Spinnaker Insurance Company Review & Ratings (2024)

Welcome to our comprehensive guide on Spinnaker Insurance Company and related insurance topics. In this article, we will explore the wide range of insurance solutions offered by Spinnaker Insurance Company, a leading provider known for their exceptional coverage and customer satisfaction.

• Spinnaker Insurance offers basic homeowners policies in all 50 U.S. states, including Washington, D.C.
• The company has recently been acquired by Hippo Insurance Services
• Although Spinnaker has a strong financial rating, Hippo has a history of financial troubles

We’ll also discuss the importance of finding the best insurance provider to meet your specific needs. To help you make an informed decision, we invite you to enter your zip code below and compare rates from the top insurance providers in your area. Don’t miss out on the opportunity to secure the best coverage at the most competitive prices.

About Spinnaker Insurance Company

Spinnaker is a fairly new insurance company that was founded in 2015 and is headquartered in Bedminster, New Jersey. Soon after Spinnaker was established, the company was acquired by Hippo Insurance Services on June 3, 2020.

Hippo Insurance Services is a licensed insurance agency that operates as a managing agent with a large portion of its premiums underwritten by Spinnaker. Spinnaker still operates as an individual entity under Hippo’s umbrella.

Spinnaker Insurance Company offers property and casualty insurance in all 50 states, including Washington, D.C, and focuses on homeowners, renters, and commercial insurance policies.

Spinnaker Insurance Company is also a part of the MacNeill Group of insurance carriers. The MacNeill Group has organized a diverse group of insurance underwriters to provide high-quality insurance coverage for customers across the southeastern states.

How to get Spinnaker Property Insurance

Spinnaker does not offer an online quote platform, but they do have a phone number you can call to determine how to start a quote. The company’s phone number is (888) 221-7742.

You can also receive a quote from Spinnaker Insurance Company directly through Hippo Insurance.

Hippo’s website contains an online quote platform, but you will need to contact Hippo directly if you want a policy specifically from Spinnaker, as they work with several carriers to underwrite their insurance policies.

Hippo Insurance does not have in-person offices. All of their business is conducted either through their website or via telephone.

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Spinnaker Property Insurance Products

Spinnaker underwrites several types of property insurance policies. Their policy offerings include:

Homeowners. This type of coverage is for a single-family dwelling and pays out damages incurred to your home from an approved peril. Typical homeowners insurance coverage can be customized to cover theft, personal liability, flood damage, and more.

Condominium. Coverage includes owner-occupied, secondary, and rented units, including short- and long-term rental situations. Condominiums typically have their own basic insurance coverage, but it usually only includes the exterior structure and common areas. Acquiring additional coverage is necessary to cover personal belongings and more.

Commercial. This type of policy covers small business commercial structures such as offices, bakeries, small apartment complexes, and more.

Spinnaker’s property insurance also offers several add-ons to its policies. You can learn more about additional coverages by contacting Hippo Insurance.

Spinnaker Insurance Company’s Financial Strength Rating

Spinnaker Insurance has an A.M. Best rating of “A-,” which is an excellent score. Their outlook has been affirmed as stable.

Spinnaker’s initial rating date from A.M. Best was October 6, 2015, and their most recent evaluation was on October 13, 2021.

The rating reflects Spinnaker’s large holding of risk-adjusted capitalization and a strong balance sheet. The company has a favorable operating performance trend with an experienced management team.

However, Hippo has suffered massive losses in the past year, including a $59 million loss in the fourth quarter of 2021 coming off of a net loss of $54 million from the previous year.

There is a risk that Spinnaker could receive negative ratings in the future if Hippo Insurance’s balance sheet or operating performance deteriorates further.

Although this appears quite unsettling for the financial strength of Spinnaker Insurance Company, its short-term outlook seems stable and strong.

Proactive Spinnaker Insurance Company Claims Management

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Filing a claim with Spinnaker Insurance Company is a straightforward process. While they do not offer an online quote platform, you can initiate a quote request by calling their dedicated phone line at (888) 221-7742.

Additionally, if you prefer to manage your policy online, you can do so through Hippo Insurance, which partners with Spinnaker for underwriting their policies. It’s important to note that all business with Hippo and Spinnaker is conducted online or over the phone, as they do not have physical offices.

Average Claim Processing Time

Spinnaker Insurance strives to provide efficient claim processing, and the average processing time can vary depending on the nature and complexity of the claim. Customers have reported a generally smooth and quick claims process when working with Hippo Insurance, the agency representing Spinnaker.

