Introducing Inspection Protection by Hippo
Hippo announced the launch of Inspection Protection that provides coverage for repairs to qualifying structural systems for issues missed by an inspector during a home inspection.
Prior to putting a home on the market, sellers and listing agents can arrange for a home inspection and add Inspection Protection, protecting the transaction and certifying the home with an inspection that buyers trust. For homes that aren’t already inspected, homebuyers can get an inspection backed by Inspection Protection whether or not they decide to waive the inspection contingency. In Hippo’s pilot program, buyers were four times more likely to waive their own inspection on homes with Inspection Protection. Hippo also found 85 percent of sellers opted to purchase Inspection Protection when presented with the option, and the selling process was shortened by three weeks.
“Inspection Protection brings a much-needed innovation to the home buying process by protecting the new homeowner while also supporting home sellers. Developed based on insights from our own customer base, it’s the first-ever product to offer this kind of protection to consumers around home inspections. We envision a world where every listing comes with Inspection Protection as it instills confidence into the transaction and creates a better experience for everyone involved.” – Daniel Blanaru, Hippo’s Chief Growth Officer.
Inspection Protection protects homebuyers, but can be purchased by anyone in the transaction process, including the seller, real estate agents or buyer, to make it a seamless transaction. Here’s how it works:
- A home inspection is ordered through one of Hippo’s approved partners and a personalized inspection report, easy-to-read summary and set of recommendations are delivered to the buyer.
- The product protects certain structural systems in the home from damage missed during the home inspection for up to $100,000 for a cost of $350 for most homes.
- Inspection Protection covers listed structural systems, including foundations, roofs, walls, ceilings, fireplaces, garages and more, helping with some unanticipated repairs and bringing enhanced peace of mind to homeowners.