Hippo Expands Home Builder Access to New Homes Program in California, Florida, and Texas
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.
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SOURCE Hippo Analytics, Inc