Hippo Insurance is an online home insurance company.
Purchasing home insurance isn’t a complicated process but it can be time-consuming. But a few insurtechs have recently come onto the market to streamline the home insurance purchase process.
These companies allow you to purchase home insurance completely online. One of those companies is Hippo Insurance.
Along with online purchasing, it offers some great discounts. Hippo offers customers the option to file claims over the phone and online as well as get information about how to file a claim in the Hippo app.
It can save you time and money. In this post, we’ll do a quick review of Hippo Insurance.
Quick Summary
- Get an online quote in less than 60 seconds
- Purchase a policy in about five minutes
- Get premium discounts when using Hippo Smart devices
Hippo Insurance Details | |
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Product Name | Hippo Insurance |
Insurance Type | Home insurance |
Purchase Process | Online or by phone |
Claims Process | Phone call required |
Extra Perks | Hippo Smart Hippo Home Care 24/7 customer support |
Promotions | None |
Who Is Hippo Insurance?
Hippo Insurance is an insurtech company that was founded in 2015 and is based in Palo Alto, CA. Its founders are Assaf Wand and Eyal Navon.
In a Business Journals interview, Wand said that he wants Hippo's relationship with its customers to extend beyond insurance. He hopes that Hippo will be the first point of contact when customers need help with a variety of problems such as needing a locksmith, completing a DIY project, or even experiencing computer problems.
"We don’t want to be just an insurance company," Wand said in the interview. "I want to be your 1-800 for everything to do with your home."
What Do They Offer?
Hippo Insurance allows its customers to purchase homeowners insurance completely online. It also claims to offer rates that are 25% lower than its competitors.
Hippo says you can get a quote online in less than a minute and purchase a policy in about five minutes. Hippo policies are underwritten by Spinnaker Insurance Company, Incline, and Ally.
Hippo’s carriers are A-rated by A.M. Best, the industry standard. They are backed by re-insurers with a collective 700+ years of experience and a combined $200 billion in assets.
Hippo's website provides a learning center with articles on all things home. As you might have guessed, there are plenty of articles on homeowners insurance.
Smart Home Discounts
Hippo calls its complimentary smart home add-on, Hippo Smart Home. It includes smart home monitoring devices and a discount on your premium. These devices help protect your home against potential disasters such as fire, water damage, and theft.
Other Policy Discounts
You can also earn discounts with Hippo by not filing a claim, being part of an HOA, or by being a new homebuyer. Other ways to earn discounts include:
Filling A Claim
Hippo’s claim filing process is similar to that of traditional home insurance companies. While you can contact them by email, you’ll be redirected to get on a phone call at some point.
There are eight steps to completing a claim:
- 1Contact Hippo Claims (via email or phone)
- 2Hippo creates a record of your claim
- 3Hippo assigns an adjuster.
- 4An inspection is scheduled.
- 5Hippo reviews your information and follows up if anything more is needed.
- 6Hippo notifies you if your claim is approved or denied.
- 7If approved, Hippo pays the claim quickly.
Processing times will vary depending on the particular claim. However, most customers receive responses within 5-7 days which Hippo says is 30% to 50% faster than the industry average.
State Availability
Hippo is officially licensed as a property casualty insurance agency in 40 states. It hopes to continue to add states over time. Below is a list of the states where Hippo is currently available.
State | License Number | State | License Number |
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Alabama | 3000277434 | Missouri | 8407419 |
Arkansas | 3000278414 | Mississippi | 15033370 |
Arizona | 1800015889 | Nebraska | 100288166 |
California | 0K96532-SL, #0K96532 | New Hampshire | 3000821777 |
Colorado | 538371 | New Jersey | 1638976 |
Connecticut | 002556771 | New Mexico | 3000277553 |
Delaware | 3000278438 | Nevada | 3237655 |
Florida | L102397 | Ohio | 1150008 |
Georgia | 195562 | Oregon | 3000102434 |
Illinois | 3000105686 | Pennsylvania | 814722 |
Indiana | 3309139 | South Carolina | 1911898457 |
Kansas | 475279827 | Tennessee | 2367586 |
Kentucky | 990810 | Texas | 2281091-SL, #2213177 |
Maryland | 3000103364 | Utah | 664196 |
Maine | AGN306943 | Virginia | 143809 |
Michigan | 0112515 | Washington | 950518 |
Minnesota | 40534013 | Wisconsin | 3000159587 |
Customer Service
Customer support is available 24 hours a day, 7 days a week. You can reach them by email and telephone at support@hippo.com and (800) 585-0705.
In addition to Hippo's regular support, customers can also take advantage of Hippo Home Care. Through this complimentary service, policyholders can contact a Home Care Expert to get help with home repair or maintenance questions.
How Does Hippo's Pricing Compare?
The specific homeowner's insurance price that you're quoted from Hippo will depend on your home's value, location, and other factors. However, Hippo says that homeowners can save up to 25% by insuring with them instead of one of its competitors.
An independent analysis of quotes submitted by Policygenius found that someone with a single-family home seeking $300,000 of coverage could expect to pay around $1,499 annually with Hippo. That made Hippo's rates lower than the average Policygenius quote for that level of coverage.
Related: Why You Should Compare Homeowners Insurance Options Annually
How Can I Get a Quote?
You can visit the Hippo website to get a homeowner's insurance quote. It only takes about 60 seconds to see your estimated rates and the quote tool works well on both desktop and mobile.
Is It Worth It?
Established in 2015, Hippo Insurance is a fairly new company. That may cause some potential customers to hesitate to go with Hippo. However, the reassuring news is that both of its underwriters are well-established and reputable companies.
Those looking for a fully-online process will come up short with Hippo. Claims must be completed by phone. If Hippo still sounds like a good option, you may end up saving more money (and time) compared to other insurance companies due to all of the available discounts.
But just because Hippo could offer you the lowest rates, doesn't necessarily mean that it will. You'll still want to get quotes from a few other companies. Keep in mind that you can compare multiple home insurers in minutes on an online insurance marketplace such as Policygenius or Gabi.
Hippo Insurance Features
State Availability | Licensed in 34 states |
Policy Underwriters |
|
Available Discounts |
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Claim Filing Options | All claims must be submitted over the phone |
Full Replacement Cost Coverage | Yes |
Enhanced Rebuilding Coverage | Yes, up to 25% above the coverage limit for your dwelling. |
Home Office/Computer Coverage | Yes, up to $10,000 |
Appliance/Equipment Breakdown Coverage | Yes, up to $100,000 |
Water Backup Coverage | Yes, up to $20,000 |
Coverage of House Cleaners/Sitters | Yes |
Service Line Coverage | Yes, up to $20,000 |
Financial Reliability | Each of Hippo's partners have an A.M. Best rating of at least A- (Excellent) |
Customer Service Number | 1-800-585-0705 |
Claims Phone Number | 1-855-999-9746 |
Customer Service Hours | 24/7 |
Customer Service Email | support@hippo.com |
Mobile App Availability | None |
Promotions | None |
Hippo Insurance Review
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Summary
Hippo Insurance is an online home insurance platform that offers instant quotes, complimentary smart home monitoring, and a home care hotline.
Pros
- Fast online quotes and purchase process
- Long list of available discounts
- Backed by experienced, stable carriers
Cons
- Claims can’t be filed online
- Not licensed in all 50 states
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