More Than 100,000 Floridians Will Benefit from Security First Insurance Rate Decrease

Florida homeowner insurance customers will soon experience relief from rising rates – Security First Insurance Company has announced that it has  filed a rate decrease to reduce rates an average of 9.3 percent statewide. The company is expediting the cost savings to Floridians by filing with the “use and file” method. The lower rates will be effective October 15 for new business and December 1 for renewal policies. The traditional filing process requires prior approval from the Office of Insurance Regulation, a process that can take up to 90 days.

Security First Insurance attributes lower rates to a reduction in reinsurance costs and the improved experience the company has had with non-catastrophe-related losses. Reinsurance, back-up disaster coverage, makes up nearly 40 percent of the company’s cost of doing business. Non-catastrophe losses, which are claims filed for damage caused by water, fire, theft, and non-hurricane wind, have also declined. The company believes that changes to Florida insurance laws that have been taking place over the last couple of years have contributed to these improvements.

“Major reductions in reinsurance costs and changes in Florida law have significantly reduced the cost of providing homeowners insurance coverage in Florida,” said Locke Burt, chairman and president of Security First Insurance. “We value our customers and are glad to have the opportunity to pass our cost savings along to them as quickly as possible.”

The company plans to continue to work with reinsurers and state legislators to improve Florida’s homeowners insurance market and reduce the cost of coverage.