Spinnaker Insurance Company has filed for a 14.9% rate increase for its Hippo-distributed homeowners program in New Jersey. The proposal would affect 3,437 policyholders and generate approximately $859,000 in additional written premium. Individual changes could range from a 31.5% decrease to an 83.5% increase.
The filing also revises how properties are rated, adding factors for square footage, coverage per square foot and roof covering. Spinnaker proposes an inspection fee to pass through vendor costs without a markup and would replace its actual cash value roof endorsement with a roof systems payment schedule.
Spinnaker said it used Akur8 software to model losses by peril. Where its own experience was limited, it drew some proposed rating factors from previously approved Travelers filings, including factors related to protection class, deductibles and roofs.
The filing was submitted Sept. 24 and is subject to regulatory approval. Spinnaker requested effective dates of March 19, 2027, for new business and May 8, 2027, for renewals.
