Hippo insurance review 2024
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At a glance
Bankrate's take
Hippo takes a modern approach to home insurance by offering innovative coverage options and a host of potential discounts. The company isn’t rated by J.D. Power for customer service, though, so you may want to seek out reviews before committing to a policy.
- Partners with multiple third-party companies to underwrite policies
- Smart home devices, like water sensors and security cameras from SimpliSafe and Ring, offered with new policies
- Homeowners can receive coverage for electronics, appliances and essential staff
- Fast online quote process
New
Hippo Insurance temporarily paused writing new policies under its Hippo Home Insurance Program (HHIP) after substantial weather-related losses in Q2 2023. Strategic changes, including policy nonrenewals, commission structure modifications for agents in certain regions and increased deductibles in select states, aim to enhance the company’s appeal to reinsurers. CEO Rick McCathron expressed optimism about these adjustments, and the company has selectively resumed HHIP business.
Hippo home insurance review
Hippo takes a tech-forward approach to home and condo insurance. Bankrate’s Hippo Insurance review reveals that the company could be a great choice for tech-savvy consumers who value a home insurance company with comprehensive digital tools. The property carrier even offers a smart home kit to eligible customers at no additional charge, with a discount applied as soon as it is activated.
Hippo understands how reliant modern customers are on technology. With this in mind, the company wanted to create the best homeowners insurance for homeowners who want a tech-first approach. This includes higher coverage limits for computers and home office equipment, meaning the company might be a good choice for someone who works from home. Homeowners can also receive coverage for electronics, appliances and essential staff, like a house cleaner or babysitter. Water backup coverage and service line coverage are also offered, but availability may vary based on location and eligibility.
Hippo has plans to expand but it is currently only available in 40 states. But, because Hippo partners with several different underwriting partners, policies may not be available everywhere it claims. The company’s limited availability, lack of J.D. Power customer and claims satisfaction scores and absence of local agencies brought down its Bankrate Score, earning 2.6 out of 5.0 stars for 2024.
Pros and cons of Hippo home insurance
Hippo Insurance’s tech-focused methods may appeal to some, but there are also drawbacks to consider before signing up for a policy.
Pros
- Fast online quotes
- Smart devices offered with each policy at no extra cost
- Customizable policies
Cons
- Not available in all states
- Some may prefer a more traditional experience
- No ratings from J.D. Power
Hippo home insurance cost
The average cost of home insurance in the U.S. is $2,153 for $300,000 in dwelling coverage, according to our 2024 study of quoted premiums from Quadrant Information Services. Although Hippo’s average home insurance rates are not available, national average rates could serve as a point of comparison when evaluating home insurance quotes.
Hippo home insurance customer satisfaction
Hippo is a newer insurance company and is currently not rated by J.D. Power for customer or claims satisfaction. However, there are other third-party ratings to consider whencomparing home insurance companies, like AM Best. AM Best specializes in the insurance industry and assigns letter grades that reflect a company’s overall historical financial health and its past ability to pay claims. According to its website, Hippo has an AM Best rating of A- (Excellent), which indicates it has successfully been able to meet its claims obligations in the past.
Hippo home insurance customer complaints
The National Association of Insurance Commissioners (NAIC) is another organization that could give you a helpful overview of a company’s interactions with its customers. The organization’s complaint index records the number of complaints received for an insurance company (by product line) and compares it to an average baseline. A baseline Complaint Index of 1.00 indicates an average number of complaints.
Because Hippo does not underwrite its home insurance, there is not an NAIC Complaint Index available for the company. The NAIC does, however, assign Complaint Indexes for one of Hippo’s largest underwriting partners, Spinnaker. From 2021 to 2023, Spinnaker’s complaint index has slowly crept up, indicating that its customer service has declined over the past several years. However, keep in mind that Spinnaker is just one of Hippo’s multiple underwriting partners and that customer complaints will vary based on which company underwriters your policy.
Hippo home insurance discounts
Hippo offers numerous discounts that may help policyholders save on homeowners insurance. Hippo calculates the discounts you qualify for during the online quote process. Potential discount opportunities include:
- Affinity discount: You may earn a discount on your home insurance policy for being a member of certain groups, like professional associations, membership clubs or alumni groups.
- Hail-resistant roof discount: If your roof is made of qualifying hail-resistant materials, you might earn a discount on your premium.
- HOA discount: If your home is located in a qualifying homeowners association, you might save on your Hippo home insurance policy.
- Smart home discount: Hippo provides smart home devices to policyholders and rewards homeowners for keeping them activated. As part of a partnership with Xfinity, Hippo homeowners who own Xfinity Home Security systems may earn a discount.
