Process loans faster with instant home insurance from Hippo
We are happy to announce the availability of Hippo Insurance’s instant quotes and home owners policies within LendingQB.
Accelerate Your Originations
Get on automatic, accurate quote for earlier DTI calculations and LE and verifiable replacement costs. Quote includes rebuilding costs for your underwriters’ reference.
Automatically receive Evidence of Insurance after the policy is purchased. The EOI is automatically emailed to the loan officer. No more chasing borrowers or insurance agents, saving you time and money.
How do I Get This Up and Running?
Reach out to LendingQB at integrations@lendingqb.com to request Hippo Insurance to be enabled.
After the LendingQB setup is completed, you will see a “Hippo Insurance” link on the main pipeline screen underneath each loan file.
Clicking on the “Hippo Insurance” link will open a new window where you will see the quote and rebuilding costs for the property (you can use the latter is for your reference).
The “Send Quote to Borrower” button will send the quote to your borrower. The email will reference the loan officer and invite the borrower to go to our website and purchase a policy. In the background, Hippo captured the property address as well as the loan officer and borrower’s information so these won’t have to be reentered.
The process is very easy and a policy can be purchased within minutes. Once the policy is purchased, the Evidence of Insurance (EOI) will be automatically emailed to the loan officer.
State Coverage
We provide coverage for ~45 via Hippo and third party carriers. Borrowers can choose from up to 4 carriers so there are no steering concerns. Hippo will be one option in states that it is available in.
Hippo policies are currently available in California and Arizona. We expect to be live in Texas by mid October.
About the Hippo Policy
Hippo provides better coverage at a better price in an interface you would expect in the 21st century. Hippo policies are generally priced ~20%- 25% below Tier 1 carriers and provide better coverages. These include -
Water Backup — Covers damages caused by the backup and overflow of water from drains or sewers up to $10,000.
Computers — Laptop & desktop computers and related storage devices covered up to $8,000. This is 4X the industry standard.
Home Office — Covers home office equipment such as computers and printers for up to $8,000.
Appliance Breakdown — Covers the cost of repair or replacement for pretty much everything in your home that uses electric power, in the event of electrical or mechanical breakdown. This includes your washer & dryer, HVAC equipment, kitchen appliances, water heaters, and even personal electronics like computers & TVs. This coverage protects up to $100k and the deductible is only $500, which is less than the standard deductible for other types of claims.
Service Lines — Covers up to $10,000 (subject to a $500 deductible) for excavation, repair, and damaged property costs in the case of a problem with the service lines (electric, sewer, etc.) running from your home to the street, whether caused by an accident or wear and tear.
Other Questions?
There is no cost for this service.
Interested in Learning More?
Go to myhippo.com/lenders and someone from Hippo will follow up with you.
