Is Hippo Home Insurance Legit?:Complete Guide

Established in 2015, Hippo Insurance Services, while relatively newer compared to some rivals, maintains a commendable financial strength rating by A.M. Best.

With robust electronic coverage, discounts for smart home devices, and a program offering policyholders a complimentary home monitoring system, it caters to homeowners embracing digital advancements.

However, does it stand among the top home insurance companies?

Our team at Guides Home Team conducted an in-depth assessment of Hippo, evaluating its coverage options, optional endorsements, pricing, customer satisfaction, and more.

Dive into our comprehensive guide to ascertain whether Hippo is the ideal home insurance provider for your needs.

Is Hippo Home Insurance Legit
Hippo might be a good insurance company if you’re looking for a focus on home maintenance and loss prevention. Hi particularly stands out for offering a smart home kit to customers; many companies offer discounts for smart home devices but few offer the devices themselves./PHOTO COURTESY

Hippo Homeowners Insurance Coverage

During Hippo’s swift and straightforward online quoting procedure, they present three coverage tiers that vary in cost, deductible amounts, policy limits, and endorsements.

Once you select a tier, customization options for your deductible and coverage caps become available within certain boundaries.

A standard home insurance policy with Hippo generally encompasses the following:

Dwelling Coverage: In cases where the primary structure on your property sustains damage due to covered perils, Hippo’s dwelling coverage becomes active after you pay the deductible.

This coverage is calculated based on your home’s replacement cost, reflecting the amount necessary to completely rebuild or replace your home at today’s building expenses.

Additionally, Hippo’s plans incorporate extended replacement cost coverage, offering extra funds for home repairs when costs exceed expectations.

Roof coverage is automatically provided either at replacement cost or actual cash value, contingent on its age and condition.

Other Structures: Structures on your property separate from your dwelling, such as detached garages, sheds, or fences, are covered under the category of other structures.

Personal Property: Besides covering the structure you inhabit, home insurance also extends to the possessions within it.

Liability: Hippo’s liability coverage handles expenses for bodily injury, personal injury, and property damage caused by you or your family members for which you’re responsible.

Medical Expenses: Hippo’s liability protection includes coverage for some medical payments resulting from injuries sustained by guests caused by you, your family members, or your pets, regardless of liability or fault.

Apart from the standard HO-3 protections mentioned, Hippo includes additional coverage in its fundamental home insurance policies:

Computers: Optional coverage of up to $8,000 to safeguard expensive electronics like laptops or TVs.

Jewelry and Watches: Added personal property protection covering up to $5,000 for theft of jewelry, watches, furs, or precious and semi-precious stones.

Hippo Home Insurance Rates

We conducted a secret shopping experiment with Hippo for a property in Raleigh, North Carolina, acquiring a quote of $1,319 annually for the provider’s base policy.

The sample property in Raleigh held $315,000 in dwelling coverage for a single homeowner without any claims history.

According to the latest report from the Insurance Information Institute (III), average home insurance rates were $1,272 in 2019.

Given that home insurance coverage is highly individualized, each policy’s cost varies. Several factors influence the premium you might expect from Hippo:

Location: Your geographical location, even down to your ZIP code or neighborhood, significantly impacts your premium.

Aspects like local crime rates, building material costs, and the risk of natural disasters contribute to your regional risk assessment.

Home Size and Type: Larger homes generally incur higher repair or replacement costs, necessitating higher coverage limits for reconstruction value.

Additionally, the construction materials used, like siding or flooring, affect repair costs after a covered loss.

Home Age: Older homes tend to have more wear and tear, increasing the likelihood of potential losses. They might also have outdated systems or building techniques that are costlier to replace. Typically, newer homes come with lower homeowners insurance prices. The age and materials of your roof also influence policy prices.

Personal Details: In addition to home and location, Hippo considers individual risks as a homeowner. Factors like poor credit or a home insurance claim in the past five years could elevate your policy’s cost beyond the initial quoted price.

Policy Customization: Hippo proposes dwelling coverage and bases other coverages on the information provided. However, you can offer more details and adjust coverage limits after receiving your initial quote. Optional coverages can be added or removed, causing your premium to increase or decrease accordingly.

Hippo Discounts

Hippo doesn’t offer several common discounts available with other insurers, like bundling policies or new home purchase incentives.

Nevertheless, it does present three discounts focused on incorporating modern technology into your home to decrease the risk of covered losses.

The discounts provided by Hippo encompass the following:

  1. Existing smart-home devices: Eligibility for savings is available if you possess professionally monitored fire or theft alarm systems, water sensors, or valve closure devices. Complete systems yield more significant discounts than partial setups.
  2. Automatic sprinkler system: Proper maintenance of an automatic home sprinkler system can lead to premium reductions with Hippo. A complete system offers a more substantial reduction compared to a partial sprinkler setup.
  3. Self-monitored smart home: Hippo collaborates with Ring to offer a discount for smart home monitoring. They offer a complimentary nine-piece home sensor kit that sends alerts for theft, fire, and water damage to your home. This necessitates a Wi-Fi connection and a modern smartphone.

Hippo Reviews

In our pursuit to identify the top home insurance providers in the market, we scrutinized over 100 reviews from various third-party sites, including the Better Business Bureau (BBB), aiming to gain a comprehensive understanding of the overall customer experience.

The BBB showcases a blend of positive and negative reviews for Hippo.

Satisfied customers commend the efficient digital sign-up process and the responsiveness of the representatives.

However, other clients expressed dissatisfaction, citing frustrating claims experiences, unexplained premium increases, and denied payouts.

Upon contacting Hippo regarding these negative reviews, the company refrained from providing any comments.

Here are instances of Hippo home insurance reviews sourced from the BBB.

The Bottom Line

Whether you embrace smart-home technology, possess a substantial array of electronics, or value a digital-centric approach and swift online quoting, Hippo emerges as a favorable option for home insurance.

It provides discounts for well-equipped smart homes, offers new policyholders a complimentary self-monitoring alarm system, and delivers more extensive coverage for electronics compared to most competitors.

If these attributes align with your preferences, obtaining a quote from Hippo typically takes about a minute.

Nevertheless, conducting thorough research and exploring various options remains crucial.

We recommend obtaining quotes from a minimum of three insurers before finalizing a policy.

State Farm, a well-established leading insurer, boasts a robust network of agents known for providing a personalized touch to the customer experience.

Frequently Asked Questions About Hippo Home Insurance

Yes, Hippo is a reputable insurance provider. Despite its relative newness in the industry, it holds accreditation from the BBB and maintains a B rating on the site as of January 2023. Additionally, it has fewer complaints registered with state insurance bodies compared to other companies of similar size.

  • How does Hippo manage claims?

Hippo manages claims through its 24/7 claims support system. Policyholders initiate the claims process through online channels, phone, or a dedicated claims email. Following the claim filing, Hippo assigns an adjuster, arranges an inspection, and reaches out if additional information is required. Subsequently, it reviews the claim and, if approved, proceeds with the payout.

  • Which home insurance provider offers the most exceptional customer service?

After conducting thorough research on over 20 insurance companies, we determined that Erie stands out for its superior customer service. It provides round-the-clock customer support, facilitates connections with reliable contractors following a loss, operates policies through local agents, and secures above-average ratings in the 2022 J.D. Power U.S. Home Insurance Study.

  • How long has Hippo Insurance been in existence?

Hippo Insurance has been in operation since 2015.

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