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
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