Hippo Home Insurance Review: Cost, Ratings, and Quotes

Hippo Home Insurance is a newer company, established in 2017, and backed by solid Venture Capitalist funding. It deals only in Homeowner and Condo Insurance, making it a focused choice for, you guessed it, homeowners. 

But are they right for you?

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Table of Contents

Is Hippo a Good Home Insurance Company?

What Does Hippo Home Insurance Cover?

Does Hippo Home Insurance Offer Any Discounts?

Are There Any Add-ons For Hippo Home Insurance?

Hippo Home Insurance Company Rating

Pros and Cons of Hippo Home Insurance

Cost and Quotes

Is Hippo Home Insurance For You?

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Is Hippo a Good Home Insurance Company? 

If you value a modern online experience and tech-focused extensive coverage options, then they very well could be perfect for you.

Hippo offers a “modern home insurance” experience, with competitive coverage for things such as floods and fire, but with a focus on technology. For example, every new customer receives a smart home monitoring system for free, which includes sensors that detect things like smoke and water damage, to help you stop a smaller problem from becoming a big one. On top of giving you the system, they also give you a discount for having that system installed and running. 

In keeping with their modern theme, they do everything online. You can get a quote, adjust your policy, and even add endorsements on your own. The odd thing is, you cannot make a claim online. You’ll need to call or email, at which time a dedicated claims “concierge” will be assigned to you. Once you make the claim though, you are able to track the progress online. It’s a plus that they assign one person to your claim, so there’s no hassle and headache of having to explain things to a new person each time.

The rates are far cheaper than other reputable companies, making it a solid financial option. However, if you value sitting down with an agent in their office to discuss your policy, you’ll be out of luck, as Hippo has no in-person staff.

What Does Hippo Home Insurance Cover?

One thing Hippo does really well is their extensive offerings for enhanced coverage. Included in all policies are liability,  loss of use, personal property, coverage for your dwelling, and medical payments. Endorsements available to purchase include:

 

• Full replacement cost coverage
• Enhanced electronics and appliances coverage
• Cleaners and babysitters coverage
• Enhanced home office and computer coverage
• Service line coverage
• Enhanced rebuild coverage
• Water backup coverage
• Legal ordinance change coverage

 

If you would like flood insurance, Hippo partners with Neptune Flood, or offers coverage through the National Flood Insurance Program. They have other (local) partner companies through which they can provide windstorm and earthquake coverage, but this is only available in certain states.

Does Hippo Home Insurance Offer Any Discounts?

They do offer a robust discount program, helping to drive down the cost of insurance policies for their customers. Discounts include:

 

• Early signing
• Using your free smart home monitor
• Owning fire extinguishers
• New home
• Having zero mortgage
• Being a member of a homeowners association
• Your home is located in a gated community
• Having no claims history
• Being a member of an affinity group

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Are There Any Add-ons For Hippo Home Insurance?

They do sell a plethora of add-ons, as listed above. Things like changing legal ordinances or damage while the babysitter is there are exclusive to Hippo. They even offer a virtual home maintenance service, DIY advice, and helpful videos to help rectify small problems before they become a full-blown claim.

The inclusion of a free smart home monitoring system for every new policy, as well as the discount they give for using it, is another great add-on you don’t see anywhere else. It can help protect your home against water damage, theft, and fires. Each system includes a motion and entry sensor, water and climate sensor, and a siren and keypad, as well as a yard sign. And, as with other companies, there is a discount just for running that system. 

Hippo Home Insurance Company Rating

According to their website, they “offer policies that are supported by carriers A-rated by A.M. Best, the industry standard.” However, they are not themselves rated by J.D. Power or the NAIC, which are the industries leading rating organizations.

Hippo is rated an ‘A’ by the Better Business Bureau, and boasts on their website 4.9 stars in customer satisfaction, though we couldn’t find direct sources for that claim.

