American Bankers Insurance Company of Florida, part of Assurant, has filed for a 17.9% overall rate increase for its California condominium insurance program.
Submitted October 6, the filing affects 36,949 policyholders representing approximately $22 million in written premium. Proposed increases range from 2.5% to 56%, with an estimated $3.9 million premium impact. The insurer’s indicated rate need is 29.9%.
The proposal raises Coverage A and Coverage C base rates and increases the claim points assigned to non-weather water losses from three to four. It also adds an underwriting rule making applicants with more than one water loss in the past three years ineligible.
The filing includes a new inflation protection endorsement and follows a 20% rate increase effective September 1, 2026.
Assurant is requesting a September 1, 2027 effective date for new and renewal business. The filing is pending California regulatory review.
