Hippo, a home insurance group focused on proactive home protection, has announced the expansion of its New Homes Program to home builders in California, Florida, and Texas.
Hippo aims to offer coverage for an additional 50,000 newly built homes in these states by the end of the year.
The expansion comes in response to growing demand for reliable home insurance solutions in regions with high residential construction rates.
According to the U.S. Census Bureau, these three states accounted for more than one-third of all new construction permits issued in the U.S. in 2023. By broadening its coverage, Hippo seeks to support builders struggling with finding consistent insurance solutions in these areas.
Hippo provides innovative home insurance products tailored to new builds. It focuses on proactive home protection, offering policies that are flexible and affordable.
By collaborating with a panel of carrier partners, Hippo’s New Homes Program simplifies the underwriting process, relying solely on the home’s construction data to create policies. This model results in lower deductibles and more tailored coverage compared to traditional homeowner policies.
The New Homes Program offers significant cost savings due to the lower risks associated with newly constructed properties.
Hippo’s policies provide premiums that are up to 69% lower in California, 42% lower in Florida, and 56% lower in Texas, when compared to premiums for older homes.
Perry Homes and Van Daele have recently joined Hippo’s New Homes Program, enhancing the program’s reach. Todd Chachere, Chief Executive Officer of Perry Homes, praised the partnership, stating, “Hippo’s New Homes Program provides our Perry Homes customers with multiple quotes, helping us deliver the customer experience our buyers deserve.”
Additionally, Hippo’s embedded insurance solution simplifies the home-buying process by automating the provision of insurance documentation. This feature assists sales teams, lenders, and homebuyers by streamlining insurance validation during closing.
Lisa Pereira, VP of Sales & Marketing at Van Daele Homes, highlighted how Hippo’s New Homes Program resolves insurance challenges in California, saying, “Hippo’s New Homes Program addresses that issue and is another example of our commitment to delivering an unparalleled homebuyer experience.”
Beyond its new partnerships, Hippo currently collaborates with four of the top twenty homebuilders in the U.S. according to Zonda’s 2024 Builder 100 list. The company is also planning further expansion into additional states in the coming months.
“In recent years, many of our home builder partners have struggled to find a consistent insurance solution for new homes in California, Florida, and Texas,” Hippo President and CEO Rick McCathron said. “These three states are home to some of the hottest residential new construction markets in the country, and our growth marks the beginning of a nationwide expansion of Hippo’s New Homes Program.”
“Hippo’s New Homes Program provides our Perry Homes customers with multiple quotes, helping us deliver the customer experience our buyers deserve,” Perry Homes Chief Executive Officer Todd Chachere said. “Finding homeowner insurance is an important part of the customer’s journey, and Hippo’s New Homes Program provides a simple process despite insurance challenges in the Texas and Florida markets.”
“Over the last few years, it’s become increasingly difficult for buyers to secure homeowners insurance in California,” Van Daele Homes VP of Sales & Marketing Lisa Pereira said. “Hippo’s New Homes Program addresses that issue and is another example of our commitment to delivering an unparalleled homebuyer experience.”
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