During its quick and easy online quoting process, Hippo presents you with three coverage tiers that differ in cost, deductible, policy limits and included endorsements. Once you choose one, you’ll be able to customize your deductible and coverage caps, within limits.
Here’s what you can expect from a standard home insurance policy with Hippo:
- Dwelling: If the main structure on your property is damaged by a covered peril, your dwelling coverage kicks in after you pay your deductible. Hippo calculates this coverage based on your home’s replacement cost — the amount required to fully rebuild or replace your home to the same specifications at today’s building cost. Hippo’s plans also include extended replacement cost coverage, which provides additional funds to repair your home when the cost is higher than expected. Your roof will be automatically covered at replacement cost or actual cash value depending on its age and condition.
- Other structures: If your property includes structures that are separate from your home, they are covered as other structures. These may include a detached garage, shed or fence.
- Personal property: Home insurance covers not only the structure you live in but also the property you have within it. Hippo provides replacement cost coverage in all but its lowest coverage tier, a feature that some competitors don’t offer or only offer as optional coverage.
- Additional living expenses: Also known as loss of use, this coverage takes care of extra expenses incurred by the policyholder while displaced from the home. Examples include charges for food, hotels and storing belongings.
- Liability: Hippo’s liability coverage covers costs for bodily injury, personal injury and property damage sustained by others that you or your family members are responsible for.
- Medical expenses: Hippo’s liability protection also includes some coverage for medical payments that result when you, your family members or your pets injure a guest, regardless of liability or fault.
In addition to the standard HO-3 protections above, Hippo includes the following extra coverage in its basic home insurance policies:
- Home office: This coverage protects home office equipment, such as computers and printers, for up to $10,000.
- Domestic workers: This workers’ compensation coverage protects you if a household worker, such as a nanny, gardener or babysitter, is injured on your property.
- Water backup: This covers damages caused when water backs up or overflows from drains or sewers.
- Computers: If you own expensive electronics, such as laptops or TVs, Hippo offers up to $8,000 in optional coverage to protect these devices.
- Jewelry and watches: This enhances your personal property protection by covering up to $5,000 for the theft of jewelry, watches, furs, or precious and semi-precious stones.
Additional Coverage
Hippo’s standard coverage is comprehensive, but everyone’s needs differ, and you may want additional protections. Here are the optional endorsements you can elect to include on your Hippo home insurance policy:
- Equipment breakdown: Hippo provides up to $100,000 in coverage for home equipment and appliances that need to be repaired or replaced. The coverage comes with a $500 deductible for appliances less than 15 years old and a $1,500 deductible for older appliances.
- Water backup: While water backup coverage is included in standard Hippo coverage, the provider will double your included coverage, up to $20,000, with this rider.
- Service line: When maintenance is carried out on service lines that run through your property, you are responsible for expenses associated with excavation, repair and more. Service line coverage provides up to $10,000 to cover these costs for service lines that run from your home to the street.
- Valuables: You may need additional coverage if you have a collection of valuables. Hippo provides up to $2,000 to protect items such as jewelry and watches from the same perils as your other personal belongings.
- Extra jewelry and watches: This enhances your included jewelry and watches protection by an additional $5,000.
- Scheduled personal property: After you purchase a policy, Hippo allows you to schedule specific items. This covers a specific named item with an appraised value.
- Mortgage payment protection: Some of Hippo’s plans also include mortgage payment protection, providing up to $1,500 per month to pay your mortgage while your home is uninhabitable.
