When you’re looking for home or renters insurance, it’s important to shop around for the best policies and prices for your specific circumstances. Founded in 2015, Hippo Home Insurance Services is a start-up home insurance provider that operates entirely online. All transactions with Hippo may be carried out digitally via the Internet or over the telephone. The company is known and liked for its straightforward, plain language policies.
Though Hippo states on the website that it will be expanding into new states soon, the insurance provider currently offers coverage in 20 states: Alabama, Arizona, California, Colorado, Georgia, Illinois, Indiana, Maryland, Minnesota, Mississippi, Missouri, Nevada, New Mexico, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah and Wisconsin.
Hippo Insurance stands out from competitors because Hippo places emphasis on providing the best smart home insurance with extensive coverages for smart home features like audio and video alarm systems, electronic appliances and devices. The company claims to offer four times greater coverage than traditional insurance policies when it comes to protecting your computers and home office devices.
Though the company holds an A+ rating from the Better Business Bureau, its BBB customer reviews are less stellar and include complaints regarding unexplained cancellations and unreliable customer support.
The specs
| Price | $18-75 basic coverage on a condo $155-210 basic coverage on a 2,500 sq. ft. house |
| Best for | Those with smart home technology or who work from a home office |
| Not for | Those who do not require extensive coverage for electrical devices |
| States served | 20 |
| Discounts | Early bird discount Recent home purchase discount No mortgage discount Homeowner’s association discount |
| AM Best Rating | A- (Excellent) |
| Standout Features | 4X Home office coverage 4X computer coverage Smart home upgrades Service line coverage Domestic worker coverage |
The claim
Hippo Home Insurance boasts of being the go-to insurance carrier for modern-minded Americans who place a high importance on smart home features, electronics and technology. Hippo states that its insurance coverage goes beyond traditional options to help your policy to be more proactive instead of reactive.
Is it true?
While most home insurance providers include computers and other digital devices under a general personal property category of coverage, Hippo has an entire category for computers and home office equipment. The company claims it provides four times more coverage (up to $10,000) than traditional home insurance policies.
Hippo also offers smart home upgrades that utilize problem-solving devices that seek to help prevent problems before they occur. For example, each home insurance policy purchase comes with a complimentary two-sensor home-monitoring system andas a discount on your insurance premium for helping protect your home from standard perils such as fire/water damage and break-ins.
When compared to competitors like Allstate, which requires extended policy coverage to protect home office or computer equipment over a certain dollar amount, Hippo is most comprehensive in providing the coverages that technophiles and remote workers need.
Our deep dive
- 25% off industry Average: Hippo claims to save you an average of 25% on your annual premium compared to other home insurance providers. The company states that these savings come from the automated process and modernized coverages.
- Fastest online quote: It’s true–you can find a home insurance quote in a little as 60 seconds when you shop for insurance with Hippo. Start by filling in your home address, then answering a couple of questions about your living situation, before you select which discounts you may be eligible to utilize. Fill in your name, date of birth and contact information to have your quote calculated. After you’ve completed the brief questionnaire, you will see three price tiers: Essentials, Best Value and Expanded Protection, along with all of the coverages each tier includes. Hippo’s online quote system offers a quick and easy process for shoppers.
- Appliances and electronics: With Hippo home insurance, you’re covered for the repair or replacement of anything that is powered by electricity. This includes your HVAC system, kitchen appliances, televisions, and computers.
- Water backup: Hippo’s home insurance keeps you covered if you experience water backup or overflow stemming from drains and sewers.
- Service line coverage: Whether lines are damaged by accident or become dysfunctional due to wear and tear over time, Hippo home insurance provides coverage for the gas, water and sewer connections that stretch from your home to the street.
- Enhanced rebuilding coverage: If your home is affected by a catastrophic event, you may face skyrocketing labor and material charges due to increased demand. However, with Hippo, you’ll receive a 25% increase in home coverage to rebuild under these circumstances.
- House cleaners and sitters: Do you utilize the services of a gardener, babysitter or housekeeper? If so, the Hippo’s home insurance is a great choice because it provides coverage for domestic workers in your employ should they be injured while on the property.
- Full replacement costs: Forget about calculating the value of your ten-year-old TV if it’s damaged in a fire or stolen during a break-in. Instead of covering your belongings’ depreciated value, Hippo reimburses you for the item’s cost today.
- Aircraft damage to your property
- Vehicle damage to your property
- Explosion
- Fire/lightning
- Riot/civil commotion
- Damage from smoke
- Break-in/Theft
- Vandalism
- Volcanic eruption
- Windstorm/hail
- Bundle your policies: Combine two policies or more to achieve a bundle discount. These policies can include auto insurance, life insurance and renters insurance.
- Add more smart home devices: By adding devices like security cameras, smoke detectors and alarm systems, you can show your insurer you’re being proactive and probably receive a drop in your premium.
- Have fewer claims: The fewer insurance claims you have on your record, the lower you will pay for coverage. Insurers see those with several previous claims to be higher-risk, so repeat claim filers may face higher premiums.
- Look for affinity group offers: If you’re a member of an alumni group, cable company or another partner of a home insurance provider, you may be eligible for special pricing and other perks.
- Purchase a fire extinguisher: You can expect to put up to 5% back into your bank account by simply purchasing a fire extinguisher to keep in your home in case of emergencies.
