Hippo, a publicly traded property insurance brokerage based in California, said it will expand its new homes insurance program in the disaster-prone states of Florida, Texas and California.
By the end of this year, Hippo, owned by a number of capital management and investment firms, hopes to provide policies for almost 50,000 new homes in the three states. The policies can be offered through homebuilder partners and come from a number of carriers, Hippo said in a news release. The policies typically offer lower deductibles and more flexibility than a standard HO policy, the company noted.
Homebuilders can gain access to a scalable, embedded insurance solution that streamlines the closing process for sales teams, lenders, and homebuyers by automating the evidence of insurance process, the firm said.
Due to the historically lower risk associated with new construction and based on average state premiums, Hippo and its carrier partners can offer policies for new homes with premiums as much as 69% lower in California, 42% lower in Florida, and 56% lower in Texas than policies for an existing home, the news release claimed.
Orion180, a carrier based in Florida, also announced last week that it is now offering homeowners coverage in North Carolina.
The policies will come from the company’s admitted insurer, Orion Select Insurance. Orion180 now offers products in eight states: Alabama, Arizona, Georgia, Indiana, Mississippi, North Carolina, Ohio and South Carolina.
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