What is better, a cheap insurance policy or a brand name insurance policy?

Is it better to buy a cheap insurance policy, or should I go with a name I know? I was shopping for a new homeowner's policy and the lowest price came back from a company called Hippo. I have never heard of them before. This could save me $500 per year, but I am a little nervous about making the change.

Answer
“Cost is the most common reason homeowners start looking for a new insurance provider.
It can be nerve-wracking to make this big change and move to an insurance company that you are not familiar with; however, there are ways to ensure that you are selecting a stable company before you make the leap.
The first step: Google it!
When selecting a new insurance company, go online and see what customers have to say about them, especially regarding claims payouts and customer service.
To make sure the company is financially stable and will be able to make payouts on your claim, check out their credit score and reviews with AM Best.
Another great source is JD Power rankings. JD Power reviews companies and provides a quality and reliability score to help buyers make sound purchasing decisions.
Since you are looking to save money on your insurance, it may be time to re-shop both your home and auto insurance policies. Some companies offer multi-line discounts if you bundle both policies with them.
Use the free Jerry app to help make this happen! Jerry collects auto and home quotes from over 50 carriers and brings the lowest available rates right to the app. Jerry even has Hippo as one of their homeowner’s options!”
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Shannon Martin
Answered on Jul 27, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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