Hippo is a little-known insurance company, but it offers some of the best homeowners insurance on the market. The company launched in 2015 with a focus on modern insurance coverage at an affordable price.
Hippo homeowners insurance looks similar to other major insurance providers, but there are a few key differences. Every policy includes property, personal belongings and liability coverage. Customers can also opt to pay more for additional coverage for appliances and electronics, water backup, service line, computers and home office equipment, home rebuilding, house sitters and cleaners and legal ordinance changes.
Hippo is a completely online insurance company, meaning it doesn’t have any physical branches. To stay true to its digital roots, the company provides every new customer with a two-sensor smart home monitoring system and a discount on their premium for protecting the home against risks like fire, water damage and theft.
Find the Best Home Insurance
Enter your ZIP code below and be sure to click at least 2-3 companies to find the very best rate.
|Price||Price varies by state and home specifications|
|Best for||Homeowners who want flexible coverage at a good price|
|Not for||Homeowners who want to manage claims online|
|States served||AL, AZ, CA, CO, GA, IL, IN, MD, MN, MI, MO, NV, NM, OH, PA, SC, TN, TX, UT, WI|
|Discounts||Bundling policies, early signing, new home, smart home, no claims, no mortgage, affinity group,
homeowner’s association, gated community, fire safety equipment
|AM Best Rating||A-|
|Standout Features||Free smart home equipment for new policies
Wide range of discounts
Extensive add-on coverage options
Hippo’s motto is “smart coverage for homeowners.” The company claims that customers can get traditional homeowners coverage, plus add-on coverages that are relevant to homeowners today. Hippo also claims that new customers can save up to 25% on their homeowners insurance premiums through Hippo.
Is it true?
Overall, Hippo’s claims are accurate. The company does offer the typical coverages you would find with any home insurance policy, but Hippo takes it one step further by offering add-on coverages that make sense for many homeowners today.
For example, customers can buy computer and equipment insurance that offers 4x more coverage than traditional policies, according to Hippo’s website. The company also offers enhanced coverage for house cleaners and sitters or anyone else who manages a home. The best part is that Hippo’s coverage replaces items at their current cost, not based on the depreciated value.
When it comes to price, it’s hard to tell how true Hippo’s claims are, and the company hasn’t been ranked by J.D. Power. On its website, Hippo states that by automating the process and modernizing insurance coverage, the company is able to reduce monthly premiums by 25%, compared to average industry prices. But the only way to know for sure is by getting quotes from multiple insurance providers.
Our deep dive
- Basic coverages: Every homeowners insurance policy from Hippo includes basic coverages, including personal property, personal belongings and liability.
- Additional coverage options: On top of basic coverage, Hippo also provides add-on coverages for an additional cost, including appliances and electronics, water backup, service line, computers and home office equipment, home rebuilding, house sitters and cleaners and legal ordinance changes. Hippo also offers earthquake or flood coverage through partner companies.
- Discounts: Even though Hippo claims to offer low premiums to begin with, the company also includes discounts to help customers save even more. These discounts include: bundling policies, early signing, new home, smart home, no claims, no mortgage, affinity group, homeowner’s association, gated community and fire safety equipment.
- Smart home devices: The company gives every new policyholder a two-sensor smart home monitoring system, which automatically qualifies them for a discount on premiums.
- Customer service: Hippo claims to have top-notch customer service, even though it’s an online insurance company. According to the website, “All claims and support matters are handled by the most deeply caring staff whether by phone, chat, email or tweet!”
- Premium savings: If you’re looking to save money on your homeowners insurance, Hippo might be a good option for you. The company claims that new customers can save up to 25% by switching to Hippo.
- Claims handling: One of the downsides to Hippo is that customers can’t file or track their claims online. Every claim must be filed with a live representative over the phone.
- Customer reviews: Hippo puts its customer reviews front and center on its website. The company is rated 4.9 out of 5 stars based on real reviews from 1,659 verified customers.
On the website, Hippo states that the main factor that influences home insurance premiums is the cost of rebuilding the home, which takes into account factors like what the home is built with, the number of stories and the home’s size. The location of your home, your claims history and your credit score will also have an impact.
Cheaper (or free!) alternatives
Homeowners insurance can be expensive, and the price varies based on the state you live in. Here are a few ways you can save money on your premium:
- Get multiple quotes: The only way to know which insurance provider will give you the cheapest rate is to shop around for multiple quotes and compare them.
- Build up your credit: Increasing your credit score is a surefire way of lowering your insurance premium.
- Increase your deductible: Raising your deductible usually means you’ll have lower monthly payments. Remember that you’ll have to pay more out of pocket before the insurance company steps in to help pay for a covered event.
- Bundle your home and auto policy: Hippo gives a discount to customers that have an existing auto insurance policy through any provider.
Amica: In J.D. Power’s 2019 U.S. Homeowners Insurance Study, Amica earned the top spot with perfect 5-star ratings in most categories. Although Amica might be more expensive than Hippo for some customers, Amica’s claims handling process is one of the best on the market.
Erie: Erie also ranked well on J.D. Power’s list, coming in at number two. Like Hippo, Erie isn’t available in every state, but it tends to offer better base policies than other insurance companies.
Allstate: Allstate got 3-star ratings across the board in J.D. Power’s study, which puts it above average. They’re known for being a reputable insurance company, and unlike Hippo, it’s available nationwide.
Nationwide: Like Allstate, Nationwide is a popular insurance company because it offers many different types of coverage, unlike Hippo. However, the company isn’t known for having the best customer service.
What others are saying
On Hippo’s BBB page, the company has an average rating of three stars. Some people complain about the fact that you can’t file or manage claims online, which adds an extra layer of difficulty when trying to reach a live agent. Some customers have mentioned that agents don’t always answer customer calls promptly and are slow to respond. However, many reviewers praise the company and vouch for its affordable rates and quick claims process.
The bottom line
Overall, Hippo home insurance is a great insurance option. Hippo offers affordable prices, relevant add-on coverage options, good customer service and perks like free smart home equipment.