Every homeowner needs homeowners insurance when you purchase a property, that's no secret. But Hippo is a relatively new insurance carrier who sold its first policy back in 2017. This company has partnered with larger insurance companies to offer a wide variety of coverage and to guarantee their policies.
What is Hippo homeowners insurance?
Hippo is a new type of homeowners insurance catering to smart homeowners. Its underwriting partners have years of experience in the traditional home market and provide all the protection you need for home and belongings plus additional coverage for extra protection. And while you might think the name refers to something, those that develop the program simply like the name "Hippo". Hippo has tough competition in the home insurance market. There are a variety of choices that homeowners have these days and competition is fierce so competitive rates must be a key factor. According to a recent article by MSN Money, testers for Hippo requested a standard homeowner policy and were pleasantly surprised to find a simple $986 policy included all the standard features you might expect with the policy as well as many others. This coverage offered up to $100,000 to pay for electrical and mechanical breakdowns of home appliances up to 15 years old and service line coverage to pay for repairs to service lines such as gas lines, network, DSL, Internet, water lines and sewer connections.
Traditional homeowner protection policies typically include:
- Financial loss caused by weather
- Catastrophic events
- Fire or explosions
- Theft
- Damage to the house based on faulty materials or appliances
Hippo goes quite a bit further. Naturally, it covers dwelling coverage to repair or rebuild a home following a fire or weathered storm. But it also offers extended replacement cost coverage. This can help rebuild the home at its current market value. It also covers liability to pay any legal expenses if someone sues you following an accident that occurs on your property and loss of use coverage, paying any living expenses if you're displaced from your home due to a covered loss. Hippo pays the additional cost of rebuilding your home to current building code standards and pays to repair or rebuild detached structures like fences, gazebos, sheds and garages.
Hippo also covers medical payments if someone visiting your home is damaged on your property. Even further unique coverage includes $8000 in desktop and laptop computer coverage while most providers limit that to about $2500. They also cover up to $8000 in home office coverage and $5000 in sump pump and water backup coverage. Hippo home insurance policies always include a smart home monitoring system at no additional cost available in eligible states. There's a lot of different options that Hippo offers but it's important to check your homeowner's insurance policy about every year or two. Things can go up, prices can change and you may be entitled to a better plan. See if you qualify for a better rate today! For more information on homes for sale in Palm Desert and all Palm Springs real estate, contact my office at any time.