By the end of 2024, the program expects to cover nearly 50,000 additional new homes in these three states, which accounted for over one-third of new construction permits in 2023, according to the U.S. Census Bureau.
In addition, Hippo welcomed Perry Homes and Van Daele Homes to its New Homes Program. These companies join a list that includes four of the top 20 U.S. homebuilders, as ranked by Zonda’s 2024 Builder 100 list. Hippo plans to partner with more builders and expand its offerings to other states in the coming months.
The New Homes Program offers insurance products specifically designed for new homes, simplifying the underwriting process and providing lower deductibles and greater flexibility. It also streamlines the insurance process for builders, automating evidence of insurance for sales teams, lenders, and homebuyers.
Rick McCathron, Hippo’s President and CEO, said: “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.”
He added: “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.”
Editor’s note: Richard McCathron was a main stage speaker at Insurtech Insights USA 2024 in New York earlier this year, where he discussed: “Insurtech’s Turning Point: Overcoming a Challenging 2023 on the Path to Profitability,” in a fireside chat moderated by Bryan Falchuk, Founder and Managing Partner at Insurance Evolution Partners. To find out more about Insurtech Insights USA 2025, visit here
