Hippo homeowners insurance

Overview

Hippo is a home insurance brand that started as a venture-backed insurtech and has grown into a small, publicly traded insurance group. Hippo Holdings Inc. (NYSE: HIPO) owns three carriers marketed as Spinnaker Insurance Group: Spinnaker Insurance Company, Spinnaker Specialty Insurance Company and Wingsail Insurance Company. It also owns Hippo Insurance Services, the licensed agency behind hippo.com. The NAIC files the group under SH1 Holdings, the Hippo subsidiary that owns Spinnaker, and it ranked #46 among U.S. homeowners insurance groups by 2025 direct premiums written, with $540.6 million (0.29% of the national market), according to NAIC market share data.

That premium figure covers more than Hippo-branded policies. Spinnaker is a fronting carrier: it issues policies for outside managing general agents as well as for Hippo's own program. In Hippo's words it is now a "technology-native insurance group" diversified across personal and commercial lines; homeowners made up 22% of gross written premium in the second quarter of 2026, behind casualty (37%) and commercial multi-peril (29%).

Two things are worth knowing before you get a quote. First, hippo.com is an agency: it quotes Hippo's own homeowners program and more than 40 partner carriers, so the policy you end up with may not be a Hippo policy at all. Second, the Hippo Homeowners Insurance Program is only sold beyond new construction in a limited set of states, although that list is growing.

History

Hippo was founded in 2015 and was long headquartered in Palo Alto, California; Assaf Wand, a co-founder, ran it as chief executive through its early years. Its pitch was a policy rewritten for modern homes, with coverage for home office equipment and water backup in place of old-fashioned items like fur coats and china, a quote in under a minute, and a smart home program meant to prevent water, fire and theft losses.

Spinnaker, a New Jersey-based national property-casualty carrier, had been Hippo's main carrier partner since 2017, and Hippo completed its purchase of Spinnaker in August 2020, according to Carrier Management. Hippo went public on August 3, 2021, through a merger with Reinvent Technology Partners Z, a special purpose acquisition company co-led by LinkedIn co-founder Reid Hoffman; shares began trading on the NYSE as HIPO the next day. Rick McCathron, Hippo's president since 2017, became CEO in June 2022, and Wand moved to executive chairman.

The hard turn came in 2023. Hail and windstorms in Texas and Colorado drove a 178% gross loss ratio and a $108 million net loss in the second quarter, and Hippo paused new HO-3 business nationwide that summer. In 2024 it raised rates on part of its renewal book, increased wind and hail deductibles and selectively nonrenewed policies in certain regions, according to its 2024 annual report. It then sold assets outside its core: the First Connect agency platform in 2024 and, in 2025, its homebuilder distribution network to The Baldwin Group for $100 million, with Hippo's new-home product now distributed through Baldwin's Westwood Insurance Agency.

Homeowners coverage

Hippo's homeowners pages describe the HO-3 as the most common policy: dwelling and other structures on an open-perils basis, plus personal belongings, personal liability and loss of use (see how an HO-3 works). Flood, earthquake and, in some coastal areas, windstorm are excluded and sold separately. The current site does not publish a full list of the Hippo program's built-in coverages or endorsements, so read the quote's coverage summary and the policy jacket for the specific limits, including any roof settlement terms.

Hippo+ is the newest product. Sold only in Texas and Virginia, it bundles homeowners insurance with a home warranty on major systems (three tiers, from HVAC only up to systems plus kitchen and laundry appliances), up to $400 a year toward preventive inspections and up to $100 a year toward services like gutter cleaning or pest control, plus a dedicated advisor. The insurance portion is written by Spinnaker Specialty Insurance Company on a surplus lines basis; the Hippo+ disclosure says that company is not a licensed insurer in Texas or Virginia and that its policies are not backed by the state guaranty fund.

