Hippo Insurance Review 2024 | Bankrate

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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.

Hippo Insurance may appeal to tech-savvy consumers who qualify for one or more of its many discount opportunities.

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What’s new with Hippo?

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

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. Spinnaker Insurance Company underwrites Hippo home insurance policies.

Hippo understands how reliant modern customers are on technology. With this in mind, the company wanted to create the best homeowners insurance tailored around tech-savvy coverage options. 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 39 states and Washington, D.C. 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.

Hippo home insurance pros and cons

Hippo Insurance’s tech-focused methods may appeal to some, but there are also drawbacks to consider before signing up for a policy.

  • Fast quotes

  • Many discount options

  • Customizable policies

  • 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 $1,759 per year for $250,000 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 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:

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.

If your roof is made of qualifying hail-resistant materials, you might earn a discount on your premium.

If your home is located in a qualifying homeowners association, you might save on your Hippo home insurance policy.

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.

You could save money if you have no losses over a period of three or five years.

Installing theft alarms or living in a community with 24/7 security could land you a 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

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.

Hippo customer satisfaction

Hippo is a newer insurance company and is currently not rated by J.D. Power for customer or claims satisfaction.

Another important metric to consider when you are comparing home insurance companies is financial strength. While there are numerous agencies that rate various aspects of an insurer’s financial health, AM Best — which specializes in the insurance industry — assigns letter grades that reflect a company’s overall historical financial health and its past ability to pay claims. Spinnaker, one of the companies that underwrites some Hippo policies, has an AM Best rating of A- (Excellent), which indicates it has successfully been able to meet its claims obligations in the past.

Hippo 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 Hippo’s underwriting company, Spinnaker.

Spinnaker homeowners complaints

For home insurance, Spinnaker has an NAIC Complaint Index of 2.58. This is more than the national average and a significant increase from the company’s Complaint Indexes for 2021 and 2020, suggesting customer dissatisfaction is exponentially increasing.

Other Hippo tools and perks

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

  • If you need to file a home insurance claim with Hippo, you can call 1-855-999-9746 or file a claim online. If filing over the phone, you’ll be paired with one of Hippo’s dedicated claims concierges to walk you through the process. You’ll likely need your policy number, the date of the loss and some details about what happened. Your Hippo claims representative will review the claims details and your coverage and will guide you through the process to resolving your loss.

  • Hippo claims that its average response time for claims is five to seven days, or between 30 and 50 percent faster than its competitors. Keep in mind that this is simply a response time, not a payout time frame. Your claims experience could vary; if you want to learn more about its claims processes, contact the company.

  • Earthquakes, floods, and other natural disasters are often not covered by standard homeowners insurance. Hippo has partnered with other insurers to help its customers get additional coverage for these events. You may want to reach out to Hippo to learn more.

  • Hippo advertises home insurance policies that leverage the power of technology to make coverage more affordable and minimize risk. However, beyond that, the company does not have any public details about its sustainability or corporate responsibility initiatives.


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Bankrate Score methodology

Our 2023 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. 

Like our previous Bankrate Scores, 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. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 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 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.

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