Two insurance companies in Florida announced this week reductions in their property rates, according to Insurance Journal: Security First Insurance will cut condo insurance (HO6) by an average of 7.3% for over 20,000 policyholders, while Mangrove Property Insurance will apply an average decrease of 5.6% on its single-family home policies (HO3) for a portfolio that exceeded 48,000 policies in March of this year.
The two discounts come at a time when Florida's insurance market has been experiencing months of declining trends, driven by the legislative reforms of 2022 and 2023 that curtailed abusive litigation which had long driven up premiums in the state.
Security First, based in Ormond Beach, already has the reduction in effect for its HO6 policies and accompanies it with a range of additional discounts: for taking out homeowner's insurance and auto insurance with the same agent, for having smoke detectors, for military personnel and first responders, and for those who install leak detection systems.
The company also introduces a "disappearing deductible" program: for each consecutive year without claims, the deductible for general damage and water damage is reduced by 20%, although the hurricane deductible remains unaffected.
This is the second consecutive price reduction by Security First on its condo product: in 2025, it had already implemented a 3% decrease in that same segment.
Mangrove, based in St. Petersburg, submitted its adjustment under the "use-and-file" mechanism, which means that the reduction is already in effect for new policies and renewals, even though the Florida Office of Insurance Regulation (OIR) has not formally reviewed it yet.
The company attributes the rate cut to its own underwriting experience since it began operations in 2025 and the impact of state legislative reforms: "Mangrove's rate adjustments reflect the company's underwriting experience since its launch in 2025, including the effects of the 2022-2023 legislative and regulatory reforms in Florida, which successfully stabilized and strengthened the state's property insurance market."
For condominium owners, relief comes at a particularly difficult time. The median price of condominiums in Broward fell by 14.55% year-over-year in September 2026, down to $235,000, with more than ten months of inventory available. In addition, there are high homeowner association fees and extraordinary assessments resulting from mandatory structural inspections following the collapse of the Champlain Towers building in Surfside in 2021.
The discounts this week add to a series of similar announcements. In October, Kin Insurance applied a discount of over 20% for new and existing customers in Miami-Dade, Broward, and Palm Beach, the largest in the company's history in Florida. In September, four more insurers received approval for cuts that benefited approximately 62,000 policies with an average reduction of 7%.
The most revealing piece of information about the market shift comes from the OIR itself: the average approved rate for homeowners' insurance dropped from +15.33% in July 2022 to -4.81% in June 2026.
Important to keep in mind: the announced discounts are state averages and do not guarantee the same discount for every policy. The actual savings depend on the county, the characteristics of the property, the applicable discounts, and the renewal date. If you have a policy with any of these companies, the change will be reflected at your next renewal.
The Florida insurance commissioner, Mike Yaworsky, anticipated that what is to come may be even better: "This is the latest wave of significant reductions for Floridians, and it continues to grow. I expect to see more aggressive cuts in the near future, looking ahead to 2027."
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