Spinnaker's name can appear on a declarations page even if you never shopped with Hippo. It has provided capacity for Baldwin's MSI Homeowners and MSI Renters programs for about a decade, and in mid-2026 it agreed to front more than $500 million a year of Accelerant's U.S. specialty business. If your policy came through an MGA, the MGA usually handles service and claims, and Spinnaker carries the risk.

Discounts and savings

Hippo's homeowners page lists discounts available from "select carriers," with eligibility varying by location and policy: loss-free (no claims in three or five years, depending on the policy), home buyer (purchased within 12 months), theft protection devices, affinity, hail-resistant roof, HOA, companion policy (bundle), early bird, recent home purchase and gated community. Because the agency also places partner carriers, ask which company's discounts apply to the quote in front of you.

Where it sells and recent market moves

Since early 2026 Hippo's homeowners program has been sold through Progressive's in-house agency and HomeQuote Explorer in eight states: Colorado, Georgia, Illinois, Ohio, Pennsylvania, South Carolina, Tennessee and Texas. In August 2026 Hippo said the program would expand beyond the newly built home channel into 14 more states in the fourth quarter of 2026: Alabama, Arkansas, Arizona, Indiana, Michigan, Missouri, Nevada, New Jersey, New York, Oregon, Utah, Virginia, Washington and Wisconsin. New-construction policies have also been offered through homebuilder channels; an October 2024 release named California, Florida and Texas among them.

The insurer behind all this is licensed widely: Spinnaker Insurance Company, domiciled in Illinois, is admitted in all 50 states and D.C., and Spinnaker Specialty is eligible as a surplus lines insurer nationwide. Catastrophe exposure is the recurring risk. The January 2025 Los Angeles wildfires cost Hippo $45 million in the first quarter of 2025, and its 2026 catastrophe bond, Mountain Re 2026-1 ($100 million, three years), added fire coverage for the first time, mainly for California wildfire exposure.

Claims

Hippo-handled claims are filed in the Hippo Home app or the online Hippo Portal, or by phone at 855-999-9746, which Hippo lists as available 24/7. If your policy was placed with another carrier, you file with that carrier; Hippo's support line (800-585-0705) can help you find the right contact. An adjuster may inspect virtually or in person, and policyholders can upload photos from a phone.

Since April 2026, an AI claims agent called Clara takes first notice of loss calls. Hippo says it completed 81% of attempted calls without human help and that customers with Hippo-handled claims got first contact in an average of 1.2 business hours; those are company figures, not independent measures. If you prefer a person, say so early in the call.

Ratings and reputation

Spinnaker Insurance Company is rated A- (Excellent) by AM Best, effective January 28, 2026, according to Spinnaker's site, and AM Best placed it in Financial Size Category IX (policyholder surplus above $250 million) in April 2026. That AM Best rating clears the minimum that Fannie Mae accepts for a mortgaged home (AM Best B or better).

Financially, the group has turned around. After a 137.8% combined ratio in 2024 and 113.1% in 2025, Hippo reported a 95.8% combined ratio and $10 million of net income in the second quarter of 2026, its fifth straight profitable quarter, with gross written premium up 61% to $482 million.

Who it suits

Hippo suits homeowners in its states who want a digital, app-based experience, and buyers of new homes, where the program has been most active. It suits less well people who want a local agent across the desk, homeowners outside the eight (soon 22) program states, and anyone uneasy that the company paused new business in 2023 and nonrenewed some policies. Check which carrier is quoting: a hippo.com quote may come from a partner, and Hippo+ is surplus lines coverage without guaranty fund backing.

• Strengths: A- (Excellent) AM Best rating for Spinnaker (January 2026); profitable since mid-2025 with a 95.8% combined ratio in the second quarter of 2026; app-based claims with 24/7 reporting; a warranty and home-care bundle (Hippo+) in Texas and Virginia.
• Weaknesses: limited state footprint for its own homeowners program; a countrywide new-business pause and selective nonrenewals after 2023 catastrophe losses; Hippo+ is written on a surplus lines basis; homeowners is now a minority of the group's business.

How to contact Hippo