However, specific processing times may be subject to individual circumstances and the type of coverage needed.

Customer Feedback on Claim Resolutions and Payouts

While there are limited online reviews specifically for Spinnaker Insurance, customer feedback primarily mentions Hippo Insurance, which handles claims on behalf of Spinnaker. Reviews for Hippo Insurance have been mostly positive, highlighting their excellent customer service and efficient claims resolution.

However, a few negative reviews have surfaced, primarily related to communication issues during the claims process. It’s essential to keep in mind that the quality of claims resolution can vary depending on the specific situation.

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Your Digital Insurance Partner: Spinnaker Insurance Company

Mobile App Features and Functionality

Spinnaker Insurance Company does not offer a dedicated mobile app for policyholders. However, Hippo Insurance, their partner, provides a customer portal accessible via their website. Through this portal, policyholders can access their documents and make payments, providing a degree of digital convenience.

It’s worth noting that neither Spinnaker nor Hippo offers an online claims center, so claims must be initiated by contacting them directly.

Online Account Management Capabilities

For policy management, Spinnaker Insurance relies on Hippo Insurance’s online platform. Policyholders can log in to their accounts on the Hippo website to access policy documents and handle payments. While this online account management option provides some convenience, it does not offer the same level of digital features found in dedicated insurance apps.

Digital Tools and Resources

Spinnaker Insurance primarily operates through traditional channels, and as a result, their digital tools and resources are somewhat limited. Most digital interactions, including obtaining quotes and managing policies, are facilitated through Hippo Insurance’s online platform.

While this partnership offers some digital capabilities, policyholders looking for advanced digital tools and resources may find the options offered by Spinnaker to be more basic compared to some other insurers.

Spinnaker Insurance Reviews

Spinnaker has not accrued very many online reviews because they simply do not offer insurance policies directly from the company. Currently, there are only a handful of customer reviews that mention Spinnaker Insurance, with most noting Hippo Insurance as their agent.

One review regarding Spinnaker Insurance stated that Hippo gave them concise, honest information about their policy that was easy to comprehend. They also mentioned that the cost of home insurance was very reasonable.

There were a couple of unfavorable reviews mentioning that Spinnaker would not pay out on theft incidences. Spinnaker responded to both reviews, stating that the amount of theft did not even meet their deductible on both accounts.

Hippo Insurance Reviews

There are many more online reviews for Hippo Insurance. Out of over 100 reviews left for Hippo, the company has received a rating of 4.2 stars, which is very high for an insurance company.

Customers are enthusiastically happy about Hippo Insurance and have noted that the company has excellent customer service, affordable coverage, and numerous products to choose from.

Many reviews mention how the claims process is handled smoothly and quickly and that staff treats customers like people rather than policies.

There are a few negative reviews in the mix. Several customers have experienced a lack of communication from the company during the claims process. And others have stated that customer service is unprofessional.

Overall, Hippo Insurance has accrued mostly positive reviews and is now the face of Spinnaker Insurance.

Spinnaker Insurance Company Review: The Bottom Line

Spinnaker Insurance Company was only in business for approximately five years before Hippo Insurance Agency acquired it. Spinnaker has since moved into the background, while Hippo Insurance handles all of the customer service and claims processes.

Spinnaker Insurance is a large underwriter of policies, operating in all 50 states, including Washington, D.C., and now writes a large amount of Hippo property insurance policies.

Through Hippo Insurance, Spinnaker offers a basic variety of property insurance policies, including a small commercial policy option.

There is not much availability to manage your policy online through Spinnaker, but Hippo has a decent customer portal where you can access your documents and make payments. Neither Hippo nor Spinnaker has an online claims center. Therefore, you have to call them directly to start a claim.

Spinnaker Insurance Company has a very strong financial rating from A.M. Best, and its outlook appears healthy. However, Hippo Insurance has experienced some financial trouble after having paid out catastrophic losses in claims. If Hippo continues incurring losses, Spinnaker’s financial rating could be in jeopardy.

There are very few customer reviews about Spinnaker itself, but Hippo Insurance has very positive reviews from numerous customer ratings.

Overall, Spinnaker Insurance could be a good option for obtaining a homeowners insurance policy if you don’t mind working through Hippo Insurance to procure their coverage. Remember to directly inquire about a quote with Spinnaker if you decide to pursue a policy with them.

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