More Florida insurers are cutting property rates, and Miami-Dade homeowners are among those who could save at renewal. This week, Security First and Mangrove Property Insurance announced new average decreases, Insurance Journal reported on Oct. 28.

The latest cuts

Security First lowered its condo-unit rates by a statewide average of 7.3%, effective Oct. 20 for new and renewing policies, the company said in a press release. Insurance Journal reported that the change covers more than 20,000 policyholders. The company also added a home-and-auto bundle discount, smoke detector discounts and more choices for water damage coverage, from $10,000 up to $50,000.

Mangrove Property Insurance said it lowered its home rates by an average of 5.6% statewide. It used a use-and-file process, so the cut is in effect even though the state has not yet reviewed it. State reports show Mangrove had more than 48,000 home policies in March.

In South Florida, Kin said in September that it cut home rates by an average of more than 20% for new and existing customers in Miami-Dade, Broward and Palm Beach., according to its announcement. Kin also raised the most it will insure on one home to $14 million.

What the state says

Insurers asking for rate changes in the 30 days before Sept. 22 sought an average cut of 4.8%, Florida's Office of Insurance Regulation said. Five years ago, the average request was an increase of 5.2%. Four cuts approved that day covered more than 62,000 policies.

These are averages. Your own bill depends on your home, your coverage, your discounts and when your policy renews.

The Citizens flood deadline

Citizens Property Insurance, the state-backed insurer, has a rule that hits many Miami-Dade homeowners next year. Starting Jan. 1, 2027, all new and renewing Citizens home policies that include wind coverage must also have flood insurance, whatever the home is worth, according to Citizens. Earlier phases applied only to homes in flood zones or above set values.

Condo-unit owner policies, renter policies and policies without wind coverage don't need flood coverage. The flood policy must cover at least the home's dwelling value on the Citizens policy, or the most the National Flood Insurance Program offers, which is $250,000.

Timing matters. A new federal flood policy usually takes effect 30 days after you buy it, FloodSmart says. For a Jan. 1 renewal, that means buying in early December at the latest.

Citizens itself has shrunk to about 255,000 policies as of mid-September, down from 1.4 million three years ago, according to a summary of its September board meeting. Private insurers don't have this flood requirement. Citizens added it in phases starting in 2024.

Recent king tides showed how far water can reach, as we reported this week. For more on what could change your tax bill, see our Amendment 3 guide.

Buying or selling in Miami-Dade? The Miami Lookout is founded by Joe Biscaha, a Miami real estate advisor with Compass.

Tidal flooding on a Miami street
Tidal flooding on a Miami street during a 2016 king tide. Source