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Hippo homeowners insurance review
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Hippo offers multiple high-quality policy options and modernized coverage endorsements that meet the protection needs of today's homeowner.
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You can get quoted in under a minute
Multiple robust, modernized policy options
Several coverage endorsements included in the base policy
No option for filing claims online
Only available in 20 states
THE BOTTOM LINE
Hippo is a recent player in property insurance, bursting onto the scene in 2015 and immediately establishing a name for itself. Featuring an impressive array of digital tools and modernized coverages, Hippo is partly responsible for the innovative, tech-focused shift sweeping across the property and casualty insurance industry. Although they're relatively new and a non-admitted carrier, Hippo is in a good position financially. Policies are underwritten by insurance giants TOPA and Spinnaker (combined $200 billion in assets) and Swiss Re, the second largest reinsurer in the world.
HIPPO COMPANY SPOTLIGHT
J.D. Power Rating
A trusted customer satisfaction and product quality research agency
A nonprofit organization focusing on marketplace trust and product quality
A.M. Best Rating
100-year-old U.S. credit rating agency focused on the insurance industry
The Bottom Line
Your home is arguably your most valuable financial asset, so it's especially important that you insure it with a company that will fulfill its end of the bargain in the event of a claim. With Hippo, you're insuring your home at a bargain and getting outstanding coverage, however there are some question marks about the claims experience. You can't file claims online with Hippo, which potentially makes it harder to submit and track claims.
IN THIS ARTICLE
You can get quoted in under a minute. With Hippo, gone are the days of pages and pages of answering granular questions about your home that you don't know the answer to. All you do is type in your address, and Hippo provides you a quote in a matter of seconds.
Multiple robust, modernized policy options. Hippo offers three high-quality policy tiers which you can choose from based on how much coverage you need for your home. And the best part is they're all fairly cheap—Hippo rates are actually lower the average provided quote with Policygenius.
Several coverage endorsements included in the base policy. Hippo includes a number of sought-after coverage add-ons, like equipment breakdown coverage, computers coverage, water backup coverage, service line coverage and others in the base policy. Very few companies offer as much coverage at as good a value as Hippo.
No option for filing claims online. One drawback of insuring your home with Hippo is you can't file insurance claims through their website—you need to call in your claims. Although Hippo provides a "concierge line" to take your claims, the lack of an online interface and end-to-end tracking could make it harder to track claims.
Only available in 20 states. Hippo homeowners insurance is currently only available in 20 states. While that may seem like a bad thing, keep in mind that this company is still less than 5 years old and is expanding by the day. If Hippo isn't yet available in your state, they most likely will be soon.
While the price of homeowners insurance with Hippo (and every company) will depend on factors lke where you live, your home's construction type, and the age of your home, you can expect to pay around $1,600 annually for coverage with Hippo, according to Policygenius data. That makes Hippo home insurance rates lower than the average quoted policy with Policygenius.
Rates are particularly impacted by your home's replacement cost, or the insured value of your home. Below is the average cost of homeowners insurance at different levels of coverage with Hippo.
|Hippo coverage amount||Hippo annual premium|
Average annual homeowners insurance premiums for each coverage level were calculated using Policygenius quoting data.
A great way to keep your homeowners insurance costs down is to take advantage of discount opportunities.
Some common discounts include protective devices discounts, claims-free discounts, and new home-buyer discounts. Hippo offers all of those discounts, plus discounts for belongings to an HOA and a discount getting your policy more than a week before it goes active.
Homeowners insurance protects your most important financial assets, so you'll want to be sure you're insuring your home, your personal possessions, and other assets with a company that will be able to pay out your claim in the event of a disaster. Hippo hasn't been around long so it doesn't yet have ratings with such credit ratings agencies as S&P and Moody's. But they're backed by three distinguished and financially lucrative insurance companies in Spinnaker, TOPA, and Swiss Re. With Hippo, you can insure your home with confidence.
Standard & Poor's measures companies' creditworthiness and is used primarily by financial investors and other market stakeholders. S&P is also valuable in measuring the long-term financial stability of insurance companies. A AAA rating is the highest issuer credit rating assigned by S&P. Swiss Re—one of the companies that backs Hippo policies—has an AA- rating with S&P, one of the highest a company can receive.
Moody's is very similar to Standard & Poors, except rather than measuring a companies ability to remain financial stable and creditworthy, Moody's measures what the expected losses would be if a company were to go into default. It's particularly valuable in analyzing the value of stocks and bonds with certain companies. A AAA rating is the highest possible score you can receive from Moody's. Swiss Re has a Aa3 rating with Moody's, the fourth highest rating a company is eligible to receive.
A.M. Best is the most reliable credit-rating tool insureds can use to gauge the financial health of a particular company. Unlike S&P and Moody's, A.M. Best is focused exclusively on the insurance marketplace. A good score with A.M. Best means a company is more likely to fulfill their financial obligation to you when it comes time to file a claim. With a score of A+, Swiss Re has the second highest rating a company can receive with A.M. Best.
It's important to know what experts think about homeowners insurance companies - but it's also good to know what actual customers and consumer sentiment sites are saying, too.
Hippo has excellent ratings with Consumer Advocate and the Better Business Bureau. Being such a new company, it doesn't yet have ratings with J.D. Power, TrustPilot, or Consumer Affairs.
J.D. Power provides studies that rate insurance companies across policy offerings, price, clarity of billing and policy information, interaction, and claims. An overall satisfaction score, "based on how customers view every experience of their experience with homeowners insurance providers," is reflected here and used for our ranking.
The Better Business Bureau ranks companies across a large swath of criteria. While consumers can submit ratings to the BBB, these scores are not taken into account in their rating, although tangential metrics that take into account customer experience are.
Consumer Affairs is a platform that lets consumers directly rate customers, while Consumers Advocate rates companies based on stability, reputation, and policy coverage.
The National Association of Insurance Commissioners tracks the number of complaints submitted to state insurance departments with their national complain index. A score of 1 is the baseline average, and a score of 0 means there weren't enough complaints to count. Hippo's 2018 score of 0.84 means they received less complaints than the average company.
Hippo offers three homeowners insurance coverage packages that provide all of the primary coverages: dwelling, other structures, personal property, loss-of-use, personal liability, and medical payments coverage.
Hippo's base policy includes extended replacement cost for the home and a number of additional coverages that most insurers don't offer. Hippo then features two higher tiers of homeowners insurance that include higher extended replacement cost limits and higher limits for certain coverage endorsements
Here's some of the highlights of each of the three coverage tiers with Hippo:
Note: The information above represents potential policy options and may not be available for every applicant. Speak to a licensed expert for a personalized look at your coverage options.
Hippo coverage is limited to 20 states but continues to grow. Although they have impressive resources and digital tools available on their easy-to-use website, they lack an claims process.
Hippo homeowners insurance is available in 20 states.
The application process at Hippo is pretty remarkable, as they promise you a quote in under 60 seconds–and they’re not lying. All you need to do is type in your address, and Hippo almost immediately shoots back information about your home’s specs, including:
You're then given three quotes to choose from with varying levels of coverage.
One of the few things you can't do online with Hippo is file a claim for losses. In fact, if this company is lacking in one area, it's the general lack of clarity for how the claims process actually works.
If you want to file a claim with Hippo, you need to dial their claims department indicated on their website. From there, you're assigned a claims advocate who manages your claim from beginning to end.
Policygenius offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.
About the author
Pat Howard is an Insurance Editor at Policygenius in New York City, specializing in homeowners insurance. He has been featured on Property Casualty 360, MSN, and more. Pat has a B.A. in journalism from Michigan State University.
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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