Security First Becomes Latest Florida Insurer to Reduce HO3 Rates
In a positive turn for Florida homeowners, Security First Insurance has announced a new average rate decrease for its homeowners insurance products, following a significant rate cut in December. This latest adjustment reflects an average reduction of approximately 5.2% for the company’s Signature+ HO3 policies, which were introduced last Spring.
Starting in May, policyholders renewing their policies for the first time will benefit from a substantial 20% reduction in all-peril and water deductibles. This move comes on the heels of an earlier 8% average decrease for Security First’s legacy Signature HO3 policies, which are no longer available to new customers.
These recent decreases are indicative of a warming property insurance market in Florida, especially notable three years after state lawmakers enacted changes to quash one-way attorney fees and assignment-of-benefit agreements. Over the past year, regulators have approved multiple rate decreases for various Florida insurers, including a recent average 8.7% reduction on personal lines policies from Citizens Property Insurance Corp. and a 3.3% average decrease for Heritage Property & Casualty Insurance.
According to company officials, the latest rate decrease from Security First will affect approximately 11,000 homeowners, providing much-needed relief in a market that has seen its fair share of challenges.
Related: Florida OIR Triples the Size of Citizens’ Rate Decrease
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In a positive turn for Florida homeowners, Security First Insurance has announced a new average rate decrease for its homeowners insurance products, following a significant rate cut in December. This latest adjustment reflects an average reduction of approximately 5.2% for the company’s Signature+ HO3 policies, which were introduced last Spring.
Starting in May, policyholders renewing their policies for the first time will benefit from a substantial 20% reduction in all-peril and water deductibles. This move comes on the heels of an earlier 8% average decrease for Security First’s legacy Signature HO3 policies, which are no longer available to new customers.
These recent decreases are indicative of a warming property insurance market in Florida, especially notable three years after state lawmakers enacted changes to quash one-way attorney fees and assignment-of-benefit agreements. Over the past year, regulators have approved multiple rate decreases for various Florida insurers, including a recent average 8.7% reduction on personal lines policies from Citizens Property Insurance Corp. and a 3.3% average decrease for Heritage Property & Casualty Insurance.
According to company officials, the latest rate decrease from Security First will affect approximately 11,000 homeowners, providing much-needed relief in a market that has seen its fair share of challenges.
Related: Florida OIR Triples the Size of Citizens’ Rate Decrease
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