Security First Insurance is lowering homeowners insurance rates by an average of 5.6%, the latest in a series of rate decreases the Ormond Beach-based company has made over the last two years. The company holds about 155,000 policies in Florida. Along with the rate cut, Security First is launching a disappearing deductible program that rewards policyholders who avoid filing claims.
Company President Melissa Burt DeVriese explained how the program works. Over the course of five years, the deductible goes down 20 percent each year as long as the policyholder doesn't have a loss. Once a loss occurs, the discounted deductible applies and then resets back to the full deductible amount. Burt DeVriese said the move is a sign of the improving insurance landscape in Florida, pointing to more companies and more competition in the market. Still, many Florida homeowners continue to struggle with costs. According to Insurify, the average homeowners insurance premium in Florida sits around $8,200 a year.