Hippo Home Insurance
Hippo believes that homeowners deserve better, cheaper, modern home insurance. They deliver a fast experience to quote and buy online, but what does that mean for you, the customer?
The company recently raised a $70 million round of venture funding to offer a new home insurance product. Their 60-second quoting application is a HUGE improvement over industry giants like State Farm, which can require 126 questions to get a quote. But what other benefits does Hippo provide?
Hippo offers a far more comprehensive package than most default home insurance policies. Some added bonuses you get with Hippo that are not in your standard home insurance policy:
It's safe to say a Hippo policy brings you an extra layer of protection
Hippo is not an insurance carrier, but an MGA (managing general agency). This means they control the branding, pricing, and claims experience of your home policy, but someone else puts up the capital requirements needed to insure the home (the insurance carrier). Hippo primarily uses three carriers:
Claims are especially hard for all new MGA-style entrants. Claims have always been a tricky part of the industry, and often are the reason so many homeowners have a bad experience with home insurance. So far, it seems Hippo is doing well with a strong focus on customer service. We would put them ahead of the pack when it comes to new entrants. However, older carriers like State Farm have paid out a lot of claims over the years so likely will be better equipped to help when disaster strikes. Of course, you will pay more for that and also have to fund their expensive ad budgets (in 2016, GEICO spent $1.35B on ads, State Farm spent $629M - we know who gets the bill...)
Where is Hippo Available?
The good news is Hippo uses the same ISO standard form as the rest of the industry. So you can compare Hippo side-by-side with the established carriers out there. You might find that they are better suited option for you.
Congrats Hippo on your great new product and modern design. Welcome to the home insurance market!
Check your Hippo quotes and so much more:
At your service,
Disclosure: Hippo is one of the many options Young Alfred offers for home insurance. Young Alfred did not receive any compensation or direction from Hippo in writing this review.