FLORIDA — Is Florida coming out of its insurance crisis? Insurance industry leaders say there are signs of a market recovery, and one insurance company says it can now offer a new, reduced policy that reflects that.
Florida-based Security First Insurance announced this week it's now offering a new Signature+ HO-3 policy. An "HO-3 policy" is a standard policy for a single-family home; however, this new policy, Security First President Melissa Burt DeVriese said, offers lower rates, disappearing deductibles and discounts for first responders and members of the military.
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"The Florida insurance market has drastically improved over the last two years," DeVriese said. "We saw at the end of 2022 some major legislative reforms, and the results of those have been going through our numbers, going through our financials, and now we're able to offer discounts that in the past, we were not able to offer."
She said the company is also expanding its portfolio by writing more policies all across the State of Florida. It is taking on more risk as new companies come into the market. For all these reasons, she said now is the time to shop around and possibly take advantage of lower rates.
"A lot of companies, including ours, are reducing rates and we're expanding options for consumers, we constantly look for ways to offer products to Floridians that match their needs, and I know our competitors do as well, so it's always a good time to talk to your agent and make sure that you have the right policy for you," she added.
“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.
