Seaview Insurance is looking to enter California’s homeowners market with a new product called Prestige Plus. The filing includes HO-3 and HO-6 forms, a broad set of endorsements—ranging from wildfire evacuation reimbursement to copper plumbing coverage—and a manual tailored for the state. Notably, the program combines Coverage A and B limits during declared emergencies and introduces multiple limitations, including exclusions for cannabis, crypto, trampolines, and theft by tenants.

The proposed Seaview Homeowners program is partly based on Aegis Security Insurance Company’s (ASIC) program, with modifications outlined in the filing memo and cover letter. These changes are expected to increase losses by 10%, which aligns with Seaview’s base rates being 10% higher than ASIC’s. As a result, the loss ratio calculated from ASIC data is used to project Seaview’s expected losses in Exhibit 16. These projections are entered into the CDI ratemaking templates (Tabs 6.1 and 6.2). There is no overlap between the two programs, as Seaview targets customers seeking broader coverage and higher limits. ASIC policyholders will not be renewed into the Seaview program.

The desired start date for Seaview Insurance Company’s new homeowners program in California is on approval.