Hippo Review

Overview

A great option for homeowners who are seeking a more modern, innovative, and affordable approach to insurance, Hippo is a tech-friendly solution that offers competitive premiums and comprehensive coverage for you to explore. Through their easy-to-understand policies, you will be able to enjoy more robust coverage with numerous add-ons built directly into your plan, and you can even tap into an expansive list of potential discounts for greater savings on your annual premiums. Whether you own a condo, a house, a primary property or a secondary one, this popular insurance provider will tailor their coverage to meet your needs and can give you true peace of mind, regardless of what the future holds. By eliminating the traditional, time-consuming, and lengthy process that was once required for homeowners insurance, Hippo opts for a simple and streamlined system that encourages applicants to complete the entire process quickly and digitally, and will allow you to enroll in lightning-fast coverage, all from the comfort of your own home. 

Standard Policies

When it comes to purchasing homeowners insurance, there are generally a few specific types of coverage that come standard with almost all policies, and most providers include things such as dwellings, additional structures, personal property, and even liability protection inside their base plans. Hippo is no exception to this, and they have created a line-up of 3 policy options, each equipped with all of the key types of coverage that you need to feel comfortable and protected inside of your home. Regardless of whether you opt for their Essentials, Best Value, or Expanded Protection policy, you will enjoy on-going security against common perils and will be able to tap into necessary reimbursement for key areas of coverage such as:

• Home Coverage

Covering both the house itself and any additional structures on your property, home coverage (also known as dwelling coverage) protects both the interior and exterior against damages and destruction that are the result of a covered peril. 

• Loss of Use

Should you have to file a claim due to a covered peril and are no longer able to reside in the property for a duration of time, loss of use coverage will help to offset any out-of-pocket expenses you encounter such as hotel costs, meals, additional transportation costs, storage fees, and even pet boarding if necessary. 

• Liability

Having houseguests over is a common occurrence, but what happens if that guest becomes injured or has their property damaged while at your home? Liability coverage helps to protect you financially and covers any eligible costs related to the incident. 

• Personal Property

If your personal property becomes damaged, destroyed, or stolen during a covered incident then your insurance will pay either the replacement value or actual cash value of the item, depending on your selected plan. In some cases, your property may also be eligible for coverage even when it is outside of the home, such is the case with specific jewelry items or other items noted in your policy.

How much your home coverage will be depends on the value of your home and what the total cost would be to fully rebuild the property should a covered peril occur. The rebuild value may differ from your resale value, which would also include the land value, and will only take into account the main structure as well as any additional freestanding structures such as a shed or fence. Occasionally, damages may exceed the amount that your policy has anticipated, and in those situations your extended replacement costs would come into effect to add an extra 25% or 50% more coverage, depending on the plan you selected. With most insurance providers, extended replacement cost coverage is an optional add-on that increases the price of your premiums, however, with Hippo it is included for free alongside your basic policy and is just one of the ways in which this provider goes above and beyond to protect their customers. 

Enhanced Coverage

Committed to creating the best homeowners insurance policies for their customers, Hippo has focused on designing their standard policies so that they include not only the common types of coverage most providers offer, but also expanded coverage for you to rely on. Through Hippo, homeowners will have the ability to tap into noticeably more comprehensive coverage than what they might find elsewhere, and depending on the specific policy you select, your plan may also include coverage for:

• Domestic Workers

If you have a nanny, babysitter, gardner, or other household employee who happens to become injured while on your property then you will be protected and covered for eligible expenses.

• Home Office

Covering eligible home office equipment such as computers, printers, fax machines, or other necessary items that are used for work. 

• Computers

Protection for all household computers, laptops, and even related storage devices up to the maximum covered amount. 

• Water Backup

Reimburses for eligible expenses that are incurred due to backup and overflow from drains or sewers.

• Jewelry & Watches

Covering up to $2,000 for any jewelry or watches you own. You may also have the option to expand this coverage if you own higher value items that you want to specifically add to your plan on an individual basis. 

• Equipment Breakdown

Similar to what is known as a home warranty plan, equipment breakdown covers the cost to repair or replace virtually anything in your home that is powered by electricity. This may include your kitchen appliances, HVAC equipment, water heaters, and even personal electronics and will protect you up to $100,000 minus a $500 deductible. If your home equipment is older than 15 years of age, coverage will be limited to $1,500. 

• Service Line

Covering up to $10,000 for homes under 50 years old, and up to $2,500 for homes older than 50 years, this protection will reimburse for eligible expenses related to excavation, repair, and damaged property costs should there be an issue with any of your home service lines, whether its caused by an accident or just normal wear and tear. 

• Mortgage Payment Protection

If your home is uninhabitable due to a covered peril, Hippo will provide up to $1,500/month, for up to 12 months, towards your mortgage payments. 

