Hippo vs Lemonade

Verdict

Hippo and Lemonade both began in 2015 as venture-backed insurtechs, both are now publicly traded on the NYSE, and both ranked close together among U.S. homeowners groups in 2025: Hippo #46 ($540.6 million in premiums) and Lemonade #47 ($517.0 million), per NAIC data. That's where the similarity ends. Both figures need context. Hippo's carrier, Spinnaker, also fronts programs for outside managing general agents, so its premium is not all Hippo-branded homeowners. Lemonade's NAIC line includes renters and condo policies, and the company reported an average of $240 per customer in multi-peril premium at June 30, 2026, far below a typical house policy.

How you buy is the practical divide. Lemonade sells only through its app and website, with no phone sales and no agents. Hippo sells online and by phone, through Progressive's in-house agency, through homebuilder channels and through independent agents, and hippo.com is an agency that also quotes more than 40 partner carriers, so the policy you end up with may not be a Hippo policy. Lemonade's legal notice says home insurance in a long list of states, including California and Texas, is underwritten by Homesite Group members, so check the insurer named on the quote. Both have retreated from catastrophe-exposed areas. Hippo paused new business countrywide in 2023 and nonrenewed some policies. In 2025 Lemonade stopped writing new home and condo policies in parts of Texas, after nonrenewing exposed policies from 2024.

Ratings use different agencies. AM Best rated Hippo's Spinnaker Insurance Company A- (Excellent) effective January 28, 2026. Lemonade cites Demotech A (Exceptional) as of October 2026 and no AM Best rating. Lemonade's profile says personal property is settled at replacement cost and its deductible-free Extra Coverage schedules jewelry and art. Hippo's pages don't list the program's endorsements, so read the quote's coverage summary and any roof settlement terms.

Choose Hippo if

• You live in one of its program states: eight in 2026, with 14 more planned for the fourth quarter of 2026.
• You are buying a newer home, where the program has been most active.
• You want an AM Best rating, and the option to talk to a person on the phone or through an agent.
• You want the Hippo+ bundle of insurance and a home warranty in Texas or Virginia, accepting that it is surplus lines with no guaranty fund backing.

Choose Lemonade if

• You want to buy, change and claim entirely in an app.
• Your home is in a lower-catastrophe area in one of its 23 states or DC.
• You want replacement cost on belongings and deductible-free Extra Coverage for valuables.
• You like the Giveback, which donates leftover premium to a chosen charity.

Key differences

Before you decide

Quote the same Coverage A, deductibles and endorsements, and read which company would actually issue each policy. Ask about wind and hail deductibles and roof settlement terms. insurtech home insurers: what they changed explains the model, buying home insurance online: what to watch covers what to check before you buy without an agent, and Financial strength ratings: AM Best, S&P, Moody's and Demotech shows how an AM Best A- compares with a Demotech A.