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Perry Homes and Van Daele Homes join the Hippo New Homes Program
PALO ALTO, Calif., Oct. 3, 2024 /PRNewswire/ -- Hippo (NYSE: HIPO), the home insurance group focused on proactive home protection, announced today that it will expand home builder access to its New Homes Program in California, Florida, and Texas. By the year's end, Hippo's New Homes Program expects to provide access to insurance for almost 50,000 additional new homes in the three states, which, according to the U.S. Census Bureau, accounted for more than a third of new construction permits in the U.S. in 2023.
Hippo also announced Perry Homes and Van Daele have joined the Hippo New Homes Program, which already works with some of the nation's leading home builders.
"In recent years, many of our home builder partners have struggled to find a consistent insurance solution for new homes in California, Florida, and Texas," said Rick McCathron, Hippo's President and CEO. "These three states are home to some of the hottest residential new construction markets in the country, and our growth marks the beginning of a nationwide expansion of Hippo's New Homes Program."
Hippo's New Homes Program provides home builders access to insurance products specifically designed for new homes from a panel of carrier partners. New Homes Program carriers simplify the underwriting process by only using information about the house to issue policies that typically provide lower deductibles and more flexibility than a standard homeowner's policy.
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.
"Hippo's New Homes Program provides our Perry Homes customers with multiple quotes, helping us deliver the customer experience our buyers deserve," said Todd Chachere, Chief Executive Officer of Perry Homes. "Finding homeowner insurance is an important part of the customer's journey, and Hippo's New Homes Program provides a simple process despite insurance challenges in the Texas and Florida markets. Hippo's New Homes Program allows us to focus on building quality homes and providing superior customer service to our Perry Homes customers."
Hippo's homebuilder partners 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.