Security First Insurance Announces Rate Reductions and New Discounts

Security First Insurance, based in Ormond Beach, Florida, has announced a reduction in average rates alongside new discounts for its dwelling/fire policyholders. As of July 15, the insurer has implemented a 5.6% average rate cut on dwelling/fire basic policies throughout the state. Additionally, for dwelling owner policies (DF3-DO), Security First has expanded eligibility criteria and introduced new premium discounts, while also enhancing disappearing deductibles, effective since June 15 for both new and renewing customers.

These rate adjustments signify a positive shift in Florida's property insurance market, which has been improving since legislative reforms were introduced in 2022. Previously, the market was characterized by frequent double-digit rate hikes. In October, Security First communicated an 8% average rate reduction, following a previous decrease of 5.2%. This trend of decreasing rates is mirrored by other regional carriers as well, such as Florida Peninsula Insurance, which filed for an 8.4% reduction, and Citizens Property Insurance Corp., which implemented an 8.8% decrease earlier this year. Heritage Property & Casualty Insurance also contributed to this trend with a 3.3% reduction in January.