U.S. cable and network operator Comcast announced that it will start providing smart home insurance services through a partnership with Hippo, an insurance startup targeting the growing the IoT market. Comcast plans to link the insurance packages with its Xfinity Home service.
Hippo leverages smart home technologies for its home insurance service. For example, it helps homes to install water leak sensors, so that it can detect problems early and prevent damages from taking place. It also provides safety coverage for smart gadgets at home.
For existing Comcast Xfinity Home customers, they will receive additional discounts for installing home safety devices, such as smoke detectors, under the Hippo partnership.
Hippo is currently licensed to operate in California, Arizona, Texas, Illinois, Iowa, Tennessee and Pennsylvania.
Comcast will first launch this insurance program in Houston, and then expand into other areas where the company offers services. With the program, Comcast claims to be able to save homeowners save up to 25 percent in their annual home insurance.
Comcast’s investment arm invested in Hippo this January, leading a US$25 million Series B funding for the startup.
“We’ve modernized traditional home policies to go beyond just providing coverage in the event of fire, theft, or water damage,” said Assaf Wand, CEO and co-founder of Hippo.
“We’ve added equipment breakdown coverage into our policies so customers have repair and replacement protection on the things that ‘run’ their home – things like heating and air conditioning systems, hot water heaters, major appliances, electronics and more.”
About 60 percent of homes in the U.S. are underinsured, while policies don’t cover many of the homes’ valuable assets like smart home devices. That’s where companies like Hippo come in, to provide comprehensive home insurance plans for tech-savvy customers.