Approximately 5.6% average statewide reduction took effect October 27, 2026
TAMPA, FL, UNITED STATES, October 28, 2026 /EINPresswire.com/ — Mangrove Property Insurance Company has announced a proposed average statewide rate decrease of approximately 5.6% for its voluntary HO3 homeowners’ insurance program. The decrease, which is being submitted for approval from the Florida Office of Insurance Regulation on a use and file basis, was introduced in the market with an effective date for new and renewal policies as of October 27, 2026.
Mangrove’s rate adjustments reflect the company’s own underwriting experience since its launch in 2025, including the consequential impacts of Florida’s 2022-2023 legislative and regulatory reforms, which successfully stabilized and strengthened the state’s property insurance market.
“We’re grateful for the sensible legislative reforms which stabilized Florida’s insurance market and cemented our conviction to launch Mangrove,” said Stephen Weinstein, Chief Executive Officer of Mangrove Property Insurance Company. “I’m pleased we can pass along benefits from these reforms to our policyholders, enhancing the affordability of our products while continuing to have the resources to invest in our underwriting, claims and analytical capabilities, and our record setting risk transfer programs.
This proposed rate adjustment reflects our commitment to delivering value while maintaining a disciplined approach to underwriting and protecting the homeowners who place their trust in Mangrove. Individual policy impacts will vary based on the unique characteristics of each home and policyholder. We look forward to working with our independent agents in every Florida county as we roll out these changes together.”
Together with The Grove Repair Solution, which helps policyholders restore their homes stronger, smarter, and sooner following a covered loss, the proposed reduction reinforces Mangrove’s focus on delivering value both when homeowners purchase coverage and when they need it most.
The 5.6% decrease represents an overall statewide average. Individual policy premium changes will vary based on the attributes of each home, coverage selections and other applicable rating factors.
ABOUT MANGROVE: Tampa, Florida-based Mangrove Property Insurance Company launched in January 2025 to offer admitted homeowners’ insurance in Florida. Through partnerships with local independent agents in all 67 Florida counties, Mangrove is committed to providing sustainable, long-term capacity tailored to Florida’s unique market. Mangrove is rated “A, Exceptional” by Demotech, Inc. For more information, including agency appointment requests, visit Mangrove-FL.com.
Edie L Ousley
Yellow Finch Strategies
+1 8502516261
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