Real Estate

Meet the new product that’s disrupting home inspections

There’s one thing almost every real estate agent can agree on: The home inspection can put up some major roadblocks when it comes to closing a deal.

Although there has been a great deal of innovation in the real estate industry over the years, surprisingly, this is one area that hasn’t seen much progress. While new tech has sped up almost every other part of the transaction, home inspections still seem to be holding up the show.

That lack of progress inspired Hippo, a home insurance group, to shake up home inspections and bring the focus back on the homeowner. What they realized was that everyone involved in the transaction was looking for more than just a home inspection—they were looking for peace of mind and a clear pathway to the closing table.

In August of 2020, Hippo* connected with Inspectify, a marketplace for home inspections that streamlines the process and helps agents accelerate transactions. With a common goal of creating a better home inspection experience through innovation, Hippo and Inspectify were perfect partners to launch Hippo’s unique new product: Inspection Protection.

Inspection Protection offers a first-of-its-kind protection plan, covering repairs to qualifying structural systems for issues missed by an inspector during the home inspection. Unlike a standard home warranty, this extra layer of protection covers certain structural systems including foundations, roofs, walls, ceilings, fireplaces, garages, and more for one year and up to $100,000*.

During a pilot program, the results were overwhelmingly positive. On the listing side, homes that included Inspection Protection spent less time on the market, and buyers were 4x more likely to waive their inspection. This helped save three or more weeks on the overall transaction. In addition, the inspection report is available online for prospective buyers to see, which helps generate leads and instill confidence that no one will be holding their breath waiting for the inspection shoe to drop when it comes time for due diligence.

It’s not just helping on the listing side, either. Hippo and Inspectify are seeing buyers get Inspection Protection for their own added peace of mind. Home prices are high, and buyers are hitting the top of their budget to make a competitive offer on their dream home. When strapped for cash, making repairs after closing can be stressful and structural issues are some of the most costly repairs to make. Knowing that there’s an added layer of protection if something were to be amiss can help new buyers feel at ease with their investment.

As the real estate industry continues to evolve, pain points in the process become increasingly more glaring. The world we live in today expects convenient services and quick resolutions—without a hassle. And when making a significant investment like buying a home, people crave certainty and peace of mind. Innovative products like Inspection Protection prove that an added layer of assurance can go a long way in helping shorten the gap from offer to closing.

*Hippo Warranty Solutions Inc. is Hippo’s service contract provider for Inspection Protection. Inspection Protection is currently available in Arizona, Colorado, Delaware, Georgia, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Minnesota, Nebraska, New Hampshire, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Vermont with more states coming soon. Hippo Warranty Solutions Inc. is licensed or authorized to offer service contracts in the aforementioned states. Service contracts are subject to the terms and conditions, exclusions, deductibles, and limitations including but not limited to an aggregate claim limit of $100,000. Contract cost is based on the age and square footage of the home.

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