Hippo shuts down HOA product
Just under a year ago, Hippo announced its expansion into commercial insurance with the launch of a tailored homeowners association product. The coverage was designed to bring “broader protection for the HOA alongside a streamlined claims process.”
Earlier this year, Hippo announced that following “initial positive traction and engagement since its launch,” the coverage was made available in 16 states. However, the company is no longer offering this coverage according to information that was shared with us.
According to two sources, unfavorable reinsurance terms led the company to end the program. We reached out to the company and received the following statement:
“Hippo is committed to protecting the joy of homeownership. We’ve decided we can best support our customers by focusing on core Hippo products and services, like homeowners insurance and Hippo Home Care, that allow us to take a proactive approach to home protection.”