Hippo announced an expansion of the company's Commercial Lines homeowners association (HOA) insurance into new markets following initial positive traction and engagement since its launch in August 2021. Bringing this growth to fruition, Socotra's platform and open APIs enable Hippo's Commercial Lines product to offer customers accurate insurance quotes and tailored policy coverage. The company's HOA insurance, which launched in Arizona in August 2021, has since expanded to over 15 states, meeting a strong demand in an industry that historically overlooks policy customization and personalization.

Hippo streamlines the insurance quote process by collecting only the information needed to provide coverage, eliminating the timely and redundant process where customers are required to complete 60-plus questions. Every Hippo HOA policy is customized to the community, and covers property and critical systems often overlooked or excluded, such as swimming pools and other amenities. Importantly, Hippo's property and liability coverages are provided within one policy and one invoice, helping communities avoid managing separate bills across multiple insurance companies.

Socotra's modern, cloud-native core platform enables Hippo's product experience to cover the entire lifecycle of an HOA insurance policy, and includes a complex rating algorithm, underwriting, and policy administration. The partnership, which began in early 2021, has helped accelerate Hippo's growth into the Commercial Lines space by creating a strong foundation for a product that was built to directly serve customer needs. With Hippo's focus on growth and diversification, it will deepen its reach to customers in markets with a large number of HOAs, which are often underinsured after the first three to five years of obtaining coverage.

The company plans to scale its offering to reach the more than 380,000 HOA communities nationwide. Within those communities, including those currently phasing and building out, it will work closely to tailor coverage for their current and upcoming needs. Hippo's HOA insurance is now available in Arizona, Colorado, Delaware, Idaho, Illinois, Indiana, Massachusetts, Maryland, Michigan, Nevada, Oregon, Pennsylvania, Tennessee, Utah, Wisconsin, and West Virginia.

Hippo will continue to grow its Commercial Lines insurance offering while building an innovative suite of proactive and customer-focused products that help customers take a holistic approach to homeownership.