Hippo Landlord Insurance Review

Hippo is quickly becoming recognized in the homeowners insurance industry as a champion for the consumer by using technology to provide modern, customized homeowners insurance that streamlines coverage for customers who demand savings.  

In addition to coverage for home and condo owners, Hippo is rolling out “landlord insurance,” specifically DP-3. Otherwise known as Dwelling Property or Dwelling Fire Form 3, this is the top-tier coverage for non-owner occupied properties.

What is Landlord Insurance and Why Do I Need it?

Many variables account for the type of landlord coverage (also referred to as “buy-to-let” insurance) you might need, but rest assured, if you have taken the time to smartly invest in a property you intend to rent out, you need landlord insurance. 

DP-3 is the most comprehensive landlord policy on the market and for good reason. DP-1 and DP-2 policies name very specific risks and perils that are covered while DP-3 is an open peril policy. Meaning, there are more circumstances and losses covered under the DP-3 policy and much less exposure to the landlord.

The DP-3 landlord policy is very similar to a standard homeowner’s insurance policy, covering damage to your rental property and liability in the event someone is injured on the property. 

The difference between a homeowner policy and a landlord policy is that the landlord policy treats your investment property as a business from which you derive an income, giving you added protection, enhanced liability, and a safeguard from legal fees. Another major difference between the policies is Loss of Use and Loss of Rents. Obviously, if you are not residing in the rental property yourself, Loss of Use coverage is not provided. However, if you cannot rent out the property due to repairs resulting from a covered loss, then you will be able to collect monies for potential lost income during the repair timeframe.

Are There Any Exclusions from a Landlord Policy?

As with nearly every type of property insurance, DP-3 landlord policies also have exclusions of coverage:

• Equipment Breakdown and Maintenance: While breakdowns and overall maintenance are not covered, replacement might be covered under a loss such as a fire.
• Shared Property: If you rent out a room or floor or common area within your home, landlord insurance is not for you. Contact your homeowner carrier for extended coverage.
• Earth Movement: Damage resulting from earthquakes or other “acts of god” like heavy winds, hail, or lighting will not be covered.
• Neglect: You must maintain the upkeep of your property. Long term neglect will not be covered.
• Tenant Property: A tenant’s belongings should be covered under renter’s insurance and will not be covered by a landlord policy. This should be made known to potential renters. Legally, no states require renters to procure their own insurance, but it is not uncommon for landlords to require tenants to pick up a renter’s insurance policy before allowing them to sign the lease.

Keep in mind, not all landlord policies are the same. So, you might be asking...  

What Makes a Hippo Landlord Policy Unique?

There are several enhancements to Hippo’s landlord insurance coverage that make it unique:

• Insure up to 10 Rental Properties: While a standard landlord policy typically covers up to 4 properties, a Hippo policy covers up to 10, making it ideal for owners of several investment properties. 
• Bundle and Save: You do not need to be a current Hippo homeowner insurance policy holder to acquire landlord insurance. However, if you are do carry a Hippo policy, you will be offered a bundled discount when you sign up for DP-3.
• Coverage: Hippo offers both building and liability coverage. Both tenants and employees are covered against injury on your property(s).
• Easy Online Quote and Purchase: See below for the easy-to-follow steps in acquiring three separate quotes on a landlord policy,  and determine what works best for your budget and your investment and then purchase online or contact a Hippo specialist if you have any questions. 
• Easy Add-Ons: Your landlord policy is highly customizable and can be easily appended with add-ons depending on your needs. 

How Do I Get a Hippo Quote?

Easy as 1-2-3. On the Hippo home page, select Quote in 60 Seconds and enter your address. You’ll be asked to choose whether you own a house or condo for which you’d like a landlord policy and when asked, “Who is living in your house?”, be sure to select A Renter. You’ll then need to provide a few more details about your property and your personal information (assuming you will be the policy holder, if not, enter the name of the person you’d like to carry the policy) and that’s it. Three separate quotes will be provided from base coverage or “The Essentials”, mid-range cover or “Our Best Value”, and additional coverage or “Expanded Protection.” Review each of these policies and see what works best for your investment property.

Of course, if you have any questions or need any guidance on reviewing landlord policies, a licensed Hippo agent would be happy to help at (877) 838-8866.