Hot on the heels of a significant rate cut in December, Florida’s Security First Insurance has announced another average decrease for one of its homeowners products.
The use-and-file decrease will average about 5.2% for the carrier’s Signature+ HO3 policies, a product launched last Spring. And starting in May, those policyholders renewing policies for the first time will see a 20% reduction in all-peril and water deductibles, the company announced. The reduction follows an 8% average decrease for Security First’s legacy Signature HO3 policies, a product that is no longer available to new policyholders.
The decreases are the latest signs of a warming Florida property insurance market, three years after state lawmakers quashed one-way attorney fees and assignment-of-benefit agreements. In the last 12 months, regulators have approved multiple rate decreases for Florida insurers’ HO and other policies, including, recently, an average 8.7% reduction on Citizens Property Insurance Corp. personal lines policies and a 3.3% average rate decrease for Heritage Property & Casualty Insurance.
The latest Security First decrease will impact some 11,000 homeowners, company officials said.
Related: Florida OIR Triples the Size of Citizens’ Rate Decrease
Was this article valuable?
Here are more articles you may enjoy.
Alabama DOI Report Shows Litigation Is Up, Raising Liability Costs and Rates 
Zurich Makes £7.7 Billion Bid for Specialty Insurer Beazley 
Travelers Q4 Net Income Up 20% on Underwriting, Lower Catastrophe Losses 
Insurance Regulators, Trades Get Behind Latest Effort to Abolish FIO 
