Security First Insurance Reduces Homeowners Premiums in Florida

Security First Insurance, a prominent player in the Florida property insurance market, has announced another reduction in homeowners insurance premiums. After a recent rate decrease in December, the company will now implement an average 5.2% reduction for its Signature+ HO3 policies, a product initially rolled out last spring. Beginning in May, policyholders renewing these policies will also benefit from a 20% reduction in deductibles for all-peril and water claims, complementing an earlier 8% decrease for the now-discontinued Signature HO3 policies.

This strategic move comes as the Florida insurance industry observes significant shifts due to recent regulatory changes, which include the elimination of one-way attorney fees and assignment of benefits agreements. Over the past year, Florida regulators have approved several rate adjustments across various insurance carriers. For instance, Citizens Property Insurance Corp. implemented an 8.7% average reduction on personal lines, while Heritage Property & Casualty Insurance introduced a 3.3% rate cut. These changes reflect the evolving landscape of regulatory compliance requirements within the industry.

With these adjustments, Security First aims to impact around 11,000 policyholders, reinforcing the ongoing realignment within the property insurance market. Recent approvals by the Florida Office of Insurance Regulation have granted insurers increased flexibility in implementing rate reductions, which is crucial given the dynamic legislative conditions affecting underwriting practices and risk management strategies in the state.