Spinnaker Insurance Company Review & Ratings (2023)
Spinnaker Insurance Company underwrites basic property insurance policies in all 50 states. However, you can only obtain Spinnaker policies through Hippo Insurance after Hippo acquired Spinnaker in 2020. Spinnaker Insurance Company is financially sound, but Hippo has been in troubled waters with catastrophic insurance payouts over the past couple of years.
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Written by
Chris Tepedino |
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Reviewed by
Laura Walker
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UPDATED: Dec 16, 2022
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Dec 16, 2022
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- 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
Spinnaker Insurance Company specializes in property coverage that is offered in every state in America, including Washington, D.C.
However, since they now only operate as an insurance carrier, they have a very limited online presence.
Spinnaker was recently bought out by Hippo Insurance Services, a large insurance agency that obtained Spinnaker to underwrite an extensive portion of their insurance policies. Most of the front operations for Spinnaker are now handled by Hippo Insurance.
Since Spinnaker’s acquisition by Hippo Insurance, its online presence has become very limited and it is difficult to source information about the company.
If you are seeking information about Spinnaker Insurance Company, this is their most comprehensive review of 2022.
In this guide, you will receive information about Spinnaker, the types of coverage it provides, the company’s financial strength, and an overview of the company’s reviews.
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.
Spinnaker Insurance Claims Process
Spinnaker only offers a single phone number for claims inquiries (888-221-7742). Unfortunately, there is no online portal to start or view claims information.
If you have received Spinnaker Insurance through Hippo, there is a specific phone number for filing claims. The company’s claims phone number is 855-999-9746. Similar to Spinnaker, Hippo does not offer an online claims platform at this time.
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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.
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.
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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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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
|
Written by
Chris Tepedino |
|
Reviewed by
Laura Walker
|