Hippo Insurance: Does it live up to the hype?

Hippo Insurance offers home insurance for the modern age. Its policies are affordable, and they come with numerous perks. Said perks include a complimentary home monitoring system and 24/7 claim filing. However, Hippo currently lacks any auto insurance policies. So if you're looking for Hippo car insurance, you won't be able to find it at this time. The company’s current policies are also limited in what they cover, and do not cover all types of damage.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP® Joel Ohman

UPDATED: Jan 25, 2022

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A Concise Overview

  • Hippo Insurance offers a variety of home insurance policies with plentiful perks
  • Hippo does not currently offer car insurance
  • Hippo has its pros its cons, so think carefully before you purchase a policy from them

Hippo Insurance, also known as just “Hippo,” is a home insurance company that prides itself on offering easy and accessible insurance. Founded in 2015, Hippo specializes in “modern home coverage,” providing extra insurance coverage for electronics, appliances and other devices. Currently, Hippo car insurance does not exist, so this review will focus on what Hippo does have to offer. If you’re looking to better understand your car insurance policy, there are plenty of other resources that exist for the purpose of assisting you. 

While this certainly sounds enticing, does Hippo live up to the hype? What sets it apart from other homeowner insurance companies?

This article will go into more detail about Hippo’s available policies and business practices. It will discuss the benefits of purchasing an insurance policy with Hippo, as well as highlighting qualities which Hippo currently lacks.

If you are interested in comparing Hippo Insurance with insurance companies in your area, enter your ZIP code at the top of this page. You’ll receive a free quote on the best insurance policies near you. 

What are the pros of Hippo Insurance?

As a newer company, Hippo offers many incentives to attract customers. These range from convenient customer service to assorted benefits when you purchase an insurance policy. The same can be said when you’re shopping around for car insurance. If you’re offered any sort of safe driver discount, that’s the company wanting to make you an enticing offer to choose them as your provider. Here are some of the benefits that come with buying home insurance from Hippo, including the discounts they offer.

Excellent Customer Service

On hippo.com, many satisfied clients have left reviews praising the customer service. This is because Hippo has several policies in place designed to make things convenient for their clientele.

The company offers 24/7 claim filing, and can give you a free quote in under a minute. Hippo allows customers to access an online portal, where they can view all of their insurance information in a single location.

With Hippo Home Care, clients can receive home care services and maintenance if needed.

Every Hippo client also has access to a claims concierge, their point-of-contact for all things related to insurance. The claims concierge guides customers through the process of filing a claim, and provides regular updates on the status of a claim once it has been filed.

A Complimentary Smart Home Device

With the purchase of a home insurance plan, Hippo provides a free smart home device as a gift to the customer. By keeping the smart device active, clients also earn a smart home discount on their policy.

There are two different systems which Hippo offers. Self-monitoring systems send you alerts through an app on your phone and include smoke detectors, motion detectors, and devices which pick up water leaks.

Professional monitoring systems include security cameras and entry sensors, in addition to the aforementioned smoke alarms and leak detectors. The professional system devices will also alert emergency personnel at the push of a button.

Plentiful Discounts

When you purchase an insurance policy from Hippo, you become eligible for multiple discounts. Depending on how many discounts you’re qualified for, you could potentially save up to 25% on your premium.

First, there is the aforementioned smart home discount offered with every home monitoring system. By keeping your monitoring system active, Hippo will offer you either a 10% discount for self-monitoring systems or a 13% discount for professional monitoring systems.

The discount prices will end if the system is deactivated, but will resume once the system is reactivated.

Customers who purchase insurance for a new house can save up to 30% on their policy with Hippo’s new home discount. Homeowners without mortgages and homeowners who HOA assessments may also receive reduced pricing on their Hippo policy.

Expanded Coverage

Hippo offers standard insurance coverage as part of its policies, including personal property and liability coverage. But its coverage plans also extend to a variety of other outside factors which may not be covered under other insurance companies.

If building ordinances lead to an increase in repair costs, Hippo will cover it. If sewage or drainage backs up and damages your property, Hippo will cover it.

