Hippo, Orion180 Expands offers for owners in the Southeast

Hippo, a California-based publicly traded property insurance brokerage, said it will expand its new home insurance program in the disaster-prone states of Florida, Texas and California.

By the end of this year, Hippo, owned by a number of asset management and investment firms, hopes to offer policies on nearly 50,000 new homes in the three states. Policies can be offered through homebuilder partners and come from a number of carriers, Hippo said in a press 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, built-in underwriting solution that simplifies the closing process for sales teams, lenders and homebuyers by automating the proof of underwriting process, the firm said.

Due to the historically lower risk associated with new construction and based on state average premiums, Hippo and its carrier partners can offer new home policies with premiums up to 69% lower in California, 42% lower in Florida and 56% lower in Texas than policies for an existing home, the press release claims.

Orion180, a Florida-based carrier, also announced last week that it now offers coverage to homeowners 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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Home owners