Independence American Insurance Company has submitted a filing to the Florida Office of Insurance Regulation proposing significant updates to its Figo pet insurance program, including a substantial rate increase and multiple underwriting and product changes. The revisions are scheduled to take effect May 1, 2026.

The filing proposes an overall rate increase of approximately 27.1% for medical coverages within the program. The company also plans to revise several rating components, including base rates, age factors, breed group factors, and species gender factors for dogs. As part of the update, the existing weight factor will be removed, with mixed-breed dogs instead categorized by weight-based breed groups.

The filing introduces several new discount features, including a Healthy Pet Discount that provides a 10% premium reduction if no accident or illness claims were reimbursed during the previous 12 months. Policyholders may also qualify for multi-pet discounts, employer group discounts, strategic partner discounts, and affiliate marketing discounts, although the rules limit stacking to one additional discount beyond the multi-pet and Healthy Pet discounts.

To align the product with the Pet Insurance Model Law, the filing also proposes several consumer-facing changes. The waiting period for accidents would be reduced from one day to zero days, while the waiting period for orthopedic conditions would drop from 180 days to 30 days. In addition, the program’s Wellness Plans will be renamed “Preventive Care” and the existing Accident & Illness 30-Day plan will be removed.

The updated rating structure relies on generalized linear modeling using WTW’s Emblem software, with models developed separately for dogs and cats. The actuarial analysis uses countrywide policy data from 2019 through 2023, split into training and validation datasets to develop the proposed rating factors.

Figo has 9,903 policyholders in Florida and $5,961,000 in written premium in the state.