Discounts

Hippo wants to ensure that all homeowners have consistent access to proper protection for their properties, and in order to accomplish this they have focused on keeping their annual premiums competitively low so that their policies can fit in with almost any budget. In addition to already low-cost policies, Hippo also offers a number of potential discounts for you to explore, which can help to reduce your annual costs and keep more money in your pocket. Some of the common discounts that homeowners tend to qualify for include:

• Early Bird

Purchasing your home insurance policy early can lead to additional savings, and homeowners who buy at least 8 days before their current plan expires can take advantage of this potential discount. 

• Smart Home

Hippo is known for being one of the most tech-savvy home insurance providers around, and they want to extend their passion for smart home technology to their customers by offering an added discount for professionally monitored fire or theft alarms, or even water leak detectors. 

• Recent Home Purchase

If you just purchased a new home, or have had your home for less than a year, you may qualify for lowered premiums through this discount. 

• No Mortgage

Already paid off your mortgage and no longer owe any money on your property? You could be paying less every year on your home insurance plan through Hippo. 

• Storm Shutters

For houses that have storm shutters installed on their windows, Hippo may be able to offer you a lower rate on your premiums. 

• Fire Extinguisher

Protecting against fires is essential, and for households that store one or more fire extinguishers on the property there may be a rate reduction available to you. 

• Interior Sprinkler System

In addition to having fire extinguishers on hand, another great way to reduce damage from potential fires is by having an internal sprinkler system built into the home, and if you have an interior sprinkler system installed then you may be eligible for lowered annual premiums. 

• Homeowners Association

Members of a Homeowners Association may be able to take advantage of specific rate reductions through Hippo. 

• Gated Community

If your property is located inside of a gated community then you may qualify for lowered premiums. 

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Smart Home Monitoring

Offering a new breed of home insurance, Hippo has set themselves apart from other insurance providers by focusing on not just coverage for unexpected events, but also on helping homeowners to prevent future problems by incorporating the use of smart technology with each of their plans. By partnering with SimpliSafe, a reputable home security monitoring provider, Hippo encourages you to stay one step ahead of potential issues by installing a home monitoring package, and this program could help to reduce the number of claims you ever have to file. 

Simple yet effective, the smart home monitoring packages work day and night to prevent damage and disaster caused by floods, leaks, fires, and even break-ins, and you can add on either a self-monitoring package or professionally monitored packaged alongside your insurance policy during enrollment. Giving you peace of mind, and additional savings on your insurance policy, Hippo genuinely believes that a smarter home is a safer home, and this is why they give you everything you need to upgrade your home for a more secure future. 

Included with both the self-monitoring and professional monitoring packages are complimentary security systems from SimpliSafe, which will provide you with:

• Security System
• Free Video Recording
• Cellular Backup SMS
• Email Notifications

Although optional, the monitoring packages are a popular choice among homeowners who enroll with Hippo and it is one of the big reasons for why people choose this provider over others. To date, they have proudly shipped out hundreds of thousands of smart home sensors to their customers and they continue to promote this option so that you can feel safer and more secure, while also enjoying reduced premiums and a potential reduction in the number of claims you’re forced to file throughout the duration of your policy. 

Hippo Insurance Cost

Although a very necessary and important component of home ownership, insurance can oftentimes feel like an added financial burden on top of your already expensive mortgage and other costs, and it can be tempting to skip over enrolling in it in order to save a bit of money each year. Unfortunately, opting to not have insurance only opens you up to big financial risks should something unexpected occur on your property, and whether it’s due to a fire, break-in, or accident, you could end up facing significant out-of-pocket expenses that you simply aren’t prepared to actually pay for. This is why having a robust policy is so essential, and why exploring the comprehensive plans from Hippo can ultimately lead to significant savings the next time something does go wrong.

How much your insurance policy through Hippo will cost does depend on a number of individual factors, and everything from what type of property you have to which state you reside in will have an impact on the final price. To help give you more transparent, upfront answers, however, Hippo has created a simple and seamless online quote process that is 100% free and requires no commitment from you. By answering a few quick questions online, Hippo will be able to tailor their insurance policies to your exact property and needs, and will also be able to calculate potential discounts that you may qualify for. You will be shown the total monthly premium price for all 3 plan options that Hippo offers, and you can even explore the available home monitoring plans should you be interested. If the price offered is one you’re happy with, you can then complete your enrollment online and in no time at all you’ll be fully protected for a safer, more secure future. 

Bottom Line

As a homeowner it’s important that you do everything possible to protect your most valuable asset, and Hippo wants to help you accomplish your goal through their competitive and comprehensive insurance policies designed for the modern homeowner. By combining new, advanced technology with robust policy options, Hippo offers you an easy, streamlined, and effective way of managing future risks so that you can enjoy true peace of mind inside your home. Through expanded coverage and low-cost pricing, you will be able to tap into greater benefits and a dependable claims process, all while taking advantage of a plethora of discounts tailored to you. With no complicated enrollment process, and smart home monitoring easily packaged into your plan, Hippo remains one of the top choices for tech-savvy homeowners who are hoping to protect their property, reduce their claims, and focus on a safer future year after year.