- Loss-free discount: You could save money if you have no losses over a period of three or five years.
- Theft protection devices: Installing theft alarms or living in a community with 24/7 security could land you a discount.
- Homebuyer discount: For new policies, a discount may apply to those who acquired their home on the effective date of the new policy or within the 12 months leading up to it. Upon renewal, customers might be eligible for a discount, provided it was part of the original policy term and there have been no interruptions in coverage.
Compare Hippo to other insurers
Whether you’re looking for the best or cheapest home insurance, shopping around and comparing home insurance companies may help you find the right fit. If you’re interested in Hippo but aren’t sure if it’s the best option for your needs, you might want to consider these carriers:
Hippo vs. Kin
Kin is available in many states where Hippo currently doesn’t offer coverage, so it might be appealing to homeowners in those states. Its full coverage area includes Alabama, Arizona, Florida, Louisiana, Mississippi, South Carolina and Virginia. Kin is also challenging the traditional insurance model by using technology to help refine its quoting system. Kin uses property records, permit data and aerial imagery in addition to the more traditional home insurance rating metrics to help give more accurate rates.
Learn more: Kin Insurance review
Hippo vs. State Farm
If you want to work with local agents, State Farm could be a good choice. As the largest property and casualty insurance company by market share in the nation, State Farm is a well-known carrier that offers local agents and robust digital tools. State Farm also sells auto insurance, along with other products, which might be appealing if you’d like to bundle your policies with the same carrier.
Learn more: State Farm Insurance review
Hippo vs. Lemonade
Lemonade might appeal to homeowners who want to handle their policies digitally. The Lemonade app is where you’ll handle most policy changes, claims and other management tasks, although phone service is available if you need it. Lemonade is also a Certified B Corporation. Corporate sustainability is built into its operating structure, which may appeal to you if you value social and environmental responsibility.
Learn more: Lemonade Insurance review
Why you can trust Bankrate
Read our full methodologyOur insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Hippo insurance review.
46
years of industry expertise
122
carriers reviewed
20.7K
ZIP codes examined
1.2M
quotes analyzed
Is Hippo a good insurance company?
Hippo might be a good insurance company if you’re looking for a focus on home maintenance and loss prevention. Hippo particularly stands out for offering a smart home kit to customers; many companies offer discounts for smart home devices but few actually offer the devices themselves. However, Hippo’s third-party ratings for customer satisfaction are mixed and may depend on the underwriting company you're paired with. You may want to read Hippo Insurance reviews and find out which underwriting company you would be assigned to before you purchase a policy.
What are real-life customers saying about Hippo?
Another great way to take the temperature on a potential home insurance provider is to review feedback from real-life customers. To do so, Bankrate looked to Reddit. Reddit may not be an official third-party insurance reviewer, but it can provide valuable insights from actual Hippo home insurance policyholders.
Many praised Hippo’s low average rates, but the consensus around the claims process was mixed. Some praised Hippo’s speedy response times and transparency throughout the claims process; however, other policyholders had more negative experiences with the Hippo claims department.
The claims process will vary based on multiple factors like your location, home age and extent of the damage — but this inconsistency could be exacerbated by the fact that Hippo uses multiple underwriting partners.
Hippo company details
- Sales: sales@hippo.com
- Support: 1-800-585-0705 or support@hippo.com
- Claims: 1-855-999-9746
- Hippo Home Care help: hippohomecare.com
State availability
Hippo home insurance advertises that it is available in 40 states excluding Alaska, Hawaii, Idaho, Iowa, Louisiana, Montana, North Dakota, Oklahoma, South Dakota and Wyoming. However, because Hippo uses multiple underwriting companies, it may not be available in all of the 40 states it claims to write policies in.
Hippo tools and benefits
On its website, Hippo offers home maintenance checklists organized by season. It may feel overwhelming to figure out how to keep your home in good condition, but Hippo’s checklists might ease some of the stress. The company even offers a service, called Hippo Home Care, which lets you call or email an expert for advice to help you work through home issues.
Frequently asked questions about Hippo
Methodology
Bankrate utilizes Quadrant Information Services to analyze May 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $300,000
- Coverage B, Other Structures: 30,000
- Coverage C, Personal Property: $150,000
- Coverage D, Loss of Use: $60,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Bankrate Scores
Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
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Cost & ratings 50%
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Coverage & savings 30%
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Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company's true score in each category out of a possible five points.
TJ Porter is a contributing writer for Bankrate with eight years of experience writing about finance. TJ writes about a range of subjects, from budgeting tips to bank account reviews.
