This week, two insurance companies in Florida announced reductions in their property insurance rates, as reported by Insurance Journal. Security First Insurance is set to decrease condo insurance (HO6) premiums by an average of 7.3% for over 20,000 policyholders, while Mangrove Property Insurance will implement a 5.6% average reduction on single-family home policies (HO3), impacting a portfolio that exceeded 48,000 policies as of March this year.
The timing of these reductions coincides with a downward trend in Florida's insurance market, driven by legislative reforms enacted in 2022 and 2023 aimed at curbing the abusive litigation that had previously caused premiums to skyrocket.
Security First's Strategic Discounts
Based in Ormond Beach, Security First has already put the condo policy reduction into effect, offering a suite of additional discounts. These include savings for bundling home and auto insurance with the same agent, having smoke detectors, and incentives for military personnel and first responders, as well as for installing water leak detection systems.
The company also offers a "vanishing deductible" program, reducing the deductible for general and water damage by 20% for each consecutive claim-free year, although hurricane deductibles remain unchanged.
This marks Security First’s second consecutive reduction in condo insurance, following a 3% decrease in the same segment in 2025.
Mangrove's Rate Adjustment Approach
Operating out of St. Petersburg, Mangrove has initiated its rate adjustment through the "use-and-file" mechanism, meaning the reduction is already in effect for both new and renewal policies, despite not yet being formally reviewed by the Florida Office of Insurance Regulation (OIR).
The company attributes the rate cut to its underwriting experience since starting operations in 2025, alongside the impact of state legislative reforms. "Mangrove's rate adjustments reflect the company's underwriting experience since its launch in 2025, including the impacts of Florida's 2022-2023 legislative and regulatory reforms, which have successfully stabilized and strengthened the state's property insurance market," the company stated.
Condo Owners Reap Benefits Amidst Challenges
For condo owners, this relief comes at a particularly challenging time. The median price of condos in Broward dropped 14.55% year-over-year in September 2026, reaching $235,000, with over ten months of inventory available. Additionally, high homeowners' association fees and special assessments stemming from mandatory structural inspections post-Surfside's Champlain Towers collapse in 2021 add to the financial burden.
This week's reductions are part of a broader trend of similar announcements. In October, Kin Insurance implemented a more than 20% reduction for new and existing customers in Miami-Dade, Broward, and Palm Beach, marking the largest in the company's history in Florida. Meanwhile, in September, four more insurers received approval for cuts benefiting around 62,000 policies with an average reduction of 7%.
The Florida OIR provides a revealing statistic: the average approved rate for homeowners insurance shifted from +15.33% in July 2022 to -4.81% in June 2026.
It's crucial to note that the announced reductions are statewide averages and do not guarantee an identical discount for every policy. Actual savings depend on the county, property characteristics, applicable discounts, and renewal date. Policyholders with these companies will see changes reflected upon their next renewal.
Florida Insurance Commissioner Mike Yaworsky foresees even more favorable developments: "This is the latest wave of significant reductions for Floridians, and it continues to grow. I anticipate seeing more aggressive cuts in the near future, looking ahead to 2027."
Understanding Florida's Insurance Rate Reductions
Why are insurance rates dropping in Florida?
Insurance rates in Florida are dropping due to legislative reforms in 2022 and 2023 that have helped reduce litigation and stabilize the market, leading to lower premiums.
What is the impact of the "vanishing deductible" program?
The "vanishing deductible" program reduces the deductible for general and water damage by 20% each year a policyholder remains claim-free, providing financial relief over time.
How does the "use-and-file" mechanism work for insurance rates?
The "use-and-file" mechanism allows insurers to implement rate changes immediately for new and renewal policies, even if the Florida OIR has not formally reviewed them yet.