Launch year: 2015
Country: United States
Funds raised: $209 Million

Hippo Insurance offers industry-standard protection

Concept description

Hippo Insurance offers industry-standard protection, incl. dwelling, property and liability coverages.
Hippo Insurance allows homeowners to get a quote and purchase home insurance online in 60 seconds or less and save up to 25 percent compared with traditional insurers. This includes protection for possessions like appliances, consumer electronics and home offices.
Hippo provides comprehensive policies and help customers prevent claims from ever happening through protective services, programs and alerts that safeguard their homes.

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Value proposition

Hippos’ Pricing

Hippo Insurance’s data-driven pricing and real-time underwriting analyzes public data sets, from municipal building records to satellite imagery of physical property characteristics so they can develop a more accurate profile of a customer’s property. Therefore, this results in qualified customers receiving a tailored quote in under 60 seconds. It also reduces premium costs up to 25 percent in average compared to the market.

Hippo’s Smart home devices

Hippo Insurance also provides customers with complimentary smart home devices, to protect homeowners against water leaks, fire damage and break-ins.

Hippo’s Partner Distribution Network

In addition to Hippo’s direct-to-consumer and insurance industry partners Hippo has built a partner distribution network such as the following:

As part of Hippo’s partnerships with homebuilders, some newly constructed homes will have builder-installed smart sensors that help reduce the ongoing maintenance costs. So, this will allow customers to save more on their insurance premiums over time.

Plus, one thing to note is that Hippo doesn’t operate accross all US states yet but it is currently expanding. See below the states where Hippo is currently providing its services:

Hippo Insurance geographic coverage

Hippo’s Notable Coverages

A standard Hippo home insurance policy comes with practical forms of coverage that other insurers charge extra for. Below, a few of the notable coverages Hippo insurance offers:

  • Extended Replacement Cost: If the home is destroyed by a covered peril, this protection gives a coverage up to 50% in excess of the policy’s dwelling limit. So, after a loss, extended replacement cost protects homeowners against unforeseen expenses arising from the home’s depreciation over time. Most other insurers charge extra for this coverage.
  • Home Office and Computer Coverage: Hippo Insurance offers coverage for a computer for up to $10,000. Typically homeowners insurance companies provide less than $2,000 in coverage for computers.
  • Equipment Breakdown: All Hippo home insurance policies provide up to $100,000 of coverage for repairing and replacing the appliances damaged by electrical or mechanical failure.
  • Service Line Coverage: Hippo’s home insurance policies cover the costs of repairing any damage to a sewer, water or electric line connecting the property to the street. Usually, this kind of protection requires the purchase of an extra endorsement on a typical policy.
  • Water Backup: This coverage offers up to $20,000 of protection against damage caused by water backup from drains or sewers.

Illustration (Video)

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