Hippo Expands Home Builder Access to New Homes Program in California, Florida, and Texas

Rhea-AI Summary

Hippo (NYSE: HIPO) announced the expansion of its New Homes Program in California, Florida, and Texas, aiming to provide insurance access for nearly 50,000 additional new homes by year-end. The program offers lower premiums for new homes, with potential savings of up to 69% in California, 42% in Florida, and 56% in Texas compared to existing home policies. Perry Homes and Van Daele Homes have joined the program, which simplifies the underwriting process and offers lower deductibles. Hippo's solution streamlines the closing process for sales teams, lenders, and homebuyers by automating evidence of insurance. The company plans to expand partnerships and access to new home insurance solutions in other states.

Positive

• Expansion of New Homes Program in three major states
• Potential for 50,000 additional new homes covered by year-end
• Significantly lower premiums for new homes compared to existing homes
• Partnership with two new home builders: Perry Homes and Van Daele Homes
• Streamlined underwriting and closing processes for builders and buyers

Negative

• to only three states currently
• Focused primarily on new construction, potentially limiting market reach

Perry Homes and Van Daele Homes join the Hippo New Homes Program  

PALO ALTO, Calif., Oct. 3, 2024 /PRNewswire/ -- Hippo (NYSE: HIPO), the home insurance group focused on proactive home protection, announced today that it will expand home builder access to its New Homes Program in California, Florida, and Texas.  By the year's end, Hippo's New Homes Program expects to provide access to insurance for almost 50,000 additional new homes in the three states, which, according to the U.S. Census Bureau, accounted for more than a third of new construction permits in the U.S. in 2023.

Hippo also announced Perry Homes and Van Daele have joined the Hippo New Homes Program, which already works with some of the nation's leading home builders.

"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," said Rick McCathron, Hippo's President and CEO. "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 home builders access to insurance products specifically designed for new homes from a panel of carrier partners. New Homes Program carriers simplify the underwriting process by only using information about the house to issue policies that typically provide lower deductibles and more flexibility than a standard homeowner's policy.

Due to the historically lower risk associated with new construction and based on average state premiums, Hippo and its carrier partners can offer policies for new homes with premiums as much as 69% lower in California, 42% lower in Florida, and 56% lower in Texas than policies for an existing home.

"Hippo's New Homes Program provides our Perry Homes customers with multiple quotes, helping us deliver the customer experience our buyers deserve," said Todd Chachere, Chief Executive Officer of Perry Homes. "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. Hippo's New Homes Program allows us to focus on building quality homes and providing superior customer service to our Perry Homes customers."

Hippo's homebuilder partners gain access to a scalable, embedded insurance solution that streamlines the closing process for sales teams, lenders, and homebuyers by automating the evidence of insurance process.

"Over the last few years, it's become increasingly difficult for buyers to secure homeowners insurance in California," said Lisa Pereira, VP of Sales & Marketing at Van Daele Homes. "Hippo's New Homes Program addresses that issue and is another example of our commitment to delivering an unparalleled homebuyer experience."

In addition to Perry Homes and Van Daele Homes, Hippo works with four of the top twenty homebuilders in the U.S. according to Zonda's 2024 Builder 100 list. The company plans to partner with additional home builders in the coming months and expand access to new home insurance solutions in other states.

To learn more about partnering with Hippo, visit www.hippo.com/partnerships.

About Hippo

Hippo is protecting the joy of homeownership, helping to safeguard customers' most important financial asset by harnessing the power of real-time data, smart home technology, and a growing suite of home services to deliver proactive home protection. Hippo Holdings Inc.'s (NYSE: HIPO) operating subsidiaries include Hippo Insurance Services, Hippo Builder Insurance Agency, Hippo Home Care, First Connect Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Mainsail Insurance Company. First Connect Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. Hippo's New Homes Program is offered through Hippo Builder Insurance Agency. For more information, including licensing details, visit http://www.hippo.com.

Contact
Mark Olson
press@hippo.com 

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SOURCE Hippo Analytics, Inc

FAQ

What states is Hippo expanding its New Homes Program to?

Hippo is expanding its New Homes Program in California, Florida, and Texas.

How many additional new homes does Hippo expect to provide insurance access for by year-end?

Hippo expects to provide insurance access for almost 50,000 additional new homes in California, Florida, and Texas by the end of the year.

What are the potential premium savings for new homes in California, Florida, and Texas under Hippo's program?

Hippo's New Homes Program can offer policies with premiums up to 69% lower in California, 42% lower in Florida, and 56% lower in Texas compared to policies for existing homes.

Which new home builders have recently joined Hippo's New Homes Program?

Perry Homes and Van Daele Homes have recently joined Hippo's New Homes Program.