Hippo Home Insurance Review: Great Rates and Coverage From a New Company

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Hippo Home Insurance Review: Great Rates and Coverage From a New Company

Hippo Insurance succesfully differentiates itself from other home insurance companies by offering unique benefits in a modern platform.

Good for

  • Getting quick quotes and instant coverage
  • Protecting appliances and electronics at no extra cost
  • Protecting expensive computers or home office equipment

Bad for

  • Filing claims online — no option for doing so
  • Receiving in-person customer support

Editor's Rating

4.0/5.0

Find the Cheapest Homeowners Insurance Quotes in Your Area

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Hippo Insurance makes an excellent choice for most people's home insurance needs. Hippo Home Insurance combines low rates with great coverage, which is something that isn't common when it comes to homeowners insurance. While Hippo doesn't offer in-person customer support, its support team is available by phone 24 hours every weekday. If you're already used to managing your homeowners insurance online or by phone, Hippo is one of your best available options.

Hippo Insurance: Our Thoughts

In general, Hippo Insurance's coverages for homeowners are both cheaper and more extensive than competitors' policies. The company's homeowner policies provide standard protection for your dwelling and personal items, but they also include coverages that normally cost extra.

For instance, all of Hippo's home insurance policies cover appliances and major systems against electrical or mechanical breakdown for up to $100,000 — with a lower $500 deductible to boot. Most other home insurers either charge extra for such coverage or don't offer it at all.

Hippo also promises greater convenience: You can file a claim 24/7 by calling the company. Hippo also keeps a phone line open 24 hours every weekday to handle support-related issues, a feature that substitutes for its lack of in-person customer support.

Since it started selling insurance in 2017, Hippo has been expanding its business across the country. To date, Hippo home insurance is available in twenty different states:

  • Alabama
  • Arizona
  • California
  • Colorado
  • Georgia
  • Illinois
  • Indiana
  • Maryland
  • Minnesota
  • Mississippi
  • Missouri
  • Nevada
  • New Mexico
  • Ohio
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Wisconsin

What's the Catch? Legally speaking, Hippo is a managing general agent and not a standard insurer. This simply means that Hippo sells policies and handles claims, while several of its partner companies hold the risk. Traditional insurers tend to do all of these things under one roof.

However, these differences don't have any real impact on your experience as a policyholder. If anything, Hippo's exclusive focus on the customer-facing aspects of home insurance should make it better able to provide you with a smooth experience.

Is It Worth It? Given that the differences in organization don't affect the experience for homeowners, Hippo is certainly worth considering. Hippo offers some of the best coverages we've seen, and its rates are lower than those offered by its competitors. Furthermore, Hippo's website makes it much faster to get a quote and see exactly what policy features you're getting.

Hippo Home Insurance Quotes

Hippo Insurance offers prospective policyholders cheap quotes when compared to quotes offered by large insurance companies, like State Farm and Allstate. Based on our sample, Hippo's quotes were the cheapest among varying policy limits. Keep in mind that the quotes you receive are likely to vary because insurance rates depend on location, your past claims history and other factors. Therefore, we recommend comparing quotes among the best homeowners companies.

Beyond offering affordable homeowners insurance rates, Hippo Home Insurance does an exceptional job at delivering quotes quickly. In fact, it's possible to get a quote and purchase coverage in less than five minutes. In comparison to Hippo Insurance's online quoting system, Allstate and State Farm's quoting systems are slow and clunky. To get a quote, prospective policyholders can visit Hippo Insurance's site, myhippo.com.

How Hippo Quotes for Home Insurance Compare to Allstate and State Farm

Hippo Home Insurance Reviews and Financial Strength Ratings

Hippo's home insurance reviews are largely positive, and a big reason for that is due to the company's low homeowners insurance rates. Furthermore, the company benefits from excellent ratings. A company's financial rating can be seen as an indication of its ability to pay customer claims.

Although Hippo Insurance has only been around since 2015, it does business on firm financial footing thanks to the support of three major reinsurers. Hippo's partners include TOPA Insurance, Spinnaker Insurance and Canopius US Insurance, who have hundreds of billions in combined assets and each carry financial strength ratings of A- (excellent) from A.M. Best Rating Services. All told, it's unlikely that Hippo and its partners will default on your claim.

Hippo Home Insurance Coverage

Hippo Insurance offers the basic coverages that you'd expect from a home insurance company: Home structure, personal belongings and personal liability for injury and damage to others' property. However, Hippo's unique value lies in the extra features and coverages that it offers as part of its overall policy:

Equipment Breakdown: In a standard homeowners policy, home appliances and equipment are only protected from damages due to major covered perils such as fire. In contrast, all Hippo Insurance policies provide coverage for repairing and replacing your appliances even if they're damaged by electrical or mechanical failure. We consider this an excellent feature, especially if you own any high-end appliances.

Extended Replacement Cost: Extended replacement cost provides policyholders with an additional 25% of coverage in excess of their dwelling coverage limit. Extended replacement cost is meant to protect homeowners against a rise in the cost of labor or materials that can occur when there is widespread damage to many homes located in the same area. Most other insurers charge extra for extended replacement cost coverage.

Service Line Coverage: Hippo's home insurance policies cover the costs of repairing any damage to a sewer, water or electric line connecting your property to the street. This kind of protection usually requires the purchase of an extra endorsement on your typical policy.

Water Backup: This coverage offers protection against damage caused by water backup from drains or sewers. However, note that water backup coverage doesn't protect you from flood damage caused by storms or hurricanes. If you live in a flood-prone area, we recommend you also consider purchasing flood insurance.

Home Office and Computer Coverage: These coverages can be extremely valuable for anyone with high-end computers or home office equipment. Based on our sample quotes, Hippo Insurance offers coverage for a computer for up to $8,000. Typically, homeowners insurance companies provide less than $2,000 in coverage for computers.

Finally, each new Hippo Home Insurance policyholder receives a smart home kit when they sign up for a Hippo Insurance policy. The kit includes a pair of sensor devices manufactured by Notion, which let you remotely monitor home temperature, detect water leaks, listen for smoke detectors, and sense motion from doors and windows. In this way, Hippo Insurance goes farther than most of its competitors in its efforts to help you reduce the risks to your home.

Hippo Home Insurance Discounts

Hippo Home Insurance offers several discounts that are also commonly found through other homeowners insurance companies. We highlight these discounts below.

Discount TypeHow Do You Get It?
Early birdPurchase a policy at least eight days in advance of your old policy expiring.
Recent home purchaseYou're eligible for this discount if you're buying a new home or you've owned your current home for less than one year.
Homeowners associationReceive this discount if you're a member of a homeowners association.
No mortgageGet a discount when the home you're insuring doesn't have a mortgage.
Wind exclusionOpt to exclude coverage for wind and hail damage from your policy.
Smart homeGet a discount if you have a professionally monitored fire and burglar alarm or water leak detection sensors.
Fire extinguisherReceive a discount on a Hippo Insurance policy if you have one or more fire extinguisher(s) in your home.
Sprinkler systemReceive a discount if you have an internal sprinkler system installed in your home.
Storm shuttersYou're eligible for reduced home insurance rates if you have storm shutters installed on your windows.
Hail-resistant roofGet reduced home insurance rates if you have a hail-resistant roof installed on your home.

Comments and Questions

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