Pros and Cons of Hippo Home Insurance

Hippo actually came in with quite a few positives. For example, they offer a 4-times-higher coverage limit than other policies for computers and home office equipment, one of the most underfunded expenses by other insurance companies. Their smart home upgrades and virtual assistance help you keep on top of small issues and repairs, essentially helping with prevention and home maintenance. A nice perk, especially knowing you don’t have to search YouTube to try and find something that helps you fix it yourself. Clear and concise instructions and video tutorials are waiting for you in your online account. Another great feature is their full replacement cost coverage and 25% enhanced rebuilding coverage, which allows you to replace at today’s value, and covers the cost of building material surges that so often happen after a catastrophic event.

Having everything online, and manageable by the customer, is also another pro in our busy world.

The relative newness of the company is a con, however, they are backed up by multiple top-tier venture capitalists and, in July 2020, announced they’d be filing an IPO and finished a $150 million dollar financing round. And because they are strictly focused on homeowner and condo insurance, there is no opportunity to bundle insurance products. If you enjoy the face-to-face of insurance agents, then Hippo probably isn’t right for you. Finally, as I was gathering quotes for comparisons, I found that, even if they are licensed in a certain state, they do not provide coverage if you live in proximity to wildfire risk areas. For example, we looked up quotes in Oregon and Arizona and were denied in both for being close to wildfire zones. They do, however, offer a list of other companies that you can go to for quotes if you live in those areas.

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Cost and Quotes

When gathering information on cost and quotes, we used locations across the country but with the same or similar demographics. This represents the average.

We used a 2300 sq.ft. home built in 1999, with a few upgrades like granite countertops and nice appliances. We also took advantage of their early bird discount. We were offered the choice to enter another 3 discounts – including whether the house was a recent purchase, did we live in a gated community, and were we members of a homeowners association. We declined the last three.

 

Hippo The Essentials package costs an average of $262 per month. It included:

• $365,000 coverage for home + 25% enhanced replacement costs
• $200,000 liability
• $183,000 personal property
• $1500 general deductible ($3650 wind and hail deductible)
• Exclusive Extended Coverage:
  • Domestic workers
  • Home office
  • $8000 computer coverage
  • $5000 water backup coverage
  • $1000 loss assessment
  • $2000 extra jewelry and watches

The Hippo Our Best Value package was an average of $321 per month, and included:

• $365,000 coverage for home + 25% enhanced replacement costs
• $300,000 liability
• $255,500 personal property
• $1000 general deductible ($3650 wind and hail deductible)
• Exclusive Extended Coverage:
  • Domestic workers
  • Home office
  • $8000 computer coverage
  • $10,000 water backup coverage
  • $2000 loss assessment
  • $2000 extra jewelry and watches
  • Mortgage payment protection

The Hippo Expanded Protection package was an average of $350 per month, and included:

• $365,000 coverage for home + 50% enhanced replacement costs
• $500,000 liability
• $255,500 personal property
• $1000 general deductible ($3650 wind and hail deductible)
• Exclusive Extended Coverage:
  • Domestic workers
  • Home office
  • Equipment breakdown
  • Service line
  • $10,000 computer coverage
  • $20,000 water backup coverage
  • $5000 loss assessment
  • $5000 extra jewelry and watches
  • Mortgage payment protection

 

Our quote research spanned from $100 policies and up, but nothing we looked at was over $400. As you can see, the biggest cost jump was between The Essentials and Best Value, and if you were going for Best Value, it wasn’t that much more to increase your coverage to The Expanded Protection. However, Expanded Protection seemed best for higher-end or larger homes, with the average customer not likely requiring those upper limits of coverage.

Is Hippo Home Insurance For You?

Hippo Home Insurance is a great option if you like the ease of online and virtual communication, want a low rate, and expansive, modern coverage options. It’s also a great option for tech-focused homes.

It might not be for you if you value face-to-face agencies, or are just looking for bare-bones coverage. You might not be a good fit if you like to bundle your insurance all together with one company. It also won’t be for you if you live in an area prone to natural disasters.

Of course, like everything insurance-related, your quote depends on variables such as location, size of your home and property, valuables you own and want covered, and risk factors. It’s best to find and compare quotes that are based on exactly what you need to have the most accurate information in making a decision. Grab your 60-second quote with Hippo here.

Read more: 7 Simple Steps to Changing Homeowners Insurance Companies

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