Hippo Enterprises Inc. has built upon its home insurance foundation to launch a homeowners association policy, according to a Thursday (July 22) report from Bloomberg. The company is also planning to roll out insurance for condominium associations and single-family rentals, as well as other possible customers.
Hippo, which was founded in 2015, currently provides home insurance policies in 37 U.S. states, with more availability coming soon. The company’s homeowners association policy is available in Arizona and will expand to Nevada and Oregon, according to Bloomberg.
As noted in a previous PYMNTS report, Hippo’s business model is meant to disrupt the ways that homeowners insurance is offered. The company built the tools and infrastructure to support digital onboarding via integration with beneficial third-party data providers. Hippo modernizes the way policies themselves are written — covering, for instance, electronics, appliances and smart home upgrades, as opposed to insuring paper certificates or ceramic bowls. The company also reevaluates the claims process and the customer relationship.
Having a forward-focused mentality helped further Hippo’s expansion from its early days of solely selling home insurance to individuals, to creating a home maintenance platform. Hippo Home Care, according to the company’s website, is a no-cost service for insurance customers that connects homeowners with home professionals who can answer questions, troubleshoot problems and offer repairs. Customers can receive support by phone, video or email.
The move into commercial insurance is a logical extension of Hippo’s core mission of covering homeowners, according to Bloomberg. In March, Hippo agreed to a merger with Reinvent Technology Partners Z, per a report at the time. The transaction set Hippo’s value at $5 billion.