Steve Weinstein, CEO for Mangrove Property Insurance, said legislative and regulatory reforms have stabilized Florida’s home insurance market, providing the confidence for new companies to enter and offer reliable coverage to policyholders and agents.
“We’re grateful for the legislative and regulatory reforms which restored stability to Florida’s insurance market,” said Weinstein, according to LinkedIn. “What policyholders and insurance agents need most is coverage that is there when you need it. Florida’s home insurance market is stabilizing early in 2026, with state leaders noting improvements following recent reforms aimed at reducing fraud and limiting costly lawsuits. For years, homeowners in the state faced challenges from hurricanes, lawsuits, and insurance companies exiting the market, leading to over a million policyholders relying on Citizens Property Insurance Corporation, Florida’s insurer of last resort.”
According to Weinstein’s LinkedIn post, Florida’s home insurance market has seen improvements due to reforms addressing previous issues with lawsuits and carrier exits. He highlighted a shared article on state leaders observing positive changes and mentioned the launch of Mangrove Property Insurance amid this recovery.
Florida’s property insurance market is experiencing growth, with 15 new insurers entering since historic legislative reforms. Additionally, 29 homeowner companies filed for rate decreases, while 44 requested no change since January 2024. Active insurers reported an underwriting profit in 2024 for the first time in eight years. Citizens Property Insurance saw policy reductions as private carriers took on more business.
The average homeowners insurance premium in the United States is $2,110 annually for $300,000 in dwelling coverage. National increases are driven by various risks, with premiums rising 11.2 percent from 2021 to 2022 according to industry data. Property insurance costs have impacted housing markets across regions.
Weinstein serves as CEO and founder of Mangrove Property Insurance, a Florida-admitted homeowners carrier launched with approval from the state Office of Insurance Regulation. He brings over two decades of property and casualty insurance experience, including prior senior roles at RenaissanceRe. Weinstein maintains a focus on the Florida market through industry summits and professional networks.
