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. Its process isn’t fully online as claims must be made over the phone. Even then, it can save you time and money. In this post, we’ll do a quick review of Hippo Insurance.
- 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
Online or by phone
Phone call required
Hippo Home Care
24/7 customer support
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. It uses two underwriters for its insurance — Topa Insurance Company and Spinnaker Insurance Company. 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. 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.
Hippo is officially licensed as a property casualty insurance agency in 34 states. It hopes to continue to add states over time. Below is a list of the states where Hippo is currently available.
Customer support is available 24 hours a day, 7 days a week. You can reach them by email and telephone at email@example.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.
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
Licensed in 34 states
Claim Filing Options
All claims must be submitted over the phone
Full Replacement Cost Coverage
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
Service Line Coverage
Yes, up to $20,000
Each of Hippo's partners have an A.M. Best rating of at least A- (Excellent)
Customer Service Number
Claims Phone Number
Customer Service Hours
Customer Service Email
Mobile App Availability
Hippo Insurance Review
- Ease of Use
- Products and Services
- Customer Service
Hippo Insurance is an online home insurance platform that offers instant quotes, complimentary smart home monitoring, and a home care hotline.
- Fast online quotes and purchase process
- Long list of available discounts
- Backed by experienced, stable carriers
- Claims can’t be filed online
- Not licensed in all 50 states
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
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