Figo and Independence American Insurance Company submitted a New Jersey filing to update policy forms and rates in order to comply with the state’s new pet insurance model law requirements. The filing also introduces revised policy language, new optional riders, updated underwriting rules, and a 17.6% overall rate increase.

The filing impacts 6,256 policyholders representing approximately $4.8 million in written premium. The company said the actuarially indicated change was 38.6%, but the selected overall rate impact is 17.6%, with individual policy changes ranging from 8.2% to 25%. The proposed effective date is October 1, 2026.

The revised policy formalizes several coverage mechanics and exclusions that provide insight into how Figo manages pet insurance risk.

Among the more notable provisions:

• Curable pre-existing conditions can become eligible for coverage after the pet is symptom and treatment free for 365 consecutive days. Chronic conditions, hereditary disorders, orthopedic conditions, and ligament and knee conditions remain permanently excluded from this carveback.
• Ligament and knee conditions are treated as bilateral conditions, meaning an issue on one side of the body affects coverage eligibility on both sides.
• The policy excludes repeated preventable incidents after three similar claims during a pet’s lifetime, including repeated foreign body ingestion, poison ingestion, or fight wounds.
• Dental illness coverage requires annual dental exams and compliance with veterinary recommendations. Pre-existing periodontal disease, gingivitis, tartar, stomatitis, and related conditions remain excluded.
• The filing introduces a diminishing deductible feature that lowers a policyholder’s deductible by $50 for every claim-free year until it reaches zero. A paid claim resets the deductible back to the original level at renewal.

The filing also details Figo’s discount structure. Discounts are available for employer groups, military members, multi-pet households, affinity groups, and healthy pets. The company also offers additional discounts for pet-friendly workplaces and large membership warehouse partnerships.

The updated underwriting manual states that only one discount may apply in addition to multi-pet and healthy pet discounts.

Optional riders continue to expand the base product. The preventive care rider covers wellness exams, vaccines, flea and heartworm prevention, spay and neuter procedures, dental cleanings, testing, and prescription preventive services subject to plan tier limits.

An office visit and exam rider reimburses exam fees tied to otherwise covered conditions and includes up to $250 annually for veterinarian-prescribed food used as the sole treatment for an illness.