Security First Insurance is seeking an 8% rate reduction for its homeowners insurance policies in Florida, according to a recent filing by the company. The move comes as many Florida homeowners continue to face high insurance costs, and marks the second consecutive year the insurer has requested a rate decrease. This trend follows recent developments, such as Florida Peninsula Insurance proposing a historic rate cut for homeowners, signaling a shift in the industry.

Security First Insurance Rate Reduction Proposal

According to Security First Insurance, the company has filed for an 8% decrease on its largest homeowners insurance product. This follows a 5.2% rate reduction implemented in 2024. The company, based in Ormond Beach, Florida, expects that approximately 50,000 of its 140,000 policyholders could benefit from the proposed rate cut.

Melissa Burt DeVriese, president of Security First Insurance, stated, “While many Floridians continue to face rising insurance costs, Security First is moving in the opposite direction.”

Impact on Florida Homeowners Insurance Rates

Florida homeowners insurance rates have risen significantly over the past several years. According to Security First Insurance, the proposed reduction is part of a broader trend among some insurers to lower rates following recent state reforms aimed at curbing litigation and reducing fraudulent claims. In fact, Florida Peninsula Insurance has made recent rate cuts that signal relief for homeowners across the state, reflecting the impact of these reforms.

DeVriese explained, “What you’re seeing is the result of all the cost-cutting moves insurance companies have made to keep our costs low and all the moves we’ve done to address fraudulent claims. That’s really what’s driving these reductions.”

Regional Differences in Rate Changes

Security First Insurance reported that it is expanding its policy offerings in South Florida. However, the company cautioned that the impact of the rate reduction may vary by region. In areas where risks and costs are higher, such as South Florida, some policyholders may still see an increase in their premiums.

“One of the important things to note is that while we’re reducing the rates for our policies for a lot of consumers, their actual premium will be going up because the cost of their home and the cost of the replacement of their home has gone up,” DeVriese said.

Trends Among Florida Insurance Companies

Security First Insurance is not the only insurer lowering rates. According to industry reports, several other insurance companies in Florida have also implemented rate reductions in recent months. These changes are attributed to legislative reforms and efforts to address the high volume of insurance litigation in the state. Notably, property insurance companies in Florida have seen profits surge as a result of these reforms and cost-cutting measures.

• Legislative reforms have targeted lawsuit abuse and fraudulent claims.
• Cost-cutting measures by insurers are helping to stabilize rates.
• Policyholders are encouraged to compare options as more insurers adjust rates.

State Reforms and Their Effects

According to official sources, Florida lawmakers have passed measures in recent years to reduce the number of lawsuits and fraudulent claims affecting the property insurance market. These reforms are intended to stabilize the insurance market and make coverage more accessible for homeowners. For more details on these regulatory changes, you can consult the Florida Office of Insurance Regulation.

Industry analysts note that while some companies are lowering rates, others continue to raise premiums due to ongoing risks from hurricanes, inflation, and rebuilding costs.

What Policyholders Should Know

Security First Insurance expects its rate reduction, if approved, will benefit a significant portion of its customers. However, the company advises policyholders to review their coverage and understand how changes in property values and replacement costs may affect their premiums.

According to Security First Insurance, the proposed rate decrease is subject to regulatory approval by the Florida Office of Insurance Regulation. Details may be updated as the review process continues. For additional support and consumer information, the Florida Department of Financial Services is a valuable resource.

Additional Resources for Florida Homeowners

• Florida Office of Insurance Regulation
• Florida Department of Financial Services
• Security First Insurance

Frequently Asked Questions About Security First Insurance Rate Reduction

What is Security First Insurance’s proposed rate reduction in Florida?

Security First Insurance has filed for an 8% rate reduction on its largest homeowners insurance product in Florida. This proposal follows a 5.2% decrease implemented in 2024, according to the company.

How many policyholders could benefit from the Security First Insurance rate cut?

According to Security First Insurance, about 50,000 of its 140,000 policyholders in Florida may see lower rates if the reduction is approved.

Are other Florida insurance companies lowering their rates?

Yes, several other insurance companies in Florida have also reduced rates recently. These changes are linked to state reforms and efforts to reduce fraudulent claims and litigation.

Can you still see higher premiums even with a rate reduction?

Some policyholders may see higher premiums if the value or replacement cost of their home has increased. Security First Insurance advises customers to review their policies for details.

Where are Security First Insurance policies available in Florida?

Security First Insurance offers homeowners insurance policies throughout Florida, including South Florida and the Treasure Coast. Availability may vary by region and risk factors.

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