Mangrove Property Insurance files 5.6% average statewide rate decrease for Florida HO3 policies

Mangrove Property Insurance has filed a proposed average statewide rate decrease of about 5.6% for its voluntary HO3 homeowners program in Florida, effective for new and renewal policies on Oct. 27, 2026. The move could lower costs for policyholders while the company says it continues to invest in underwriting, claims and risk transfer capacity.

Why it matters: - Mangrove Property Insurance is lowering prices in Florida’s homeowners market, where affordability remains a central issue for consumers. - The proposed reduction applies to the company’s voluntary HO3 homeowners’ insurance program and could affect new and renewal business statewide. - The filing signals that the company believes its book can support lower rates while still funding underwriting, claims and risk transfer needs.

What happened: - Mangrove Property Insurance announced a proposed average statewide rate decrease of approximately 5.6% for its voluntary HO3 homeowners’ insurance program. - The company said the change was submitted to the Florida Office of Insurance Regulation on a use-and-file basis. - The new pricing took effect for new and renewal policies on Oct. 27, 2026. - Mangrove said the filing reflects its own underwriting experience since launching in 2025.

The details: - The company tied the pricing change to the impact of Florida’s 2022-2023 legislative and regulatory reforms. - Mangrove said those reforms helped stabilize and strengthen the state’s property insurance market. - The 5.6% figure is a statewide average, not a uniform cut. - Individual policy changes will vary based on home characteristics, coverage selections and other rating factors. - Stephen Weinstein, Mangrove’s CEO, said the company wants to pass along benefits from the reforms while continuing to invest in underwriting, claims and analytical capabilities and its risk transfer programs. - Mangrove said it will work with independent agents in every Florida county as it rolls out the changes. - The company said the proposed reduction also aligns with The Grove Repair Solution, which helps policyholders restore homes after a covered loss.

Between the lines: - Mangrove is using the rate cut to position itself as a value-focused Florida carrier rather than a growth-at-any-cost entrant. - The filing suggests the company thinks its loss experience and capital strategy are strong enough to support lower premium levels. - The emphasis on reforms and risk transfer points to a market still shaped by recent policy changes and insurer discipline.

What’s next: - The Florida Office of Insurance Regulation still must review the filing. - Policyholders will see different outcomes depending on their home, coverage and rating profile. - Mangrove said it will continue expanding its agent relationships across Florida counties as the new pricing rolls out. - The company also points to continued investment in its underwriting, claims and analytical systems.

The bottom line: - Mangrove is betting that a better-performing Florida property insurance market lets it cut rates and still preserve underwriting discipline.