Home insurance group Hippo has declared that it is expanding into commercial insurance. The company has confirmed that the first product to launch from Hippo’s commercial lines unit is a custom homeowners’ association (HOA) product.
“Supporting the homeowners’ federation transcends into conserving the homeowner and their community,” said Rick McCathron, president of Hippo, “our mission is to bring back the joy into homeownership, and we acknowledge what it is meant to be part of the community in which you live.
“By bringing a new method to an enterprise that’s been fragmented and formulating new powerful solutions for the homeowner association, we can assure that communities have highly tailored and personalized content and that our customers are well cared for and protected. Supported by our team of insurance masters, we will rebuild the commercial insurance experience while preserving the individual communities’ unique range and risk needs.”
Hippo’s commercial insurance will include:
- Personalized policies utilizing the most current catastrophe models and adapted to each customer’s risk attributes.
- New range and higher limits are set for items that personal lines and traditional commercial insurance frequently don’t include, such as pools, landscaping, private roads, retaining walls, and elevator collisions.
- The expanded content package includes saleable property, fidelity, inland marine, data breaches, general liability, combined D&O and assistance practices liability, hired and non-owned auto liability with physical damage coverage, and available excess liability covering underlying coverage parts.
- Access to Hippo’s claims guard team should a loss occur and a direct line to support.
Hippo’s commercial insurance for HOAs is presently available in Arizona and will expand to Nevada, Oregon, Utah, Colorado, Michigan, Illinois and Tennessee later this year. The company will also start rolling out additional commercial programs later in the year, comprising condo associations and single-family rentals.