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Hippo insurance review 2023

Updated Mar 09, 2023
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At a glance

2.9
Rating: 2.9 stars out of 5
Bankrate Score
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Home

Rating: 2.9 stars out of 5

2.9

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Cost & ratings

Rating: 2.7 stars out of 5

2.7

Coverage

Rating: 4 stars out of 5

4.0

Support

Rating: 2 stars out of 5

2.0

About Bankrate Score

Bottom Line

Hippo takes a modern approach home insurance by offering innovative coverage options and a host of 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.

Pros
  • Has an A- (Excellent) financial strength rating from AM Best

  • Offers a free smart home monitoring kit and discount

Cons
  • Availability limited to 39 states and Washington, D.C.

  • No J.D. Power rating for customer or claims satisfaction

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What’s new with Hippo?

In early September 2022, Hippo laid off 70 employees, which accounts for about 10 percent of its workforce. After the news broke, Hippo shares dropped by about 12 percent.

Hippo home insurance

Hippo is a startup insurance carrier that 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 and Topa Insurance Company underwrite 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 is expanding throughout the country, but it is currently only available in 39 states and Washington, D.C. Hippo’s limited availability, lack of J.D. Power customer and claims satisfaction scores, and lack of local agencies brought down its Bankrate Score, earning it a 2.9 out of 5.

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Hippo home insurance cost

The average cost of home insurance in the U.S. is $1,428 per year for $250,000 in dwelling coverage, according to our 2023 study of quoted annual premiums from Quadrant Information Services. Although Hippo 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 which may help policyholders save on homeowners insurance. Hippo calculates the discounts you qualify for during the online quote process. Discounts include:

Hippo home tools and benefits

Customers with a Hippo home insurance policy may also be able to take advantage of Hippo Home Care. This service provides advice on how to maintain your home and appliances like dishwashers, sinks, toilets and more. It even allows you to call or email a Home Care Expert at any time to help work through the issue.

Hippo customer satisfaction

Hippo is a newer insurance company and is currently not rated by J.D. Power for customer or claims satisfaction. The National Association of Insurance Commissioners (NAIC) does assign Complaint Indexes for both of Hippo’s underwriting companies, Spinnaker and Topa. A baseline Complaint Index of 1.00 indicates an average number of complaints. For home insurance, Spinnaker has a complaint index of 0.59 and Topa has a complaint index of 12.81. This could mean that the service you receive will depend on the underwriting company you are placed with. The NAIC records fewer complaints than average for Spinnaker but far more complaints than average for Topa.

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. Both Spinnaker and Topa have an AM Best rating of A- (Excellent), which is a relatively high score. However, while Spinnaker’s outlook is stable, Topa’s is negative, which could indicate that the insurer was not as financially sound as it could have been at the time that AM Best conducted its review.

How to file a claim with 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 availability

Hippo home insurance is currently available in 39 states and Washington, D.C. Coverage is not available in the following states:

  • Alaska
  • Florida
  • Hawaii
  • Idaho
  • Iowa
  • Louisiana
  • Montana
  • North Dakota
  • Oklahoma
  • South Dakota
  • Wyoming

Other Hippo perks worth considering

In addition to its helpful Hippo Home Care program, Hippo also 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.

Hippo corporate sustainability

Hippo does not disclose if they have any ongoing corporate sustainability efforts.

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 only available in Louisiana and Florida, where Hippo currently doesn’t offer coverage, so it might be appealing to homeowners in those states. 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 find out which underwriting company you would be assigned to before you purchase a policy.

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Methodology

Bankrate Score

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.