- Pay all at once or set up automated payments: Some insurance providers offer a slight discount if you either pay your premium in full at the start of the policy or if you agree to set up automated payments to be drafted from a bank account each month.
- Early bird discount: If you sign up for home insurance eight days or more out from your previous insurance expiration date or the closing of your new home, you can save about 10% on your annual premium with Hippo’s early bird discount.
- New home discount: If you’ve recently purchased a newly-constructed home, you likely won’t have to worry about replacements and repairs for some time to come. Therefore, you can qualify for a new home discount, which can save you up to 30% on your home insurance costs.
- No mortgage discount: If you’ve already paid off your home, you will appear to be a more reliable, less risky client to your insurance provider. When you own your home in full, you’re more invested in its protection and upkeep. That’s why you can save up to 10% when you are mortgage-free.
- Homeowner’s association discount: Homeowners who pay HOA fees are already held to certain standards for the maintenance of their homes. Therefore, if you’re a member of an HOA, you can qualify for between 5% and 10% savings with Hippo.
- Allstate: Allstate offers a range of insurance coverages throughout the United States. From life and auto insurance to home and renters insurance, this nationwide company casts a wide net of options. AM Best rates Allstate as A+ (Superior), which is a strong outlook for both its financial strength and long-term issuer credit rating. While Hippo only offers coverage to Americans in 20 states, Allstate is available in all 50 states. According to the 2019 J.D. Power Home Insurance rankings, Allstate is above average when it comes to customer satisfaction, with a score of 829 out of 1,000 points.
- Farmers: Like Allstate and State Farm, Farmers Home Insurance is also available in all 50 states. This makes it more accessible than Hippo and other up-and-coming insurance providers. Though Farmers scores lower than Allstate and State Farm on the J.D. Power rankings, Farmers still scores 826 out of 1,000, making it an above-average choice for consumers. AM Best rates Farmers Insurance as an A (Excellent).
- Nationwide: Though its name suggests otherwise, Nationwide insurance is available in 48 states and Washington, D.C. The only two states not covered by Nationwide insurance policies are Hawaii and Alaska. According to J.D. Power, Nationwide is a respectable insurance provider, as it received 828 out of 1,000 points in the 2019 power rankings customer satisfaction index. AM Best ranks Nationwide as A+ (Superior). Nationwide offers some of the best policy bundle discounts, which can help you save up to 20% on your annual premiums.
- State Farm: State Farm is another nationally-renowned insurance carrier that provides a range of insurance coverages, including life, home and auto. AM Best gives State Farm an A++ (Superior) rating for financial strength and long-term issuer credit rating. State Farm is a reliable insurance provider that received an A++ rating from AM Best since before Hippo was founded as a company. If you’re looking for a company that has stood the test of time, you may want to consider State Farm. The company was the highest-ranked nationwide company on J.D. Power’s 2019 rankings, where it earned 850 out of 1,000 points in customer satisfaction.
Cost rundown
There are a range of factors that go into the cost of home insurance with Hippo. Like other insurance carriers, Hippo provides a personalized quote process that results in different prices impacted by a range of variables. These variables include the size of your home, whether you live in a house or condo, the material and state of your roof, your geographical location and the age of your home. For the most specific price quote, visit the Hippo website and complete their 60-second quote process.
Rates also vary depending on what tier of coverage you require. A standard homeowner’s insurance policy covers:
If you live in a flood or earthquake-prone area, you may require extended coverage. Also, because Hippo’s coverage for valuables includes up to $5,000 in coverage, you may need to purchase additional insurance if you possess a lot of expensive items.
Cheaper (or free!) alternatives
To lower your premium with Hippo, see if you qualify for any of the following discounts:
The competition
Hippo might not be the right choice for everybody. Here are some competitors that might have more of what you’re looking for:
What others are saying
Stephenson Strategies recently blogged about Hippo, stating that the company places a focus on loss reduction via selling “directly to consumers instead of using agents,” removing “legacy coverage leftovers, such as fur coats, silverware & stock certificates in a home safe) and instead cover laptops, water leaks, etc.,” and leveraging “data to inform customers about appliances they own that might be more likely to cause problems, and communicate with them on a continuous basis about steps such as cleaning gutters that could reduce problems.”
Forbes writes that Hippo offers more transparent coverage and uses modernized technologies to deliver the industry’s fastest online insurance quote. Forbes contributor Omri Barzilay writes, “Hippo offers homeowners (H03) and condo insurance (H060), managing product design, pricing, underwriting, marketing and support, as well as the technology and data platforms that power its service. It partners with TOPA Insurance and Swiss RE in CA to act as the carrier and re-insurer to back policies. The result is an experience that is transformed at every level.”
The bottom line
If you’re a homeowner who operates a work-from-home business or places a high priority on staying up-to-date with the latest digital devices and smart home technology, purchasing home insurance through Hippo may be a great option. If you live in one of the 20 states where Hippo operates, you may be able to save as much as 25% on your standard home insurance rate. Try the company’s 60-second insurance quote process today to see if their coverage works for you.
The post Hippo Renters Insurance Review 2020 appeared first on The Simple Dollar.
Source The Simple Dollar https://ift.tt/2ui4bAt
ليست هناك تعليقات:
إرسال تعليق