Hippo enters the commercial insurance market with the product of the owners association
Home insurtech Hippo is entering the commercial insurance market.
The California-based general management agency startup said its expansion would focus on “targeted commercial insurance” customers. Its first product in the space is a bespoke homeowners association (HOA) product. This product includes data-driven subscription, satellite and aerial imagery, and consideration for the specific HOA and board members.
Rick McCathron, president of Hippo, said the company’s HOA product is designed to address what Hippo sees as a lack of consistent coverage options in the industry and “to modernize the insurance experience. business while preserving the unique coverage and risk needs of each community. “
Hippo’s expansion into commercial insurance comes after the company disclosed its plans earlier this year to hit the public markets by merging with an ad hoc acquisition company. The startup will be acquired by Reinvent Technology Partners Z in an agreement that values ââthe company at $ 5 billion. Initial plans were to close the deal in mid-2021.
Initially, the HOA product is available in Arizona, but will expand to Nevada, Oregon, Utah, Colorado, Michigan, Illinois and Tennessee later this year.
The MGA plans to launch additional commercial programs in the coming months targeting condominium associations and single-family rentals.
Hippo added that it is also working on developing additional offerings that will include community services and smart devices to help strengthen protection for business customers.
According to Hippo, its HOA coverage will offer higher limits for items not included in traditional personal or business line coverage, such as swimming pools, landscaping, private roads, retaining walls and elevator collisions. . Package options also include loyalty, indoor navigation, data breaches, general liability, combined directors and officers liability and employment practices, hired and non-owned automobile liability with physical damage coverage and excess liability available covering the underlying hedging parts.
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