If you work remotely and sustain an injury, or if your home office equipment is damaged, Hippo will cover it.

For an added fee, Hippo will also offer mortgage payment protection. This means Hippo will help you make mortgage payments if you’re forced to vacate your home due to repairs.

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What are the cons of Hippo Insurance?

For all of the benefits Hippo has to offer, it isn’t without shortcomings. These can be attributed to its status as a newer company, meaning that it doesn’t quite have the established reputation of providers like Progressive or GEICO.

Nevertheless, consider these factors carefully before you decide to purchase a plan from Hippo.

Hippo is an MGA, Not a Traditional Insurance Carrier

A managing general agency, or MGA, is a type of business that carries out certain tasks on behalf of a pre-existing insurance company. MGAs may act as an extension of the insurer, and can perform the following duties:

  • Settling claims
  • Appointing retail agents
  • Negotiating commissions
  • Issuing policies

MGAs are often employed by insurance companies to establish their business in remote areas. An insurance company in Chicago, for example, may work with an MGA to expand their market in Montana.

Some see the use of MGAs as a controversial practice, allowing insurers to earn more profit while spending less in costs.

Hippo is an MGA for two different companies: TOPA Insurance and Spinnaker Insurance. While the policies offered by Hippo are legitimate, know that you are essentially purchasing insurance through a 3rd-party if you intend on buying from Hippo.

Not Every State is Covered by Hippo Yet

As of this writing, Hippo provides insurance coverage to 37 states. While most of the continental US is covered, this means Alaska and Hawaii do not yet have access to any policies offered by Hippo Insurance.

There are also some mainland states which are currently ineligible for Hippo’s insurance plans as well.

If you live in the following states, you cannot purchase an insurance plan from Hippo Insurance at this time:

  • Alaska
  • Hawaii
  • Idaho
  • Iowa
  • Louisiana
  • Massachusetts
  • Montana
  • New York
  • North Carolina
  • North Dakota
  • Oklahoma
  • South Dakota
  • Wyoming

While Hippo does plan on expanding to these areas in the future, there is currently no set timetable on when they will establish themselves in these states.

No Auto Insurance or Insurance Bundles

For most insurance providers, home and auto bundles are standard practice. These insurance bundles allow customers to purchase multiple policies from a single company.

This makes it easier for the customer to keep records of any claims they file, and insurance bundles may offer discounted prices.

Hippo only offers home insurance plans. They do not specialize in auto insurance, and therefore cannot offer home and auto bundles. If you were interested in buying home insurance from Hippo, you would have to insure your vehicle through another company.

It’s simply easier to bundle your insurance through a single provider than to purchase two separate policies from different companies.

No Disaster Coverage

Hippo’s insurance policies typically cover smaller events that could be considered disasters, such as fires or water damage due to backed up drains. But for large-scale disasters, Hippo doesn’t provide any coverage in the event your home is damaged or destroyed.

If you want to purchase insurance coverage for earthquakes, floods or wind damage, you would need to purchase an extra plan with one of Hippo’s partner companies.

These policies will be added to your Hippo account, but you shouldn’t need to go through multiple companies to properly insure your home.

Also, neither Hippo nor any of its partners will cover mold damage or damage caused by pest infestations. 

Is Hippo Insurance worth it?

As a company which prides itself on offering home insurance for the modern age, Hippo succeeds on multiple fronts. Its coverage encompasses nearly all aspects of the home, and the company’s emphasis on technology streamlines the process of signing a policy or filing a claim.

Hippo’s numerous discounts also offer plenty of incentive for customers to sign on with them.

These policies, combined with excellent customer service, have helped Hippo earn the trust of numerous clients.

But Hippo still has a ways to go. It has yet to fully spread nationwide, leaving millions of people unable to claim the benefits of purchasing insurance with them.

The lack of any auto insurance plans can also be a deterrent, so if you are looking for car insurance to bundle with your home insurance, you’d be better off looking elsewhere.

Interested in comparing auto insurance from companies in your area? Enter your ZIP code down below for a free quote on the best policies available near you.

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