Spinnaker introduced updates to its Hippo Preferred Homeowners program in Florida, proposing an overall premium increase of 10.3%, supported by an indicated change of 11.1%.

The filing, submitted April 30, 2026, includes effective dates of January 1, 2027 for new business and May 7, 2027 for renewals, and reflects a broader strategy by Hippo to expand distribution and reach a wider segment of the market.

A key change is the shift from a two-peril structure (hurricane and non-hurricane) to a three-peril model: other perils, hurricane, and other wind. The update aligns the program more closely with competitors such as American Strategic Insurance, while introducing additional rating granularity.

Spinnaker is also adding multiple rating variables, including distance to coast, square footage, roof payment schedule, loss surcharge, and insurance score-based tiering, along with new underwriting considerations such as seasonal occupancy and swimming pool exposure.

Territories are being simplified to zip code-level rating, and a new wind deductible is introduced alongside expanded deductible options. The filing also incorporates new optional coverages, including equipment breakdown and service line protection, with reinsurance support from Hartford Steam Boiler.

The updates come as Hippo broadens distribution in Florida, signaling a shift from a more controlled book toward higher production and expanded availability. “These changes are being filed in conjunction with a strategic shift Hippo is making in the state of Florida with its managed Products to open to a wider segment of the market through broadening distribution sources.”

Based on filing exhibits, the Florida book includes roughly 43,000 policies in force, with implied written premium likely in the $120 million to $150 million range, positioning it as a meaningful but still scaling segment of Hippo’s overall homeowners portfolio.