TAMPA, Fla. — For the first time in nine years, Security First insurance company is lowering its home insurance rates.
According to data from the State Office of Insurance Regulation, Security First had more than 136,000 policies in Florida and announced last week that it will be reducing rates by an average of 5.9%.
"For the last nine years, we've been filing rate increases," said Melissa DeVriese, President of Security First. "Now, for the first time we are seeing all the reforms coming in place and improvements in the legal environment."
See full announcement by Security First Insurance
According to a press release, Security First will be reducing their Signature Home Insurance (HO3) rates by 5.2%. In addition, their Renters (HO4) rates are going down by 5.9%. Both rate reductions will be effective at the end of August 2024.
DeVriese said most of their business is along the I-4 corridor across the state from the Tampa Bay area to Daytona Beach and will impact about 80-90,000 policyholders.
"We feel very good about the future of Florida, we feel very good about the legal environment. We feel very good about the legislative changes that have occurred that have drastically improved the homeowners insurance market in the State of Florida," Devriese added. "We're looking to grow and we're looking to add policyholders and we're very excited about all that means for the consumers."
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Homeowners Insurance Resources
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“You know, it might just be time we take a look if HOAs are really even necessary.
Maybe we should just do away with homeowner associations as a whole.”
South Florida lawmaker Rep. Juan Carlos Porras (R-Miami) says it may be time to do away with homeowners associations altogether, as more Floridians speak out about rising fees, costly lawsuits, and even arrests tied to HOA disputes. He said this week that he is considering filing legislation in the next session that would abolish HOAs statewide.
