spanning over a century. Since their founding in 1907, they've mastered the art of ensuring your home is well-protected. Alongside homeowners insurance, Amica offers coverage for your car, life, and more. Known for their exceptional customer service, they've been there for policyholders through generations. With Amica, you can have peace of mind, knowing that your home and everything in it is in good hands.
State Farm
State Farm is a household name when it comes to insurance, with a rich history dating back to 1922. They're not just an insurance company; they're a reliable friend who's got your back. Whether you're looking for homeowners insurance, auto coverage, life insurance, or more, State Farm has you covered. They're known for their extensive network of agents who are ready to assist you and help you find the right coverage for your needs. With State Farm, you're not just getting insurance; you're getting a trusted partner to navigate life's uncertainties.
FAQs
Is Hippo Insurance legitimate?
Hippo is a legitimate insurance company that has been around since 2015. The company has insured over 200,000 homes.
Is a smart home worth it for Hippo Insurance?
Hippo allows you to save up to 25% on your policy if you use smart home devices. This technology can minimize the likelihood of filing a claim and alert you about anything suspicious.
Is Hippo an insurance carrier?
Hippo is not an insurance carrier. The company is a managed general agency with TOPA Insurance and Spinnaker Insurance to offer policies.
Does Hippo provides additional insurance?
Yes; Hippo insurance services offers auto insurance and provides home insurance coverages bundling options with auto policies.
Use Home Insure to Find Affordable Home Insurance
- Get Home (or Rental) Insurance as Low as $19/Month
- Compare rates in minutes
- No cost or obligation to check
- Rates subject to qualification and approval
The bottom line
Hippo Homeowners Insurance provides a range of coverage options to safeguard your property. Hippo offers protection against various unforeseen events, including theft, fires, floods, and more. They understand that your home is likely your most valuable asset, and their insurance policies are designed to provide you with peace of mind.
Should you ever need to initiate a home insurance claim, Hippo's claims process is designed to be straightforward and efficient, helping you navigate the process with ease. In the unfortunate event of damage to your home, their coverage includes provisions for loss of use, ensuring you have the support you need during the recovery period.
While Hippo specializes in homeowners insurance, it's essential to note that if you prefer a single insurance company to handle all your policies, they may not be your top choice. However, if you're open to working with multiple insurance providers and are interested in potential discounts through the use of smart home tech, Hippo could be a suitable option for your insurance needs.
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Writer
Marc Guberti is a business freelance writer who specializes in personal finance, digital marketing, and entrepreneurship. His award-winning book "Content Marketing Secrets" teaches readers how to create, promote and optimize content for growth and revenue. Marc also hosts the "Breakthrough Success Podcast," where listeners learn how to master content marketing and get more clients.
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